Astute Analytica published a new report titled, Global Leisure Travel Market Analysis, Trends, Drivers and Growth Forecast to 2027.
The Global Leisure Travel Market size will grow from US$ 4,405.5 billion in 2021 to US$ 6,347.8 billion by 2027. The Global Leisure Travel Market will record a tremendous compound annual growth rate (CAGR) of 5.7% during the forecast period 2022 to 2027.
The research provides in-depth details on the major players in the Global Leisure Travel Market, together with their financials, strategies, acquisitions, mergers, and market shares.
In-depth analysis, Global Leisure Travel Market revenue information, and other significant data are also included in this research regarding the global market and its numerous trends, drivers, restraints, market opportunities, and threats through 2030.
The producing situation in a competitive market (2022–30): The top manufacturers control the majority of output and market share. The report includes information about the Competitive Market Situation and Trends, Sales Area, Average Sales Price, Product Category, Manufacturer Revenue, Market Share, Industrial Base Distribution of Manufacturers, and Market Growth Rate.
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The segmentation section of the report focuses on every segment, along with highlighting the ones having a strong impact on the global Leisure Travel Market. The segmentation served as the foundation for finding businesses and examining their financial standings, product portfolios, and future growth potential. The second step entailed evaluating the core competencies and market shares of top firms in order to predict the degree of competition. A bottom-up method was used to assess the market’s overall size.
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The global market is continuously changing to meet changing customer demand and trends. In recent years, the market has become increasingly influenced by digital innovation, the COVID-19 pandemic, and a greater emphasis on sustainable and healthy behaviors. Digitalization has put the client in control, allowing them to compare and scrutinize things in real-time.
In order to sustain client loyalty in this environment, consumer goods companies are enhancing their marketing methods and brand recognition. The leading players in the market have introduced new products to fulfill an ever-increasing range of human needs and aspirations. These methods, along with higher margins and portfolio weightings in fast-growing areas, have resulted in outstanding shareholder returns.
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Impact Analysis of COVID-19:
The COVID-19 pandemic changed how people buy and wreaked havoc on the market. Cleaning supplies, shelf-stable food, beverages, and toilet paper became scarce in certain nations. Furthermore, the function of sustainability is becoming increasingly important in the consumer goods sector; there is a growing desire for more sustainable and ethically manufactured products across the board.
However, the industry’s fundamentals and stock market performance have deteriorated. In terms of economic profit contribution, several players began to pull ahead of the pack. The US market before COVID-19, for example, is instructive. In the United States, specific brands (with more than $750 million in revenue) lost volume at a pace of 1.5%. Small brands increased by 1.7%, while private labels increased by 4.3%.
The United States garnered the highest share in the consumer goods sector, followed by China, India, Indonesia, Brazil, Mexico, and other developed and developing countries, and are forecast to have substantial growth over the upcoming years.
In 2020, China held dominance in the online retail sales sector. As the contactless economy grew in response to the COVID-19 epidemic, the country’s e-commerce advantage grew further as digital services like remote education and healthcare became more accessible and new sales channels became essential. The rise in living conditions among Chinese consumers led to a shift toward development-oriented consumption rather than necessity-based purchasing. As a result, life services have swiftly become popular among consumers.
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