Leisure Travel Market to Skyrocket to $15 Trillion by 2040
A groundbreaking new report by Boston Consulting Group (BCG) reveals an exciting future for the leisure travel industry. The value of leisure travel is predicted to triple by 2040, escalating from $5 trillion today to a staggering $15 trillion. Interestingly, the real growth engine is not international jet-setting, but rather domestic and regional travel.
Domestic leisure travel is projected to generate nearly $12 trillion by 2040, while regional travel is set to triple to more than $2 trillion. Despite growing the fastest, international travel will maintain the smallest share, reaching $1.4 trillion. The next wave of travelers is increasingly coming from emerging markets like China, India, Saudi Arabia, and Vietnam, outpacing traditional tourism powerhouses.
The BCG report, based on a survey of nearly 5,000 travelers across 11 countries, also highlights some interesting trends in travel behavior:
- Solo travel has become mainstream, with 18% to 39% of travelers taking solo trips.
- ‘Bleisure‘ travel (combining business and leisure trips) is particularly popular in emerging markets, where more than 70% of travelers in China, India, Nigeria, and Saudi Arabia plan to mix business with pleasure.
Get ready for your next journey – reserve your flight and place to stay today!