Leisure Travel: Introduction
- Revenue of the leisure travel industry is considered with the revenue of resorts and overall travel packages. Companies provide customized packages to travel enthusiasts, so that they can choose a travel option based on their preference.
Key Drivers of the Global Leisure Travel Market
- Huge investment on tourism has enabled private investment, infrastructure development, aggregate demand, and jobs in the travel industry. Governments of different countries are working on improving the tourism sector. Tourism is considered one of the key sectors which drives the growth of a nation’s economy. Some countries are providing visa on arrival facility to encourage travelers to choose their travel destination.
- Rising penetration of social media among the millennial population is driving them to invest in leisure travel, which these days is considered a sign of social status. These are key factors driving the leisure travel market.
- Leisure travel sales through online sales channels is expanding significantly. Online market players are offering easy booking services to attract more customers. Some of the companies offer discounts to attract consumers toward online platform. As a result, the online leisure travel sales channel segment is expected to expand at a higher pace over the forecast period 2021 to 2031.
- However, Covid-19 has resulted in the overall tourism market witnessing a slowdown in 2020. However, the market is expected to grow at a significant pace in 2021 and 2022.
Rising Demand for Solo Travel Globally to Create New Market Opportunities
- The consumer trend of solo travel is becoming hugely popular. Social media is motivating people to undertake solo international and domestic travel. Increasing number of travel enthusiasts at the global level is creating new opportunity for the leisure travel market.
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Travel Restrictions Due to Covid-19 to Restrict Market Growth
- Governments of different countries have banned travel to different destinations as a result of COVID-19. Overall, the tourism industry faced huge loss in 2020. Moreover, some of the countries have decreased their spending on the tourism sector. Threat of the pandemic is likely to restrict the market growth in coming years.
Asia Pacific the Dominant Market for Leisure Travel
- Asia Pacific accounted for the largest and fastest growing leisure travel market in 2019. North America and Europe also accounted for significant share of the leisure travel market, with major players operating their global market from these regions. China, Thailand, Indonesia, Vietnam, Malaysia, and Singapore are key travel destinations in the Asia Pacific region, with people from different continents visiting these places.
- Many small & medium sized travel companies are present in North America, Asia Pacific, and Latin America. Rising disposable income in different Asia Pacific and African countries is expected to boost the revenue of the leisure travel market in the coming years.
Key Players Operating in the Global Leisure Travel Market
The global leisure travel market is fragmented in nature. Key global leisure travel companies are working on providing innovative offers to increase their customer base. Furthermore, companies are adopting the merger and acquisition strategy to increase their geographical reach. Some of the key players operating in the global leisure travel market are listed below:
- American Express Travel
- Carlson Wagonlit Travel
- Cox & Kings Ltd.
- Expedia Group
- JTB Americas Group
- Priceline Group
- Thomas Cook (India) Limited
- Travel Leaders Group
- TUI Group.
- World Travel, Inc.
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Global Leisure Travel Market: Research Scope
Global Leisure Travel Market, by Type
Global Leisure Travel Market, by Age Group
- Baby Boomers
- Generation X
- Generation Z
Global Leisure Travel Market, by Expenditure Type
- Food and Beverages
- Events & Entertainment
Global Leisure Travel Market, by Sales Channel
- Conventional Channels
- Online Channels
Global Surface Grinding Machine Market, by Region
- North America
- Rest of North America
- Western Europe
- Nordic countries
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- North Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
The report on the global leisure travel market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.