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Personalized Travel and Experiences Market to Garner $447.3 Bn, Globally, by 2030 at 17.8% CAGR

Personalized travel is a rising trend in the tourism industry, offering unique and tailored experiences to travelers. It involves customizing travel experiences to fit individual preferences and needs, including tailored itineraries, accommodation choices, and activities. The goal is to create a unique and memorable travel experience for each individual. Personalized Travel market

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Understanding Personalized Travel market

Personalized travel is all about creating travel experiences that are specifically tailored to the individual traveler. This can involve everything from custom itineraries that take into account the traveler’s interests and preferences, to accommodation and activity choices that are hand-picked to suit the traveler’s tastes and needs.

For example, a personalized travel experience for a food lover might involve a culinary tour of a city, with visits to local markets, cooking classes with local chefs, and reservations at highly-rated restaurants. On the other hand, a personalized travel experience for a history buff might involve guided tours of historical sites, visits to museums, and accommodations in historic hotels.

Allied Market Research published a report, titled, Personalized Travel and Experiences Market by Service type: Global Opportunity Analysis and Industry Forecast, 2021–2030“. As per the report, the global personalized travel and experiences industry was pegged at $91.2 billion in 2020 and is expected to reach $447.3 billion by 2030, growing at a CAGR of 17.8% from 2021 to 2030.

Drivers, restraints, and opportunities

The rise in the trend of online bookings, the increase in social media activities and their impact on the travel and tourism industry, and the development of the global travel & tourism industry drive the growth of the global personalized travel and experiences market. Moreover, the high adoption of the internet, the inclination of people toward unique and exotic holiday experiences, and the positive impact of mobile applications, big data analytics, and artificial intelligence on the tourism industry supplemented the market growth. However, the surge in terrorism & crime rate, political uncertainty, natural calamities, and varying socio-economic conditions hinder market growth. On the contrary, demand for enhanced service standards, a surge in disposable income, and emerging new destinations are expected to open lucrative opportunities for the market players in the future.

Awaken your senses

The in-hotel personalization segment dominated the market

By service type, the in-hotel personalization segment held the largest share in 2020, accounting for more than one-third of the global personalized travel and experiences market, as it offers customers choices to customize based on their preferences about meals, beverages, and hotel services. However, the cruise lines’ personalization segment is expected to register the highest CAGR of 20.5% during the forecast period. This is owing to the integration of novel technologies such as wearables and the Internet of Things.

The OTA platform segment to manifest the highest CAGR through 2030

By mode of booking, the OTA platform segment would showcase the highest CAGR of 19.9% from 2021 to 2030, due to quick and convenient flight and hotel bookings and a surge in trust among consumers on online payment along with the ability to compare various available travel options. However, the offline segment held the largest share in 2020, contributing to nearly three-fourths of the global personalized travel and experiences market, due to customized travel planning services offered by travel advisors saving the hassles of finding desired travel experiences.

North America held the largest share

By region, the global personalized travel and experiences market across North America held the lion’s share in 2020, accounting for more than one-third of the market, due to a rise in demand for luxury travel and leisure travel and tourism services. However, the market across Asia-Pacific would showcase the highest CAGR of 19.5% from 2021 to 2030, owing to a rise in disposable income, the surge in the middle-class population, and the high penetration of the internet and other technologies.

How to Plan a Personalized Travel Experience

Planning a personalized travel experience involves a few key steps. Firstly, it’s important to identify the traveler’s interests and preferences. This could involve a discussion with the traveler, or a questionnaire to gather information about their likes, dislikes, and travel goals.

Next, research is conducted to identify destinations, accommodations, and activities that align with the traveler’s preferences. This could involve online research, consultations with travel experts, or even discussions with locals or other travelers.

Once the research is complete, a custom itinerary is created. This itinerary should include a mix of activities and experiences that align with the traveler’s interests, along with accommodations and transportation options that suit their needs and budget.

Finally, the itinerary is presented to the traveler for approval. Any necessary adjustments are made, and once the traveler is happy with the plan, bookings are made and the trip is ready to go!

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