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Customized Holidays Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Customized Holidays Market
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According to The Business Research Company's, The customized holidays market size has grown rapidly in recent years. It will grow from $101.42 billion in 2023 to $114.79 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to rise in solo and group travel, increasing focus on wellness tourism, growing popularity of luxury travel, influence of social media, rising interest in cultural and heritage tourism.
The customized holidays market size is expected to see rapid growth in the next few years. It will grow to $189.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to rising disposable income, growing demand for personalized experiences, increasing internet penetration, growth of the experiential travel, expansion of travel and tourism industry. Major trends in the forecast period include advancements in technology, emergence of travel apps and platforms, support for sustainable travel, advancements in data analytics, availability of niche travel products.
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Market Drivers and Trends:
The increasing demand for personalized travel experiences is expected to propel the growth of the customized holiday market going forward. Personalized travel refers to customized travel experiences tailored to an individual's specific preferences, interests, and needs, ensuring a unique and tailored itinerary. Personalized travel is increasing due to growing consumer demand for unique, tailored experiences that cater specifically to individual preferences and interests, enhancing satisfaction and engagement. Customized holidays are required for personalized travel because they provide tailored itineraries and experiences that match individual preferences and needs, ensuring a unique and satisfying travel experience. For instance, in May 2023, according to a report published by the United Nations World Tourism Organization, a Spain-based specialized agency, in the first quarter of 2023, international tourist arrivals surged to 80% of pre-pandemic levels, with around 235 million travelers, more than doubling the figures from the same period in 2022. The tourism sector displayed significant resilience, as revised 2022 data showed over 960 million international tourists traveled abroad last year, representing a recovery of 66% of pre-pandemic levels and highlighting the industry's ability to rebound and regain its momentum. Therefore, the increasing demand for personalized travel experiences is driving the growth of the customized holiday market.
Major companies operating in the customized holidays market are developing innovative products, such as travel packages, to offer convenience, cost savings, and a streamlined planning process. Travel packages are bundled arrangements that typically include various components such as transportation, accommodation, and activities, offered together at a set price for a convenient and cohesive travel experience. For instance, in March 2023, MakeMyTrip, an India-based travel company, launched over 130 differentiated holiday packages across 25 European countries. The European travel packages have been expertly curated to meet the evolving preferences of Indian travelers, offering a blend of immersive experiences and flexibility. These packages allow for personalized itineraries while benefiting from economical group rates on flights and hotels. Travelers can choose from a wide range of 10,000 customizable activities, including trips to iconic destinations like Windsor Castle and Pisa, as well as unique experiences such as photo shoots in Paris and Barcelona. Additionally, the packages feature exclusive dinners like the Paris Seine River Dinner Cruise and Prague Evening Cruise, along with convenient car rental options for exploring various European regions.
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Major Key Players of the Market:
REWE Group, Tui AG, Expedia Group Inc., Airbnb Inc., MakeMyTrip Ltd., Abercrombie & Kent USA LLC, Rainbow World Tours, Audley Travel, Kensington Tours, Cleartrip Private Ltd., SOTC Travel Ltd., Veena World, Cox & Kings Ltd., EaseMyTrip, Butterfield & Robinson Inc., Enchanting Travels, Thomas Cook Group Plc, Original Travel Ltd., Jacada Travel, Zicasso Inc., Scott Dunn Ltd., Yatra Online Private Ltd., Black Tomato Agency, Flamingo Travel And Tours Ltd., Redback Travel Pty Ltd.
Customized Holidays Market 2024 Key Insights:
• The customized holidays market size is expected to see rapid growth in the next few years. It will grow to $189.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Surge In Personalized Travel Demand Drives Growth In Customized Holidays Market
• Innovative Travel Packages Revolutionize Customized Holidays Market
• North America was the largest region in the customized holidays market in 2023
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