Bleisure Travel Market Outlook and Forecast 2024

"The Business Research Company recently released a comprehensive report on the Global Bleisure Travel Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The bleisure travel market size has grown strongly in recent years. It will grow from $394.10 billion in 2023 to $430.86 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to an increase in remote and hybrid work models, a growing emphasis on work-life balance, a rise in corporate travel and global business interactions, enhancing travel and hospitality services tailored for business travelers, and flexible work arrangements.

The bleisure travel market size is expected to see strong growth in the next few years. It will grow to $619.18 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to the continuous evolution of hybrid and remote work arrangements, growth in experiential and personalized travel preferences, advancements in travel technology and connectivity, increasing focus on employee well-being and mental health, and expansion of global business opportunities and international trade. Major trends in the forecast period include the integration of AI and technology, increased emphasis on eco-friendly travel options and sustainable practices within the hospitality industry, the expansion of digital nomadism, customized itineraries, and advancements in travel technology and connectivity.

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Market Drivers and Trends:

The rising working-age population is expected to propel the growth of the bleisure travel market going forward. Working-age populations refer to individuals typically between the ages of 15 and 64 who are considered economically active and capable of being part of the labor force. The working-age population is growing due to increased life expectancy and higher birth rates in emerging economies. Bleisure travel is useful in a rising working-age population by enhancing work-life balance and employee satisfaction, which can boost productivity and retention. For instance, in May 2021, according to the Conference Board Inc., a US-based non-profit research organization, the US working-age population is projected to grow over the next decades, with the growth rate steadily increasing from around 0.2% in 2020 to 0.6% in 2040, thereby limiting the supply of labor. Therefore, the rising working-age population is driving the bleisure travel market.

Major companies operating in the bleisure travel market are focusing on developing innovative solutions, such as artificial intelligence (AI)-powered corporate travel management and expense reporting platforms, to enhance the management of travel and expenses for organizations. Artificial intelligence (AI)-powered corporate travel management and expense reporting platforms utilize advanced algorithms and machine learning to automate and optimize travel booking, itinerary management, and expense reporting, enhancing efficiency and accuracy for businesses. For instance, in February 2022, Coupa Software Inc., a US-based cloud-based spend management platform, launched Coupa Travel and Expense. This features an integrated platform that combines travel booking and expense management, offering real-time tracking, mobile accessibility, and intelligent expense monitoring to enhance the user experience and compliance.

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Major Key Players of the Market:

Marriott International Inc., Booking Holdings Inc., Carlson Wagonlit Travel (CWT), Expedia Group Inc., Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Accor Group, InterContinental Hotels Group PLC, BCD Group, The Priceline Group Inc., Flight Centre Travel Group Ltd., Cvent Holding Corp., Fareportal Inc., Travel Leaders Group Holdings LLC, World Travel Holdings Inc., Aviareps AG, FCM Travel Solutions, CT Travel Group Ltd, Wexas Ltd, JTB TRAVELS LLP, TravelPerk S.L.

Bleisure Travel Market 2024 Key Insights:

• The bleisure travel market size is expected to see strong growth in the next few years. It will grow to $619.18 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Rising Working-Age Population Is propelling The Bleisure Travel Market Growth
• Artificial Intelligence Powered Tools And Innovative Solutions Transform The Bleisure Travel Experience
• Europe was the largest region in the bleisure travel market in 2023

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