Leisure Travel Market Projected to Reach $15 Trillion by 2040
The global leisure travel market is anticipated to triple in value by 2040, escalating from its current worth of $5 trillion to a staggering $15 trillion. This prediction comes from a groundbreaking new report by Boston Consulting Group (BCG).
The explosive growth will be primarily fueled by domestic leisure travel, which alone is projected to generate nearly $12 trillion by 2040. Emerging markets, including China, India, Saudi Arabia, and Vietnam, are leading this surge, outpacing traditional tourism powerhouses such as the United States, United Kingdom, and Germany.
The report, based on a survey of nearly 5,000 travelers across 11 countries, reveals that the growth is spurred by a burgeoning middle class in emerging markets and a growing emphasis on experiences over material possessions.
China is set to become the country with the highest spending on leisure travel, with increases of more than 10 percent per year.