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What is Leisure Travel?
Leisure travel refers to trips taken for relaxation, pleasure, or recreation rather than for business purposes. These trips can include family vacations, solo adventures, cruises, resort stays, and cultural explorations. The primary motive is to enjoy free time and create memorable experiences away from daily routines.
Market Growth and Outlook
In 2022, the leisure travel market was estimated to be worth USD 1215.5 billion. With a compound annual growth rate (CAGR) of 22.50% from 2023 to 2032, the leisure travel industry is expected to increase from USD 1489 billion in 2023 to USD 7550.6 billion by 2032. The main factors propelling the market's growth are expanding government initiatives, the rise of low-cost carriers, and technical advancements.
The key factors driving this growth include:
Rising disposable incomes in developing regions.
The increasing influence of social media and travel bloggers.
Affordable flight options and attractive travel packages.
The growth of the middle class in Asia-Pacific regions.
Post-pandemic, people are more eager than ever to explore. "Revenge travel" — the term used to describe the surge in travel after restrictions lifted — continues to boost the industry.