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Customized Travel Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Customized Travel Market
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According to The Business Research Company's, The customized travel market size has grown rapidly in recent years. It will grow from $106.73 billion in 2023 to $117.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to the rise of the affluent middle class, the growth of the internet, social media influence, sustainability consciousness, safety, and health awareness.
The customized travel market size is expected to see rapid growth in the next few years. It will grow to $173.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to expansion of air travel, personalized experience demand, tourism infrastructure development, growth of luxury travel, and changing lifestyles and demographics. Major trends in the forecast period include adoption of augmented reality and virtual reality, collaborations with local influencers, group travel customization, tourism infrastructure development, and digitization of travel agencies.
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Market Drivers and Trends:
The rise of millennial travelers is expected to propel the growth of the customized travel market going forward. Millennial travelers are individuals born between roughly 1981 and 1996, making them part of the Millennial generation (also known as Generation Y). They are typically in their mid-20s to early 40s. Millennial travelers prioritize experiences over material possessions. They often seek immersive, authentic, and adventure-filled travel experiences, like cultural exploration, outdoor activities, and unique local experiences. Customized travel helps millennial travelers by tailoring experiences to their interests and preferences, enhancing convenience and satisfaction while aligning with their values and lifestyle choices. For instance, in October 2023, American Express, a US-based American bank holding company, released the Amex Trendex Millennial and Gen-Z Holiday Spending & Holiday Spirit report, which stated that 72% of Millennial and Gen-Z respondents consider they would rather spend money on a trip to go away with friends or family for the holidays than on gift-giving. Therefore, the rise of millennial travelers is driving the growth of the customized travel market.
Major companies operating in the customized travel market are focusing on developing innovative solutions with artificial intelligence (AI)-powered platforms for customized trip planning to enhance traveler experiences and streamline the planning process. An AI-powered platform for customized trip planning is a technology-driven tool that uses artificial intelligence to analyze user preferences, past behaviors, and real-time data to create personalized travel itineraries. For instance, in August 2024, Thomas Cook India, an India-based travel agency company, launched an AI-powered platform to revolutionize the holiday planning experience for customers. This innovative tool, developed in collaboration with its group company SOTC Travel, enables users to plan customized vacations in under ten minutes, a significant reduction from the traditional process that often took 48 to 72 hours due to the need for coordination with multiple suppliers for flights, accommodations, and activities. It utilizes AI to provide personalized recommendations based on user preferences, helping to save time and money and allowing users to create tailored travel itineraries quickly.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Expedia Group Inc., Airbnb Inc., Cox and Kings Limited, TripAdvisor Inc., Abercrombie and Kent Group of Companies S.A, Insight Vacations Inc., Sonder Holdings Inc., G Adventures Inc., Viator Inc., Backroads Inc., MakeMyTrip Limited, Travel Leaders Group LLC, GetYourGuide AG, Luxury Escapes Travel Pty Ltd., TCS World Travel Inc., VBT Bicycling Vacations, Scott Dunn Travel Limited, Black Tomato Group Inc., Railbookers Group, Klook Travel Technology Limited, Zicasso Inc., Classic Journeys LLC, Salt and Wind Travel LLC, Customized Journeys LLC, Asia Transpacific Journeys Inc., Trafalgar Tours International Limited, Heritage Tours Private Travel LLC, Rustik Travel Ventures Private Limited
Customized Travel Market 2024 Key Insights:
• The customized travel market size is expected to see rapid growth in the next few years. It will grow to $173.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Rise Of Millennial Travelers Is Driving The Growth Of The Customized Travel Market
• AI-Powered Platforms Revolutionizing Customized Travel Planning
• Asia-Pacific was the largest region in the customized travel market in 2023
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