PORTLAND, Ore., Nov. 23, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Leisure Travel Market by Traveler Type (Solo and Group), Sales Channel (Conventional Channels and Online Channels), and Age Group (Baby Boomers, Generation X, Millennials, and Generation Z): Global Opportunity Analysis and Industry Forecast, 2021-2027". As per the report, the global leisure travel industry was pegged at $1,006.5 billion in 2019, and is projected to reach $1,737.3 billion by 2027, growing at a CAGR of 22.6% from 2021 to 2027.
Drivers, restraints, and opportunities
Pursuit of unique experiences, emergence of mobile applications, big data analytics, and artificial intelligence in the tourism industry, and rise in social media influence drive the growth of the global leisure travel market. However, rise in terrorism and domestic issues in several countries and confined tourism due to natural environmental conditions hamper the market growth. On the contrary, advent of eco-friendly tourism and rise in search for unique destinations by tourists are expected to create lucrative opportunities for market players in the future.
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- Due to the Covid-19 outbreak, several governments have imposed travel restrictions to prevent the spread of infection.
- As per the United Nations World Tourism Organization, global international tourism might decrease by 58-78% in 2020, due to travel restrictions and the closure of borders.
- However, some governments have lifted the lockdown restrictions, which are expected to encourage domestic tourism.
The Generation X segment dominated the market
By age group, the generation X segment held the largest share in 2019, accounting for nearly two-fifths of the global leisure travel market, as this demographic has more disposable income and holidays compared to millennials. However, the millennials segment is expected to register the highest CAGR of 23.7% during the forecast period, as this demographic is driven by wanderlust and breaking life's monotony.
The events & entertainment segment to manifest the highest CAGR through 2027
By expenditure type, the events & entertainment segment is expected to register the highest CAGR of 26.2% during the forecast period, as international events such as the FIFA Football World Cup attract more tourists. However, the lodging segment held the lion's share in 2019, contributing to more than two-fifths of the global leisure travel market, as lodges offer several services such as fitness centers, spas, yoga space, air purification, and pools.
Asia-Pacific, followed by Europe and North America, held the largest share
By region, the market across Asia-Pacific held the largest share in 2019, accounting for nearly two-fifths of the market. Moreover, the region is expected to portray the highest CAGR of 24.1% from 2021 to 2027, owing to rapidly growing economy and new job opportunities promoting an increase in household income. However, the global leisure travel market across North America is expected to register a CAGR of 20.4% during the forecast period.
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Major market players
- Expedia Group
- Carlson Wagonlit Travel
- Priceline Group
- World Travel, Inc.
- JTB Americas Group
- Travel Leaders Group
- American Express Travel
- Thomas Cook (India) Limited
- TUI Group.
- Cox & Kings Ltd
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SOURCE Allied Market Research