Customized Travel Market Report 2024

This Customized Travel market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The customized travel market size has grown rapidly in recent years. It will grow from $106.73 billion in 2023 to $117.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The increase observed during the historical period can be linked to the emergence of a wealthy middle class, the expansion of the internet, the impact of social media, heightened awareness of sustainability, as well as growing concerns about safety and health.

The customized travel market size is expected to see rapid growth in the next few years. It will grow to $173.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. In the projected period, growth is expected to stem from the expansion of air travel, a rising demand for personalized experiences, advancements in tourism infrastructure, an increase in luxury travel, and shifts in lifestyles and demographics. Key trends during this forecast period include the integration of augmented and virtual reality, partnerships with local influencers, customization of group travel, development of tourism infrastructure, and the digital transformation of travel agencies.

The growing number of millennial travelers is expected to drive the expansion of the customized travel market in the future. Millennials, born approximately between 1981 and 1996, are currently in their mid-20s to early 40s. This group prioritizes experiences over material possessions, seeking immersive, authentic, and adventure-filled travel opportunities, such as cultural exploration and unique local activities. Customized travel services cater to their interests and preferences, enhancing convenience and satisfaction while aligning with their values. For example, in October 2023, American Express published the Amex Trendex report, revealing that 72% of Millennial and Gen-Z respondents would prefer to spend money on a holiday trip with friends or family rather than on gifts. This trend underscores how the rise of millennial travelers is boosting the customized travel market.

Companies in the customized travel sector are increasingly adopting innovative solutions, including artificial intelligence (AI)-powered platforms for trip planning, to enhance traveler experiences and simplify the planning process. An AI-powered platform analyzes user preferences, past behaviors, and real-time data to create personalized travel itineraries. For instance, in August 2024, Thomas Cook India launched such a platform to transform the holiday planning experience. Developed in collaboration with SOTC Travel, this tool allows users to plan customized vacations in under ten minutes, a significant improvement from the traditional process that often took 48 to 72 hours due to the need to coordinate with multiple suppliers for flights, accommodations, and activities. By utilizing AI, the platform offers personalized recommendations, saving users time and money while enabling them to create tailored itineraries quickly.

In September 2024, Yatra Online, an India-based travel agency, acquired Globe All India Services Limited for $15.29 million. This acquisition aims to increase Yatra's corporate client base by 40%, enhance its MICE (Meetings, Incentives, Conferences, and Exhibitions) capabilities, and accelerate its transition towards B2B services. Globe Travels' annual GMV (Gross Merchandise Value) will help Yatra's B2B GMV exceed 50% of its total GMV. Globe All India Services Limited is known for providing domestic and international travel packages, along with customized travel solutions.

Major companies operating in the customized travel market are 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.

Asia-Pacific was the largest region in the customized travel market in 2023. The regions covered in the customized travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the customized travel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Customized travel involves creating personalized itineraries that align with individual preferences, enabling travelers to select specific destinations, activities, and accommodations. This approach provides a unique and flexible experience, catering to personal interests and offering more freedom compared to traditional package tours.

The primary categories of travelers who engage in customized travel include luxury travelers, adventure seekers, cultural aficionados, families, and solo travelers. Luxury travelers are those who desire exclusive, high-end, and tailored travel experiences, often marked by premium accommodations, personalized services, and distinctive, indulgent activities. These trips can vary in length, encompassing short getaways (up to 7 days) and longer vacations (ranging from 7 to 15 days or more), focusing on various experiences such as special interest tours, wellness retreats, and educational journeys.

The customized travel market research report is one of a series of new reports that provides customized travel market statistics, including customized travel industry global market size, regional shares, competitors with a customized travel market share, detailed customized travel market segments, market trends and opportunities, and any further data you may need to thrive in the customized travel industry. This customized travel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The customized travel market includes revenues earned by entities by providing services, such as personalized travel planning services, tailored itineraries, customized transportation options, bespoke accommodations, and concierge services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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