Leisure Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Leisure Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global leisure travel market size reached US$ 804.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,330.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.11% during 2023-2028.

Leisure travel refers to casual trips that are planned for recreation, entertainment, relaxation, and personal enjoyment by an individual or a group of individuals. The trips assist individuals in relaxing and unwinding as they involve exploring various cultures across the globe with an enhanced focus on providing an enjoyable experience. Several industries are well-established in the leisure travel ecosystem, including logistics, accommodations, food, retail, recreation, and other tourism services. By bringing people together, supporting communities, and boosting the economy of a country, leisure travel contributes to the creation of new experiences. Recreational activities are included specifically in these journeys to enhance the physical, mental, and emotional well-being of individuals. As a result, these travels play a vital role in relieving stress from the body and mind while enriching the cultural knowledge of the masses.

Leisure Travel Market Trends:
The market is majorly driven by a paradigm shift in the spending patterns of consumers. This can be attributed to a considerable rise in the number of global outbound tourists. In addition to this, the improved lifestyle standards of the masses are providing an impetus to the market. Moreover, the rapid integration of big data analytics, the internet of things (IoT), and artificial intelligence (AI) in the tourism industry is also propelling the market. Apart from this, the rising trend of eco-friendly tourism, space tourism and wellness tourism are creating lucrative growth opportunities for the market. With the growing penetration of social media among millennials, leisure travel has become a sign of social status, thereby resulting in higher investment in leisure travel activities. Some of the other factors contributing to the market include the easy availability of low-cost airlines, favorable government initiatives, the increasing awareness on unique destinations among tourists, and the widespread awareness regarding easy online booking services.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global leisure travel market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on traveler type, age group, expenditure type and sales channel.

Breakup by Traveler Type:

Solo
Group

Breakup by Age Group:

Baby Boomers
Generation X
Millennial
Generation Z

Breakup by Expenditure Type:

Lodging
Transportation
Food and Beverage
Events and Entertainment
Others

Breakup by Sales Channel:

Conventional Channel
Online Channel

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being American Express Company, Cox & Kings Ltd., Direct Travel Inc., Flight Centre Travel Group Limited, Hays Travel Limited, JTB Americas Ltd. (JTB Corporation), MakeMyTrip Pvt. Ltd., Tripadvisor Inc., Trivago N.V., TUI Group and World Travel Inc.

Key Questions Answered in This Report

1. What was the size of the global leisure travel market in 2022?
2. What is the expected growth rate of the global leisure travel market during 2023-2028?
3. What are the key factors driving the global leisure travel market?
4. What has been the impact of COVID-19 on the global leisure travel market?
5. What is the breakup of the global leisure travel market based on the traveler type?
6. What is the breakup of the global leisure travel market based on the expenditure type?
7. What is the breakup of the global leisure travel market based on the sales channel?
8. What are the key regions in the global leisure travel market?
9. Who are the key players/companies in the global leisure travel market?