(MENAFN- EIN Presswire) Personalized travel and Experiences market Report
the cruise lines personalization segment is estimated to witness the fastest growth, registering a CAGR of 20.5% during the forecast period.
PORTLAND, OREGON, UNITED STATES, June 8, 2023/einpresswire.com / -- According to a new report published by Allied Market Research, titled,“personalized travel and experiences market by Service type, Mode of booking, Age Group and Purpose: Global Opportunity Analysis and industry Forecast, 2021–2030, The global personalized travel and experiences market is expected to reach $447.3 billion by 2030 at a CAGR of 17.8% from 2021 to 2030.
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Personalized travel and experiences is about building customer loyalty by building a meaningful one-to-one relationship with travelers or tourists. Service providers including flights, cruise lines, and hotels understand the needs of each individual and help satisfy a goal that efficiently and knowledgeably addresses each individual's need in a given context.
Growth in trend of online bookings, customization of holiday and business trip packages, social media influence, and combined use of information and technology are some of the factors that drive growth of the personalized services and experiences market. Social media platforms of are increasingly getting accessed to get basic information of customers to analyze special needs of customers such as food & drink preferences. Flight, cruise lines, hotels, and tourism service providers are expected to have better opportunities to analyze and study needs and preferences of customers and serve them accordingly. Collectively, these factors contribute toward growth of the personalized travel and experiences market.
COVID-19 pandemichas been negatively affected personalized travel and experience market, owing to restrictions on domestic tourism, restaurant visits, trade fairs, and visits to cultural events. In addition, various prominent events have postponed or event have been canceled in many countries, owing to the pandemic. Moreover, due to increase in cancellation of events, the airline industry has reduced the flight plans by almost more than half. Thus, COVID-19 has negatively impacted the personalized travel and experience market, owing to implementation of complete lockdown, globally.
The personalized travel and experiences market is divided into service type, mode of booking, age group, purpose, and region.
On the basis of service type, it is categorized into in-flight personalization, cruise lines personalization, adventure travel, in-hotel personalization, and others.
By mode of booking, it is segregated into OTA platform and offline.
According to age group, it is divided into millennial, generation X, baby boomers, and others.
On the basis of purpose, it is segregated into leisure and business.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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Region wise, North America dominated the personalized travel and experiences market in 2020, and is projected to sustain its dominance throughout the forecast period. Recent years have witnessed the UK, France, Italy, Spain, and New Zealand as most popular outbound travel destinations among U.S. travelers. Among all the outbound travelers from the U.S., number of male travelers is more than females. Growth of the North America market for personalized travel and experiences can be attributed to rapid adoption of technology to enhance on-board travels. Advertisement and promotion through digital media platforms are key influencer for tourists and customers to visist travel websites such as TripAdvisor.
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Players operating in the personalized travel and experiences market have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Best Western, Carnival Corp., Club Family Hotel, Delta Flights, EasyJet, KLM Royal Dutch, Princess Cruises, Virgin Hotels, IBERIA LAE SA, and Expedia Group, Inc.
Key findings of the study
The personalized travel and experiences market size was valued at $91.2 billion in 2020, and is estimated to reach $447.3 billion by 2030, growing at a CAGR of 17.8% during the forecast period.
By service type, the cruise lines personalization segment is estimated to witness the fastest growth, registering a CAGR of 20.5% during the forecast period.
In 2020, depending on mode of booking, The OTA platform segment was valued at $22.6 billion, accounting for 24.8% of the global personalized travel and experiences market share.
Depending on age group, the baby boomers segment is estimated to witness the fastest growth, registering a CAGR of 18.4% during the forecast period.
In 2020, the U.S. was the most prominent market in North America, and is projected to reach $133.4 billion by 2030, growing at a CAGR of 17.2% during the forecast period.
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