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Leisure travel
According to a new report, the leisure travel market has been segmented on the basis of traveler type, sales channel, age group, spending type and region.
– Shankar Bhandalkar
5933 NE Win SIVERS Drive, Portland OR, United States, September 23, 2022 /EINPresswire.com/ – According to a new report published by Allied Market Research, “Leisure Travel Market by Traveler Type, Sales Channel, Age Group and Expenditure Type: Opportunity Analysis and Industry Forecast, 2021–2027, “The global leisure travel market size was estimated at USD 1,006.5 billion in 2019 and is forecast to reach USD 1,737.3 billion by 2027, registering a CAGR of 22.6% by 2027.”
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At the beginning of the 21st century, outdoor leisure travel has gained a lot of momentum as a result of rising incomes, expansion of logistics and infrastructure, and strict government promotion and tourism promotion. From 2002 to 2018, the foreign tourism market has actually expanded. As a result, the number of foreign tourists has recorded a strong growth from 2002 to 2018. In 2018, the number of foreign tourists in the world has exceeded 1.4 billion.
Due to the rapid growth of international foreign tourism, new trends have appeared. Citizens’ attitudes have changed from meeting their daily needs to their quality of life. Now more than ever, travel plays a vital role in people’s lifestyles. Leisure remains the most preferred form of travel, but adventure tourism has gained widespread interest in the past few years.
Evidence of growth in the leisure travel market is coming from both developing and developing regions. The deployment of digital technologies, including artificial intelligence, big data and analytics, the Internet of Things, will continue to cynosure the rapidly growing tourism industry. The ever-increasing advent of digitalization will continue to revolutionize how stakeholders in the leisure travel and tourism industry reach out to tech-savvy customers.
Based on age group, the Generation X segment held the largest share in 2018, accounting for two-fifths of the overall market. At the same time, the millennial segment will register the fastest CAGR of up to 6.6% by 2026. The Generation Z segment is also analyzed in the market report.
The UK is on the brink of Brexit and any exit deal could have devastating effects on the foreign tourism market. A no-deal Brexit is unlikely to result in a 5-7% drop in UK outbound passengers, according to AMR’s analysis. Tourists traveling from the UK to Spain, France and Italy have fallen sharply due to a weak exchange rate, tariff cuts, higher air fares and higher travel insurance premiums. A fall in the value of the British currency will result in a shift in UK residents’ preferences for domestic holidays, with no deal increasing overall spending by UK residents. Any withdrawal from the agreement will have a negative impact on the UK economy, which will have a negative impact on the UK’s overseas tourism industry.
Additionally, the travel and tourism industry is expected to experience a loss of $910 billion to $1.2 trillion in tourism export earnings by 2020, further hampering the market’s growth. In addition, according to the UNWTO, the pandemic could put 100 to 120 million direct tourism jobs at risk and increase unemployment, thus inhibiting the growth of the leisure travel market.
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The key players covered in the report are Expedia Group, Priceline Group, Carlson Wagonlite Travel, JTB Americas Group, World Travel Inc. Ltd
Key benefits for stakeholders:
○ This report provides a quantitative analysis of the market segments, current trends, forecasts and dynamics to identify opportunities in the leisure travel market from 2019 to 2027.
○ Market research is provided with information related to key drivers, restraints, and opportunities.
○ Porter’s five forces analysis shows the potential of buyers and suppliers to help stakeholders make profit-oriented business decisions and strengthen the supplier-buyer network.
○ In-depth analysis of leisure travel market segmentation helps identify current market opportunities.
○ Major countries in each region are profiled based on their revenue contribution to the global leisure travel market.
○ Market player positioning facilitates benchmarking and provides a clear understanding of the position of leisure travel market players.
Reasons to Purchase this Leisure Travel Market Report:
○ Mergers and acquisitions should be well planned by identifying the best manufacturer.
○ Sort new customers or potential partners by target demographic.
○ Ideal for providing reliable and high-quality data and analysis to support internal and external presentations.
○ Develop tactical initiatives by better understanding where large corporations can intervene.
○ To increase and increase business potential and access, develop and plan licensing and licensing strategies, finding partners for the most attractive projects.
○ Recognize new entrants with potentially strong product portfolios and design effective counter-strategies to gain competitive edge.
○ To develop effective R&D strategies, gather information, analysis and strategic insight from competitors.
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○ Health tourism market registering a CAGR of 7.2% from 2021 to 2030
○ Ecotourism market registering a CAGR of 14.3% from 2021 to 2027
https://www.alliedmarketresearch.com/eco-tourism-market-A06364
about us
Allied Market Research (AMR) is the full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with an unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a vision to provide business insights and consulting to help clients make strategic business decisions and achieve sustainable growth in their respective market domains.
Source: https://www.dailyreportsworld.com
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