Digital Transformation and Work-Life Balance Drive Explosive Growth in the Global Bleisure Travel Market, Valued at $315.3 Billion in 2022

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Sep 26, 2023, 21:30 ET

DUBLIN, Sept. 26, 2023 /PRNewswire/ -- The "Bleisure Travel Market By Employee, By Age Group, By Industries: Global Opportunity Analysis and Industry Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global bleisure travel market, valued at $315.3 billion in 2022, is expected to experience substantial growth, reaching an estimated $731.4 billion by 2032, with a CAGR of 8.9% from 2023 to 2032.

This growth is driven by shifting boundaries between work and personal life, prompting business travelers to combine work-related trips with leisure experiences.

Emergence of Bleisure Travel

As technology continues to advance, work and personal life are becoming increasingly intertwined. This has led to a rising trend in bleisure travel, where business travelers extend their trips to explore local culture, cuisine, and attractions.

While the term "bleisure travel" is relatively new, many business travelers have long incorporated leisure activities into their work-related trips. Additionally, businesses are now officially supporting bleisure travel, recognizing its benefits for employee relations and overall well-being.

Workcations: A Blend of Work and Vacation

Workcations represent a fusion of personal vacations and work. With flexible work schedules and remote work options, employees can maintain their job responsibilities while enjoying a vacation. For example, workers on a week-long vacation may bring their laptops and allocate time for both work tasks and leisure activities.

This trend is gaining traction as businesses look for ways to combat employee stress and burnout caused by long working hours and increased competition. Maintaining a work-life balance is crucial for employee mental health, and employers who prioritize this often benefit from a happier, more productive workforce.

Digital Transformation Driving Growth

The travel industry is undergoing a significant digital transformation, with the adoption of digital solutions for travel planning, booking, and personalized experiences. Technologies like virtual tours and tailored recommendations are changing how travelers plan and enjoy their trips.

The travel, tourism, and aviation industry is investing heavily in digitization, with an estimated $305 billion allocated between 2016 and 2025. This transformation is expected to benefit both customers and society, with significant value created through digital initiatives.

Market Segmentation

The bleisure travel market is segmented based on age group, industry, employee type, and region:

Age Group: Millennial, Generation X, and others.
Industries: Government, corporate, and subtypes such as technology, healthcare, public administration, manufacturing, and others.
Employee Type: Executives, middle management, and entry-level employees.
Region: North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Switzerland, rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, rest of Asia-Pacific), and LAMEA (Brazil, South Africa, UAE, Argentina, rest of LAMEA).

Key Players

Prominent players in the global bleisure travel market include Airbnb, Inc., BCD Group, Booking Holdings, Inc., Cvent Inc., Expedia Group Inc., Fareportal, Flight Centre Travel Group Limited, Travelator, Inc., TravelPerk S.L.U., and Wexas Travel.

Key Benefits for Stakeholders

Quantitative analysis of market segments, trends, and dynamics from 2022 to 2032.
Insights into key drivers, restraints, and opportunities.
Porter's five forces analysis for strategic decision-making.
In-depth analysis of market segmentation to identify opportunities.
Regional mapping of revenue contributions.
Market player positioning for benchmarking.
Analysis of global and regional trends, key players, market segments, application areas, and growth strategies.

Market Dynamics

Drivers

Rise in Demand for Work-Life Balance
Digital Transformation in the Travel Industry
Increase in the Number of Affordable Hospitality Services

Restraints

Additional Expenditure in Travel Accommodation
Lack of Proper Documentation and Policies for Bleisure Travel

Opportunities

Collaboration with Corporates
Growth in Infrastructure

For more information about this report visit https://www.researchandmarkets.com/r/jpvx03

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