Leisure travel is one of the most enticing parts of the tourism and travel industries. It is basically traveling for leisure, comfort, adventures, and recreation and not for work purposes. As the disposable incomes of people are getting higher and people engage in travel more for gaining experiences, this market grows further. New means of communication, availability of various types of journeys, and a demand for cultural adventure as well as wellness tourism are major drivers of change in this industry.
Leisure travel worldwide was worth $4.3 trillion in 2023 and is forecast to achieve impressive growth of 5.5% CAGR during the forecast period of 2024 - 2030. The growth is attributed to the growth in the number of international tourists visiting, the introduction of various online travel booking sites, and increased consumer disposition for interactive tourism activities.
Leisure travel is one of the most enticing parts of the tourism and travel industries. It is basically traveling for leisure, comfort, adventures, and recreation and not for work purposes. As the disposable incomes of people are getting higher and people engage in travel more for gaining experiences, this market grows further. New means of communication, availability of various types of journeys, and a demand for cultural adventure as well as wellness tourism are major drivers of change in this industry.
Leisure travel worldwide was worth $4.3 trillion in 2023 and is forecast to achieve impressive growth of 5.5% CAGR during the forecast period of 2024 - 2030. The growth is attributed to the growth in the number of international tourists visiting, the introduction of various online travel booking sites, and increased consumer disposition for interactive tourism activities.
The leisure travel industry, more generally, is one that is concerned with the trade of services that are supplied to people who like to travel in groups or individually for the purposes of recreation, culture, and relaxation. This includes hotels, transportation, food and beverages, and also entertainment that people want to enjoy while traveling but is not business-related.
1. Adventure tourism, which includes mountaineering or trekking, safaris, diving, or other separate categories.
2. Luxury Travel—These are high-luxury types of traveling involving such things as destination resorts, chartering jets, and skilled application in specially tailored services.
3. Wellness Tourism—This category includes spa vacations, yoga retreats, and emerging tourism themes such as slum tourism.
4. Cruise tourism—This involves spending as much as two weeks in attractively packed ocean liners, immersed in the atmosphere of a resort.
5. Cultural and Heritage Tourism—this is basically museums, historical buildings, and local cultures.
7. Examples include skiing, surfing, and golf, along with other fun and active things that you can do while traveling sports and recreation tourism.
8. Food tourism includes activities such as attending food festivals and/or wine tasting events as well as savoring local dishes.
Institutional Travel: The use of AR and VR in travel is especially for creating already emerging trends.
An increase in situations where tourists are on a budget will lead to a rise in low-cost trips.
Developing Secondary Attractions: Tourism is focusing on those places that have not been targeted formerly because of domination by modern places.
Governments and travel companies introduce carbon compensation schemes for travelers.
Domestic tourism grows in popularity: The preferences for such types of travel
promote domestic tourism.
Online Shoppers: Travelers who shop for their trip online rise to 80%.
More Green Responsible Travel: More than 70% of the travelers prefer eco-conscious ways of travel.
More Singles Travel: An increase of 35% of single travelers in 2020 alone.
Experiential Escapades: 65% of global vacationers yearn for very different vacation experiences than routine sightseeing.
Work-based Leisure Travel: Due to remote working, a new way of traveling has emerged: combining work and holidays or productive travel.
1. Corresponding to Type of Traveler: Individual, Couple, Household, Group.
2. Population: large females, large males, the boomer generation, and the old generation.
3. Travel Category: Soaring Very High, Driving Down Motorways, Glistening Rails, and Courses.
4. Booking Mechanism: Hosting Agencies (OTAs), Making Reservations by Oneself, Making Reservations through Travel Consultants.
5. Type of Place: Traveling within the country, traveling to other countries.
Top Competitors Present in the Leisure Travel Market
Expedia Group (Expedia, Hotels.com, and Vrbo)
Booking Holdings (Booking.com, Agoda, Kayak)
Airbnb
Marriott International
Hilton Worldwide
Carnival Corporation (engineering and shipbuilding in relation to the cruise industry)
TUI Group (one of the largest travel companies in Europe)
Royal Caribbean Cruises Ltd
Ctrip, Inc. (Trip.com Group Ltd.) is a leading company in Asia.