The customised holidays market had an estimated share of US$ 105 billion in 2022, and it is anticipated to rise at an annualized rate of 13.1% from 2023 to 2033 to attain a market value of US$ 406.7 billion.
The scope for customised holidays growth is anticipated to be driven by the travel industry’s quick development, as well as by rising disposable income and several other variables. Customised vacations are created purely based on the preferences specified by an individual or a group of tourists. This differs from package trips, where the consumer must select their preferences based on the travel agent’s predetermined schedule.
Customized packages provide a number of benefits, one of which is that nothing is required of us, contrasting packaged group travel, where we are required to do what the travel agency directs. If they choose for customized packages, tourists have complete freedom to choose what to do as well as where to go. It is anticipated that this would increase demand for customised holidays.
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Another aspect driving the market’s growth is the rising older population. In contrast to younger generations, who want unique and independent travel, older generations remain interested in package vacations since they are simple, hassle-free, and insured. The growth of the sector is being constrained by the rising popularity of FIT tourism, or the free independent traveler tourism. Customers that are looking for unusual experiences go alone or in small groups. Europe is increasingly becoming a sought-after location for this form of customised tourism compared to other continents.
Key Takeaways from the Market Study
- According to FMI estimates, the worldwide market for customised vacations would be worth US$ 64.17 billion in 2018.
- Sales in the market for customised vacations increased significantly between 2018 and 2022, achieving a CAGR of 4.2%.
- Young travelers accounted for almost 44.8% of the worldwide market share in 2022.
- By mode of booking, the travel agency category held a 34.6% market share in 2022.
- With a market share of 33.3% in 2022, Europe will continue to dominate the market for personalized vacations.
- The North American market for personalized vacations was predicted to reach a market share of 24.5% in 2022.
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Key players in the Customised Holidays Market
- Scott Dunn Ltd.
- Rainbow World Tours
- Tours in the City
- Thomas Cook
- TCS World Tours
- Expedia travels
- REWE Group
- Flamingo Travels
- Redback Travel
- Nest Travels
- Zicasso
- MakeMyTrip
Competitive Landscape
The following are some significant advancements in the customised holidays industry:
- For many years, a reputable organization called Rainbow Trade Fair Tours has arranged both group and lone travel to overseas trade exhibits. The business just celebrated its 17th year in business in 2023 and was recognized with Travel Buzz News’ (TBN) coveted Gold Trade Fair Tour Operator Award. This honor is given in recognition of the company’s steadfast dedication to provide excellent services. With this success, the entire team is ecstatic and is continuing the celebrations.
- The highly anticipated 2023 global trip itinerary, which provides a broad variety of top-notch experiences across six continents, was launched in 2022 by TCS World trip, a leading luxury tour operator and private jet adventure provider. The company’s all-inclusive travel packages include its well-known Around the World private jet expedition in addition to a recently introduced trip to discover the undiscovered wonders of Asia and an extraordinary exploration of lesser-known World Heritage-listed sites in Africa, South America, and the Arabian Peninsula.
Key Segments Profiled in the Customised Holidays Market
By Age Group:
- Children
- Adult
By Traveler Type:
- Solo
- Individual
By Mode of Travel:
- Roadways
- Airways
- Seaways
By Mode of Stay:
- Hotels
- Resorts
By Mode of Booking:
- Individually Planned
- Travel Agency
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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