[TheDevs]

Global Leisure Travel Market Expected to Reach $1,737.3 Billion by 2027, Driven by Social Media Usage and Changing Travel Preferences

A recent report published by Allied Analytics LLP provides a comprehensive analysis of the global leisure travel market, highlighting the top investment opportunities, driving factors, market scope, and projected growth. According to the report, the global leisure travel market was valued at $1,006.5 billion in 2019 and is expected to reach $1,737.3 billion by 2027, with a compound annual growth rate (CAGR) of 22.6% during the forecast period from 2021 to 2027.

The surge in social media usage and the growing demand for unique travel experiences are the primary factors fueling the expansion of the global leisure travel segment. However, the changing fortunes of destinations pose some constraints on the market’s growth. Despite this, the emergence of distinctive destinations that attract tourists and the adoption of new trends among millennials are expected to create abundant opportunities in the sector.

As the number of travelers continues to rise, stakeholders in the travel and tour industry face significant pressure to enhance customer experiences and cater to diverse travel preferences. Efficient management of marketing resources becomes crucial in this highly competitive and consumer-centric tourism segment. Identifying target demographics, crafting appropriate messages, selecting effective marketing strategies, and strategically planning promotions are essential for success.

The future of the leisure travel industry will be profoundly influenced by technological advancements on a global scale. Innovations in artificial intelligence, machine learning, big data analytics, and social media will reshape consumer expectations across various aspects of leisure travel, ranging from destination selection and visa acquisition to currency exchange, reservations, and expenses. Digital technologies will increasingly permeate travelers’ personal domains, offering end-to-end customer solutions with unparalleled convenience.