Companies featured in the bleisure tourism market are Airbnb. Inc, American Express Travel, Expedia Inc., BCD Travel, Carlson Wagonlit Travel, Flight Center Travel Group, The Priceline Group, Fareportal, Inc. (travelong inc.), Wexas Travel, Travel Leaders, The Global Work & Travel Co., JTB Business Travel, Prime Travels USA, GUNA Travel Germany, DER Touristik, CITS (China Business Travel & Fairs), China Tour Guide, Tuniu Corporation, FROSCH Travel and CT Business Travel
DUBAI, UNITED ARAB EMIRATES, April 20, 2022 (GLOBE NEWSWIRE) — According to a recent report by Future Market Insights (IMF), the leisure tourism market is expected to reach a valuation of US$497.5 billion in 2022, with sales growing at an impressive rate 19.5% CAGR over the evaluation period.
Growing digitalization in the tourism and corporate sectors, increasing adoption of Internet of Things (IoT), which allows travelers and tour operators to manage their operations remotely, is expected to drive sales in the market.
Additionally, the benefits offered by Virtual Reality (VR) technology such as efficient and personalized customer experiences in the tourism sector will create growth opportunities in the market.
Additionally, bleisure tourism market players invest in various promotional activities such as direct marketing, sales and discounts, offering free gifts, hosting event and many other activities to promote their services.
Since most potential customers have an online presence, hotels and resorts promote their services on social media platforms to improve sales. For example, Bermuda launched “Work from Bermuda,” a certificate program that invites visitors to work remotely from a scenic location.
Additionally, business travelers take their families with them on business trips. Inspired by this trend, a world-famous Scottish hotel has launched a children’s program that includes a games room, country club and participation in sports activities. Such development will create a conducive environment for the market.
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“A combination of work and leisure or personal activities contributes to a better work/life balance. Leisure trips offer travelers the opportunity to learn more about the place and its culture. This, in turn, helps to improve the quality of work performed while allowing for the formation of more meaningful business relationships. », Explains an IMF analyst.
Key points to remember:
- Based on the application, the enterprise segment will account for a dominant market share during the forecast period.
- By travel type, demand in the domestic travel segment will remain high through 2032.
- In terms of tour type, the independent traveler segment will grow at a considerable rate over the evaluation period.
- Based on consumer orientation, sales of the male segment will continue to grow.
- By occupation, leisure tourism among technology/IT/software professionals will gain momentum.
- Depending on the duration of the trip, the 2 night segment will appear as the most lucrative segment.
- By travel frequency, demand in the segment once every 2-3 months will continue to increase.
- In terms of booking channel, the online booking segment will dominate the market in terms of market share.
- The United States will continue to dominate the leisure tourism market in North America due to the growing emphasis on employee retention in various organizations.
- China will continue to experience strong demand, accounting for a dominant share of the East Asian leisure tourism market.
- Sales in India will accelerate thanks to increased investment in the travel and tourism sector.
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Impact of COVID-19 on the market
The COVID-19 outbreak has had a negative impact on the leisure tourism market. Almost all major business tours and MICE events around the world have been canceled due to the pandemic. Additionally, due to travel restrictions, the widespread adoption of online video conferencing platforms such as Zoom and Google Meet is expected to compete with players operating in the global leisure tourism market in the future.
The use of video conferencing platforms meets the needs of many businesses for meetings and conferences, and it is also used as a cost saving measure as businesses avoid costly business travel expenses. COVID-19 has thus changed the competitive landscape of the global leisure tourism market and is expected to have a long term impact.
Who wins?
The players operating in the global business travel industry have adopted various development strategies to increase their market share, exploit the opportunities in the business travel market and increase the profitability of the market. The major players present in the bleisure tourism market are Airbnb. Inc, American Express Travel, Expedia Inc., BCD Travel, Carlson Wagonlit Travel, Flight Center Travel Group, The Priceline Group, Fareportal, Inc. (travelong inc.), Wexas Travel, Travel Leaders, The Global Work & Travel Co., JTB Business Travel, Prime Travels USA, GUNA Travel Germany, DER Touristik, CITS (China Business Travel & Fairs), China Tour Guide, Tuniu Corporation, FROSCH Travel and CT Business Travel
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Get more valuable insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global Leisure Tourism Publishers Market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The study discloses compelling insights into the Leisure Tourism Market based on Application (Business and Government), Booking Channel (Phone Booking, Online Booking, and In-Person Booking), Trip Type (Travel domestic and international travel), travel type (independent traveler, business travel, and business group travel), consumer orientation (male and female), profession (technology/IT/software, manufacturing, finance, health and education), frequency of trips (once a week, once or twice a month, once every 4-6 months, 3+ times a month, once every 2-3 months, once a year, less once a year), the duration of the business trip (1 night, 2 nights, 3 nights and 4+ nights) in seven major regions.
Contents:
1. Summary
1.1. Global Market Outlook
1.1.1. Who travels?
1.1.2. How much are they spending?
1.1.3. Direct contribution of tourism to GDP
1.1.4. Direct contribution of tourism to employment
1.2. Analysis of the evolution of tourism
1.3. MFI analysis and recommendations
2. Presentation of the market
2.1. Total expenditure (millions of US dollars) and forecast (2022-2032)
2.2. Number of leisure tourists (Mn) and forecast (2022-2032)
2.3. Projected annual growth in total expenditure (2022-2032)
2.4. Projections of annual growth in the number of tourists from Bleisure
3. Global Tourism Industry Analysis
3.1. Overview of the tourism industry
3.1.1. Contribution of travel and tourism industry to global GDP
3.1.1.1. Professional expenses vs leisure expenses
3.1.1.2. Domestic vs Foreign
3.1.1.3. Direct, indirect and induced
3.1.2. Contribution of the travel sector to overall global employment
3.1.3. Travel and tourism growth rate
3.1.4. Foreign visitor exports as a percentage of total exports
3.1.5. Capital investment in the travel and tourism industry
3.1.6. Different components of travel and tourism
3.1.7. Global Tourism Industry Outlook
4. Road ahead for leisure travel
4.1. “Flexcations”: reversing the concept of “bleisure”
4.2. Engaging the modern traveler
4.3. The popularity of Bleisure trips has grown over time
4.4. What are bleisure travelers looking for?
4.5. Others (while studying the course)
TOC Continued..
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