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.
“Social networking is a useful tool for word-of-mouth marketing, experience sharing, and writing evaluations. These ratings frequently drive large numbers of visitors to a location and expand the market for customised holidays,” remarks an FMI analyst.
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.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global customised holidays market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the customised holidays market, the market is segmented on the basis of age group, traveler type, mode of booking, mode of travel, mode of stay and region.
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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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