Leisure tourism could have significant growth in the post-pandemic

The global leisure travel market size was valued at USD 4,405.5 billion in 2021 and is forecast to reach USD 6,347.8 billion by 2027. The market is forecast to grow with a CAGR of 5.7 % during the forecast period 2022-2027. 

The main factors driving growth are changes in the pattern of consumer spending, increased diversity and global connectivity. 

The increase in disposable income of people around the world is leading to changing preferences and developing opportunities that are driving the growth of the leisure travel market. 

In the US, more than 35% of travelers are willing to pay more for a better experience and this high spending on leisure travel is expected to drive market growth. Furthermore, diversified populations around the world are significantly increasing people's curiosity to explore different parts of the world to learn more about different cultural and ethnic diversities.

Also, due to increasing digitization and internet penetration, people now know all the places in the world. The growing aviation industry has an important role in enhancing travel by connecting all the places in the world, this factor has boosted global connectivity and thus has had a positive impact on the growth of the airline travel market. pleasure. 

Restriction and challenges ahead
The different dimensions of political instability or political turbulence, such as civil unrest, terrorism, riots and strikes, have inevitably led to a decline in the number of domestic and international tourists in some parts of the world. However, the global tourism industry is experiencing a period of continued growth and unprecedented transformation. With the continued growth and demand in the travel industry, travelers are willing to pay higher prices for travel experiences based on their behavior, expectations and preferences. Therefore, the leading companies no longer market by segments, but personalize the entire experience for the individual. In addition, the lack of skilled labor at the middle and upper managerial levels, 
The growth of the leisure travel industry is dynamic, however, its impact can be seen on the environment in terms of pollution, global warming, congestion and noise pollution, since transportation is the key factor in this sector.

Oportunidades y tendencias en el mercado de viajes de placer
La industria del turismo espacial busca brindar a los turistas una experiencia de viaje espacial humano con fines recreativos, de ocio y de negocios. Algunas de las principales empresas de turismo espacial que brindan a los consumidores una experiencia de ingravidez real en el espacio son SpaceX, Blue Origin, Boeing, Virgin Galactic y Orion Span. Además, el turismo de bienestar ha incentivado a las personas a viajar con el fin de promover la salud y el bienestar para lograr nuevas experiencias que van más allá de los destinos masificados. También, el cambio de la demanda hacia destinos de viajes personales en los últimos tiempos ha dado forma a las tendencias del mercado.

Impact of COVID-19 on the Global Leisure Travel Market
COVID-19 has tremendously resulted in massive and sudden transformation, due to lockdowns in most countries of the world. The strict lockdowns and border closures imposed by government authorities around the world have directly affected the travel industry by creating disruptions to the demand and supply chain of the leisure travel industry. Companies in the leisure travel market have suffered huge losses. However, the leisure travel market is expected to grow with travel restrictions easing, industries restarting their manufacturing units and engaging travelers with virtual reality.

The solo traveler segment is projected to be the most lucrative segment during the forecast period.
Depending on the type of traveler, the segment is divided into individual and group types. The individual segment is anticipated to dominate the global leisure travel market due to various factors such as social media influence, different preferences and interests, psychographic traits. Furthermore, there is a significant increase in the number of travelers who want to travel alone to explore new experiences and cultures and thus presents a promising business opportunity in the leisure travel industry. On the other hand, group travelers make up an important part of the global leisure travel industry in 2021.

On the basis of sales channel, the global market is studied through conventional and online channels. The online segment has the largest market share and is expected to register the fastest CAGR during the forecast period due to the high adoption of online channels for booking travel packages, using online resources to decide the destination and accommodation . The substantial growth in demand for the online sales channel around the world is aimed at providing a seamless customer experience.

The Asia-Pacific region dominates the leisure travel market and is estimated to grow with the fastest CAGR during the forecast period

During the forecast period 2022-2027, the Asia-Pacific region has the largest share in 2021 due to the growing awareness of leisure travel, the rise of the wellness trend, the rapid development of global outbound tourism, and the support government to boost the tourism industry. Some of the emerging economies like India, Malaysia, and Singapore have increased investment and development in promoting tourism worldwide. Furthermore, rising disposable income and growing number of travelers are the main reasons for the growth of the leisure travel market in the APAC region.