Friday, December 8, 2023
In an exciting development, the global leisure travel market is set to experience a robust surge at a Compound Annual Growth Rate (CAGR) of 5.6%, nearing a staggering USD 1.46 billion by 2026, according to a recent report by Allied Market Research.
The report highlights key factors contributing to this growth, including the expansion of low-cost airlines and technological advancements. The rise in social media use and a growing desire for unique travel experiences are identified as major drivers propelling the global tourism industry forward.
The group segment is expected to maintain its dominance, contributing to three-fourths of the total market share in 2018 and continuing to lead through 2026. Meanwhile, the solo segment is projected to experience the fastest CAGR of 6.9% during the forecast period.
Notably, the Generation X segment currently holds the major market share, accounting for two-fifths of the total market in 2018. However, the millennial segment is anticipated to register the fastest CAGR of 6.6% until 2026, reflecting changing travel preferences among different age groups.
Geographically, the Asia-Pacific region takes the lead, generating nearly two-fifths of the total market revenue in 2018. Furthermore, it is predicted to showcase the fastest CAGR of 7.1% during the estimated period, with other regions including North America, Europe, and LAMEA also playing significant roles.
Key market players, such as Priceline Group, Thomas Cook (India) Limited, and Cox & Kings Ltd., are actively adopting strategies like partnerships, expansions, and collaborations to strengthen their positions in the industry.
Tags: LEISURE, Thomas Cook, Travel
Monday, January 1, 2024
