Leisure Travel Industry Predicted to Skyrocket to $15 Trillion by 2040
The global leisure travel industry is on the brink of a massive expansion. According to a comprehensive report from Boston Consulting Group, annual consumer spending is expected to triple from $5 trillion in 2024 to a staggering $15 trillion by 2040.
Based on a survey of nearly 5,000 travelers worldwide, the analysis reveals that the leisure travel market is set to surpass both the pharmaceuticals and fashion industries in size. This remarkable growth is driven by a shift in consumer priorities, with travelers increasingly willing to invest in experiences over material goods.
The report emphasizes the need for travel companies to adapt and evolve. They must attract local, regional, and international tourists while preparing for a rapidly diversifying customer landscape. The industry leaders are being urged to develop strategies that cater to this expanding market opportunity across multiple demographic segments.
Get ready for your next journey – reserve your flight and place to stay today!
Source: Bloomberg