Wednesday, July 3, 2024 The global leisure travel market is on a trajectory for significant expansion, with a projected value of $1.737.3 billion by 2027.
This translates to a remarkable annual growth rate of 22.6% from 2021 to 2027, according to a new report by Allied Market Research titled “Leisure Travel Market Size, Share, Competitive Landscape and Trend Analysis Report by Traveler Type, Sales Channel, By Age Group and By Expenditure Asia-Pacific Leads the Charge The report delves into regional trends, revealing that Asia-Pacific currently holds the largest market share for leisure travel. This region is expected to maintain its dominance throughout the forecast period, driven by a projected CAGR of 24.
1%. This growth is likely fueled by rising disposable income and a growing middle class in countries like China and India. Group Travel Reigns Supreme (For Now) While the report predicts a shift in travel preferences, the group travel segment currently dominates the global leisure travel market.
This trend is expected to continue throughout the forecast period. However, the rise of millennials and their preference for unique and personalized experiences may challenge this dominance in the future. Factors Driving the Boom The report identifies several key factors contributing to the leisure travel market’s explosive growth: Challenges and Considerations Despite the optimistic outlook, the report acknowledges potential challenges that could hinder growth: Opportunities Ab.
