The customized travel market size has grown rapidly in recent years, projected to expand from $106.73 billion in 2023 to $117.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. This growth has been driven by the rise of the affluent middle class, the growth of the internet, social media influence, sustainability consciousness, and increased safety and health awareness. Looking ahead, the customized travel market size is expected to see substantial growth, reaching $173.76 billion in 2028 at a CAGR of 10.3%. The growth during the forecast period can be attributed to the expansion of air travel, heightened demand for personalized experiences, development of tourism infrastructure, growth of luxury travel, and evolving lifestyles and demographics. Major trends during this period are likely to include the adoption of augmented reality and virtual reality, collaborations with local influencers, customization of group travel, tourism infrastructure development, and the digitization of travel agencies.
Global Customized Travel Market Key Driver
The rise of millennial travelers is anticipated to drive growth in the customized travel market. Millennials prioritize experiences over material possessions and seek tailored travel options that align with their interests. In October 2023, an American Express report indicated that 72% of Millennial and Gen-Z respondents prefer spending on experiences rather than gifts during holidays. Therefore, the rise of millennial travelers is fueling the customized travel market.
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Global Customized Travel Market Segments
The customized travel market covered in this report is segmented –
1) By Traveler Type: Luxury Travelers, Adventure Travelers, Cultural Enthusiasts, Family Travelers, Solo Travelers
2) By Trip Duration: Short Breaks (Within 7 Days), Extended Vacations (7-15 Days Or More)
3) By Trip Focus: Special Interest Tours, Wellness Retreats, Educational Travel
By Geography:The regions covered in the customized travel market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the customized travel market in 2023.
Major Customized Travel Industry Players
Expedia Group Inc., Airbnb Inc., Cox and Kings Limited, TripAdvisor Inc., Abercrombie and Kent Group of Companies S.A, Insight Vacations Inc., Sonder Holdings Inc., G Adventures Inc., Viator Inc., Backroads Inc., MakeMyTrip Limited, Travel Leaders Group LLC, GetYourGuide AG, Luxury Escapes Travel Pty Ltd., TCS World Travel Inc., VBT Bicycling Vacations, Scott Dunn Travel Limited, Black Tomato Group Inc., Railbookers Group, Klook Travel Technology Limited, Zicasso Inc., Classic Journeys LLC, Salt and Wind Travel LLC, Customized Journeys LLC, Asia Transpacific Journeys Inc., Trafalgar Tours International Limited, Heritage Tours Private Travel LLC, Rustik Travel Ventures Private Limited
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Customized Travel Market Overview
Customized travel refers to personalized itineraries tailored to individual preferences, allowing travelers to choose specific destinations, activities, and accommodations. It offers a flexible and unique experience, catering to personal interests and providing freedom compared to standard package tours.
Customized Travel Global Market Report 2023 provides data on the global customized travel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The customized travel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
