The bleisure tourism market is expected to reach a valuation of US$ 497.5 Bn in 2022, with sales growing at an impressive 19.5% CAGR over the assessment period.
Employee engagement is a critical aspect in various organizations and leaders are looking for new ways to keep their employees happy and loyal to their company. One way to improve employee satisfaction is to improve corporate travel policies by including bleisure trips.
Furthermore, employees who use their vacation time to rest and recharge are more productive. According to a Forbes article, if employees took just one more day of paid leave each year, the U.S. economy would gain $73 billion in output, which will be beneficial for both employees and businesses. A bleisure trip can have a significant impact on employee morale and health, which in turn is encouraging companies to invest bleisure tourism.
Increased digitization of the tourism and corporate sectors, as well as increased adoption of the internet of things (IoT), which allows both travellers and travel operators to manage operations remotely, are predicted to boost market sales.
Besides this, the benefits offered by virtual reality (VR) technology, such as efficient and personalised customer experiences in the tourism sector will create opportunities for growth in the market.
Further, bleisure tourism market players are investing in various promotional activities such as direct marketing, sales, and discounts, offering free giveaways, hosting an event, and many other activities to promote their services.
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As most potential customers have an online presence, hotels and resorts are promoting their services on social media platforms to improve sales. For instance, Bermuda launched “Work from Bermuda,” a certificate programme that invites visitors to work remotely from a scenic location.
Moreover, business travellers take their families with them on business trips. Taking cues from this trend, a world-famous hotel in Scotland has launched a children’s programme that includes a playroom, a country club, and participation in sporting activities. Such development will create a conducive environment for the market.
“A combination of work and leisure or personal activities contributes to a better work/life balance. Bleisure trips are offering opportunities for travellers to learn more about the location and its culture. This, in turn, is helping to improve the quality of work done while also allowing for the formation of more meaningful business relationships. ” says an FMI analyst.
- Based on application, the corporate segment will account for a dominant share in the market over the forecast period.
- By trip type, demand in the domestic trip segment will remain high through 2032.
- In terms of tour type, the independent travelers segment will expand at a considerable pace over the assessment period.
- Based on consumer orientation, sales in the male segment will continue gaining momentum.
- By occupation, bleisure tourism among technology/IT/software professionals will gain traction.
- Based on trip length, the 2 nights segment will emerge as the most lucrative segment.
- By travel frequency, demand in the once in every 2-3 months segment will continue rising.
- In terms of booking channel, the online booking segment will lead the market in terms of market share.
- The U.S. will continue dominating the north America bleisure tourism market owing to growing focus on employee retention across various organizations.
- China will continue witnessing high demand, accounting for a dominant share in the East Asia bleisure tourism market.
- Sales in India will gain momentum on the back of increasing investments in the travel and tourism sector.
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Impact of COVID-19 on the Market
The COVID-19 outbreak has negatively impacted the bleisure tourism market. Almost all major business tours and MICE events around the world were cancelled because of the pandemic. Furthermore, due to travel restrictions, the widespread adoption of online video conferencing platforms such as Zoom and Google Meet is expected to compete with players operating in the global bleisure tourism market in the future.
Many firms are using video conferencing systems to satisfy their meeting and conference demands, and it is also being used as a cost-cutting technique to avoid pricey business trip expenses. COVID-19 has thereby changed the competitive landscape of the global leisure tourism business, with long-term implications.
Who is winning?
The players operating in the global business travel industry have adopted various developmental strategies to expand their market share, exploit the business travel market opportunities, and increase profitability in the market. Major players present in the bleisure tourism market are Airbnb. Inc, American Express Travel, Expedia Inc., BCD Travel, Carlson Wagonlit Travel, Flight Centre Travel Group, The Priceline Group, Fareportal, Inc. (travelong inc.), Wexas Travel, Travel Leaders, The Global Work & Travel Co., JTB Business Travel, Prime Travels USA, GUNA Travel Germany, DER Touristik, CITS (China Business Travel & Fairs), China Tour Guide, Tuniu Corporation, FROSCH Travel and CT Business Travel
Global Bleisure Tourism Market by Category
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Trip Type:
- Domestic Trip
- International Trip
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Future Market Insights (ESOMAR certified 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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