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The global leisure travel industry is primarily driven by the rapid digitalisation and globalisation. Increased governmental and private investments in the tourist industry, which includes other sectors like logistics, food and beverage, and transportation, has a significant impact on the broader economy and are predicted to boost the market growth. In the forecast period, the Asia Pacific region is expected to account for a considerable portion of the global leisure travel industry. China, India, Thailand, and Malaysia are just a few of the famous tourism destinations in the region. These countries provide a diverse range of cultural experiences and recreational and entertainment opportunities. Significant investments and promotional methods established by governments to improve the tourism sector, which is a critical aspect in the development of major economies within the region, are a key contributor to this expansion. In the year 2020, however, practically all regions were negatively affected by the COVID-19 pandemic. In the foreseeable future, rising consumer demand for convenient services and rising smartphone penetration, particularly in emerging nations, are likely to boost the market growth.
Due to pent-up travel demand, better vaccine coverage, and the forthcoming festival and holiday season, travel services provider Thomas Cook India (NSE: THOMASCOOK) saw a big surge in demand for leisure travel in both the domestic and foreign markets. Beginning in July 2020, newer trends, such as weekend vacations and staycations have reinvigorated domestic travel demand.
Market Analysis by Traveller Types, Sales Channels, Age Groups, Expenditure Types, and Regions:
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The major players in the global leisure travel industry are JTB USA Inc., Expedia Group, Inc., Cox & Kings Ltd., CWT Global B.V., American Express Company, Travel Leaders Group, and TUI AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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