Global Customized Holidays Market Outlook 2024-2033: Growth Drivers, Share, And Trends

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What is the rapidly growing trend in the travel and tourism industry, and what is driving its growth? The answer is 'Customized Holidays.' This segment, catering to personalized travel experiences tailored to individual preferences and needs, is witnessing a phenomenal rise in demand. The customized holidays market size has grown rapidly in recent years. It will grow from $101.42 billion in 2023 to $114.79 billion in 2024 at a compound annual growth rate CAGR of 13.2%. The growth in the historic period can be attributed to a rise in solo and group travel, an increasing focus on wellness tourism, the growing popularity of luxury travel, the influence of social media, and rising interest in cultural and heritage tourism.

What does the future hold for the customized holidays market?

Breakthrough growth is expected in the customized holidays market over the next few years. Fueled by rising disposable income, an uptick in demand for personalized experiences, increasing internet penetration, growth of experiential travel, and expansion of the travel and tourism industry, the market is set to spiral to $189.1 billion in 2028 at a compound annual growth rate CAGR of 13.3%. This incredible journey will be propelled by advancements in technology, the emergence of travel apps and platforms, support for sustainable travel, advancements in data analytics, and availability of niche travel products.

While the holiday scene is all decked up for a massive transformation, what is driving this shift? The increasing demand for personalized travel experiences is expected to provide a significant impetus to the growth of the customized holiday market. For instance, in May 2023, according to a report published by the United Nations World Tourism Organization, international tourist arrivals surged to 80% of pre-pandemic levels, with around 235 million travelers. The tourism industry showcased its resilience, as revised 2022 data revealed over 960 million international tourists traveled abroad last year, signifying a recovery of 66% of pre-pandemic levels. This momentum of the tourism industry further supports the customized holiday market's growth.

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Who are the key industry players steering the growth of the travel and tourism sector?

Major companies operating in the customized holidays market include REWE Group, Tui AG, Expedia Group Inc., Airbnb Inc., MakeMyTrip Ltd., Abercrombie & Kent USA LLC, Rainbow World Tours, Audley Travel, Kensington Tours, Cleartrip Private Ltd., SOTC Travel Ltd., Veena World, Cox & Kings Ltd., and EaseMyTrip, among others.

What's new in the customized holidays market?

Companies are developing innovative travel packages featuring a mix of activities, destinations, and convenient arrangements. Using MakeMyTrip as an example, the India-based travel company launched over 130 differentiated holiday packages across 25 European countries in March 2023. These packages offered travelers a wide array of 10,000 customizable activities, along with a flexible itinerary and beneficial group rates on flights and hotels.

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How can we break down the customized holidays market into manageable units?

The customized holidays market in this report is segmented as follows:

1 By Type: Adventure Holidays, Luxury Holidays, Wellness Holidays, Other Types
2 By Travelers: Solo Travelers, Couples, Families, Groups
3 By Destination: Domestic, International
4 By Mode Of Stay: Hotel, Resorts
5 By Mode Of Travel: Roadways, Airways, Waterways, Mixed

Which regions make for a promising market for customized holidays?

In 2023, North America dominated the customized holidays market. Nevertheless, Asia-Pacific is projected to be the fastest-growing region during the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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