Leisure Travel Market is Estimated To Generate US$ 1,330.5 Billion Revenue by 2028 | CAGR of 8.11%

The global leisure travel market size reached US$ 804.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,330.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.11% during 2023-2028.

The market is majorly driven by a paradigm shift in the spending patterns of consumers. This can be attributed to a considerable rise in the number of global outbound tourists.

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Factors Affecting the Growth of the Leisure Travel Industry:

• Enhanced Travel Infrastructure:

Upgraded airports, expanded flight routes, and efficient public transportation systems connect travelers to a broader range of destinations. Enhanced connectivity makes it easier for people to access leisure destinations, thereby increasing the convenience of travel. Modern transportation infrastructure, including high-speed railways and well-maintained highways, reduces travel times between destinations. This is making it more appealing for travelers to explore multiple locations within a limited timeframe, encouraging leisure travel. Improved infrastructure also allows travelers to reach remote and less explored areas. This is opening new opportunities for adventure tourism, eco-tourism, and off-the-beaten-path experiences, attracting a diverse range of travelers.

• Rising Trend of Sustainable Travel:

Travelers are becoming more environment conscious and are actively seeking destinations and accommodations that prioritize sustainability. This includes choosing eco-friendly transportation options, such as electric or hybrid vehicles, and accommodations with green certifications. In addition, sustainable and eco-friendly accommodations, such as eco-lodges, green hotels, and eco-resorts, are gaining traction. Travelers are willing to pay more for lodging options that implement energy-saving measures, waste reduction, and conservation efforts. Moreover, sustainable travel often involves exploring natural environments and participating in outdoor activities. Destinations with pristine natural landscapes and eco-adventures, such as hiking, wildlife safaris, and eco-tours, attract travelers looking for immersive and environment friendly experiences.

• Increasing Social Media Influence:

Travelers are exposed to captivating travel photos, videos, and stories on platforms that inspire wanderlust and encourage individuals to explore new destinations and experiences. User-generated content (UGC) including travel reviews, photos, and personal narratives, provides authentic and relatable insights into destinations and accommodations. Travelers trust recommendations from peers and fellow travelers shared on social media. Besides this, social media platforms allow users to take virtual tours of destinations through 360-degree photos and videos. This immersive content enables travelers to explore a place before visiting, helping them make more informed choices.

Leisure Travel Market Report Segmentation:

By Traveler Type:

• Solo
• Group

Group represented the largest segment as group travelers often enjoy cost savings, shared experiences, and added convenience.

By Age Group:

• Baby Boomers
• Generation X
• Millennial
• Generation Z

On the basis of age group, the market has been divided into baby boomers, generation X, millennial, and generation Z.

By Expenditure Type:

• Lodging
• Transportation
• Food and Beverage
• Events and Entertainment
• Others

Lodging accounted for the largest market share due to the importance of accommodation expenses in any leisure trip, and travelers typically allocate a significant portion of their budget to lodging options.

By Sales Channel:

• Conventional Channel
• Online Channel

Online channel exhibits a clear dominance in the market on account of the convenience, variety, and competitive pricing offered by online travel agencies and booking platforms.

Regional Insights:

• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

Asia Pacific dominates the leisure travel market due to its diverse and culturally rich destinations, rising middle-class population, and increasing connectivity.

Global Leisure Travel Market Trends:

Sustainable and eco-friendly travel practices are gaining traction, as travelers are prioritizing destinations, accommodations, and activities that align with their environmental values. In addition, the use of digital technology for travel planning and booking is increasing the reliance on mobile apps, online platforms, and social media for researching, booking, and sharing their travel experiences.

Moreover, the growing focus on sanitation measures, vaccination requirements, and travel insurance to mitigate risks associated with travel is offering a favorable market outlook. The trend of working remotely while traveling is also bolstering the market growth.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

Leading Companies Operating in the Global Leisure Travel Industry:

• American Express Company
• Cox & Kings Ltd.
• Direct Travel Inc.
• Flight Centre Travel Group Limited
• Hays Travel Limited
• JTB Americas Ltd. (JTB Corporation)
• MakeMyTrip Pvt. Ltd.
• Tripadvisor Inc.
• Trivago N.V.
• TUI Group and World Travel Inc.

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This release was published on openPR.