Leisure Travel Market Insights 2024: Exploring Trends and Future Growth Opportunities

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The new report published by The Business Research Company, titled Leisure Travel Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the leisure travel market size has grown rapidly in recent years. It will grow from $1,108.52 billion in 2023 to $1,260.91 billion in 2024 at a compound annual growth rate (CAGR) of 13.8% The leisure travel market size is expected to see rapid growth in the next few years. It will grow to $2,119.96 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%.

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What Is Driving The Growth Of The Global Leisure Travel Market?

Experiential Experience Fuels Growth In The Leisure Travel Market
The growing consumer preference for recreational travel experiences is expected to propel the growth of the leisure travel market going forward. Recreation travel experiences refer to activities and trips designed primarily for leisure, enjoyment, and relaxation. The growing consumer preference for recreational travel experiences is due to consumers' priority towards memorable and immersive travel experiences over possessions. Additionally, consumers now seek connection, involvement, and authenticity in recreational travel experiences. Leisure travel provides opportunities for engaging in recreational activities such as outdoor adventures, sports, cultural events, and relaxation in various destinations. For instance, in May 2024, according to the Adventure Travel Trade Association, a US-based strategic membership organization, the average number of travelers served by adventure travel operators increased to 6,553, marking a 54% rise from 4,243 in 2022 and a 384% increase from 1,355 in 2021. Therefore, the growing consumer preference for recreational travel experiences is driving the growth of the leisure travel market.

What Is The Key Trend In The Global Leisure Travel Market?

Digital Transformation In Leisure Travel Enhances Personalization And Efficiency Through Hotel Content Distribution Platforms
Major companies operating in the leisure travel market focus on shifting toward digital transformation and online bookings such as hotel content distribution platforms, to enhance personalized experiences and streamline operations. A hotel content distribution platform is a technology solution that centralizes and simplifies the management and distribution of hotel information, rates, and availability across multiple booking channels to enhance visibility and optimize bookings. For instance, in March 2024, Amadeus IT Group SA, a Spain-based travel technology company, launched Amadeus Leisure Connect. This unified tech solution enhances leisure travel by linking hotel providers with travel sellers. It integrates private agreements to streamline hotel content distribution, offering real-time rates and inventory. The travel sellers can personalize and upsell services while accessing exclusive prepaid net rates from over 600,000 properties. The platform simplifies bookings and optimizes revenue, improving traveler experiences and operational efficiency.

How Is The Global Leisure Travel Market Segmented?
The leisure travel market covered in this report is segmented -

1) By Expenditure Type: Lodging, Transportation, Food And Beverages, Events And Entertainment, Other Expenditure Types
2) By Traveler Type: Solo, Group
3) By Sales Channel: Online Channels , Conventional Channels
4) By Age Group: Baby Boomers, Generation X, Millennials, Generation Z

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How Is The Competitive Landscape Of The Global Leisure Travel Market?
Major companies operating in the leisure travel market are TUI Group, Priceline Group, Booking Holdings Inc., Expedia Group Inc., CWT Global BV, Airbnb Inc., American Express Global Business Travel, Flight Centre Travel Group Ltd, TripAdvisor Inc, Orbitz LLC, World Travel Inc., Contiki Holidays Ltd., Abercrombie & Kent Ltd., G Adventures Inc., Trivago N.V., Cox & Kings Ltd., Travelocity.com LP, Direct Travel Inc., Travel Leaders Group LLC, MakeMyTrip Pvt. Ltd., Luxury Escapes Pty Ltd., Intrepid Travel Pty Ltd., GetYourGuide AG, Kayak Software Corporation, JTB Americas Group Inc., TravelBag Ltd., Thomas Cook Group plc, Trafalgar Tours Ltd., Hays Travel Limited

Contents Of The Global Leisure Travel Market
1. Executive Summary
2. Leisure Travel Market Report Structure
3. Leisure Travel Market Trends And Strategies
4. Leisure Travel Market - Macro Economic Scenario
5. Leisure Travel Market Size And Growth
…..
27. Leisure Travel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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