U.S. And Canada Travel Market Size, Share & Trends Analysis Report By Type (Luxury, Budget Travel, Business Travel, Cruise), By Age Group (Millennial, Generation X), And Segment Forecasts, 2022 - 2030
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U.S. And Canada Travel Market Growth & Trends
The U.S. and Canada travel market size is expected to reach USD 2.29 billion by 2030, registering a CAGR of 10.3% over the forecast period, according to a new report by Grand View Research, Inc. Increased spending by travellers across the U.S. and Canada to visit unexplored destinations and gain new experiences is driving the market. In addition, the growing trend of micro trips and the rapidly expanding tourism sector across the two countries have been boosting the market growth. Personalized services, reliable transport, exclusivity, and positive & professional interaction with staff are what set the benchmark for travel.
Traveling around the world is being greatly influenced by favourable factors, such as the growing political stability, improving attitudes toward gender, ethnicity, sexual orientation, and race, and more accommodating visa regulations. Travelers are looking to create their own unique experiences through flexible itineraries that combine entertainment as well as relaxation. There has been an increasing popularity of value-driven trips that offer money’s worth and brands that are based on price and convenience, especially among millennial and younger travellers. However, travel has been one of the first and hardest-hit industries since the COVID-19 pandemic.
Strict lockdowns and shelter-at-home orders in most parts of the world have adversely impacted the travel industry and the assorted ecosystems that rely on it. The luxury travel segment accounted for the largest share in 2021. An increase in disposable spending by consumers in the U.S. and Canada is the key factor driving the segment growth. According to a report published by TripAdvisor in May 2021, high-income millennials in the U.S. were the key spenders on luxury trips and a majority of them took purpose-driven travels, mainly for self-care and relaxation. Such trends are likely to bode well for the growth of this segment.
U.S. And Canada Travel Market Report Highlights
U.S. And Canada Travel Market Growth & Trends
The U.S. and Canada travel market size is expected to reach USD 2.29 billion by 2030, registering a CAGR of 10.3% over the forecast period, according to a new report by Grand View Research, Inc. Increased spending by travellers across the U.S. and Canada to visit unexplored destinations and gain new experiences is driving the market. In addition, the growing trend of micro trips and the rapidly expanding tourism sector across the two countries have been boosting the market growth. Personalized services, reliable transport, exclusivity, and positive & professional interaction with staff are what set the benchmark for travel.
Traveling around the world is being greatly influenced by favourable factors, such as the growing political stability, improving attitudes toward gender, ethnicity, sexual orientation, and race, and more accommodating visa regulations. Travelers are looking to create their own unique experiences through flexible itineraries that combine entertainment as well as relaxation. There has been an increasing popularity of value-driven trips that offer money’s worth and brands that are based on price and convenience, especially among millennial and younger travellers. However, travel has been one of the first and hardest-hit industries since the COVID-19 pandemic.
Strict lockdowns and shelter-at-home orders in most parts of the world have adversely impacted the travel industry and the assorted ecosystems that rely on it. The luxury travel segment accounted for the largest share in 2021. An increase in disposable spending by consumers in the U.S. and Canada is the key factor driving the segment growth. According to a report published by TripAdvisor in May 2021, high-income millennials in the U.S. were the key spenders on luxury trips and a majority of them took purpose-driven travels, mainly for self-care and relaxation. Such trends are likely to bode well for the growth of this segment.
U.S. And Canada Travel Market Report Highlights
- U.S. emerged as the largest market in the year 2021. This trend is expected to continue over the forecast period as Americans are gradually resuming international travel
- The budget travel segment is likely to exhibit the fastest CAGR over the forecast period
- The penetration of budget-friendly travel trends among consumers across the U.S. and Canada is likely to complement the segment growth
- The millennial age group segment accounted for the largest share of the overall revenue in 2021
- Value-driven trips and brands that are built on affordability and convenience are becoming increasingly popular, especially among millennial and younger travellers, which is supporting the segment growth
CHAPTER 1. METHODOLOGY AND SCOPE
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
CHAPTER 2. EXECUTIVE SUMMARY
2.1. Market Outlook
2.2. Type Outlook
2.3. Age Group Outlook
CHAPTER 3. U.S. AND CANADA TRAVEL MARKET VARIABLES, TRENDS & SCOPE
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Business Environment Analysis
3.5.1. Industry Analysis - Porter’s
3.5.1.1. Supplier Power
3.5.1.2. Buyer Power
3.5.1.3. Substitution Threat
3.5.1.4. Threat from New Entrant
3.5.1.5. Competitive Rivalry
3.6. Roadmap of U.S. and Canada Travel Market
3.7. Market Entry Strategies
3.8. Impact of COVID-19 on the U.S. and Canada Travel Market
CHAPTER 4. CONSUMER BEHAVIOR ANALYSIS
4.1. Demographic Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
CHAPTER 5. U.S. AND CANADA TRAVEL MARKET: TYPE ANALYSIS AND ESTIMATES
5.1. Type Analysis & Market Share, 2021 & 2030
5.2. Luxury
5.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
5.3. Business Travel
5.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
5.4. Cruise
5.4.1. Market estimates and forecast, 2017 - 2030 (USD Million)
5.5. Specialty/Activity/Sports
5.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
5.6. Budget
5.6.1. Market estimates and forecast, 2017 - 2030 (USD Million)
CHAPTER 6. U.S. AND CANADA TRAVEL MARKET: AGE GROUP ANALYSIS AND ESTIMATES
6.1. Age Group Analysis & Market Share, 2021 & 2030
6.2. Millennial
6.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
6.3. Generation X
6.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
6.4. Baby Boomers
6.4.1. Market estimates and forecast, 2017 - 2030 (USD Million)
CHAPTER 7. U.S. AND CANADA TRAVEL MARKET: COUNTRY ESTIMATES & TREND ANALYSIS
7.1. Country Movement Analysis & Market Share, 2021 & 2030
7.2. U.S.
7.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
7.2.2. Market estimates and forecast, by type, 2017 - 2030 (USD Million)
7.2.3. Market estimates and forecast, by age group, 2017 - 2030 (USD Million)
7.3. Canada
7.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
7.3.2. Market estimates and forecast, by type, 2017 - 2030 (USD Million)
7.3.3. Market estimates and forecast, by age group, 2017 - 2030 (USD Million)
CHAPTER 8. COMPETITIVE ANALYSIS
8.1. Key global players, recent developments & their impact on the industry
8.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
8.3. Vendor Landscape
8.3.1. Key company market share analysis, 2021
CHAPTER 9. COMPANY PROFILES
9.1. Expedia, Inc.
9.1.1. Company Overview
9.1.2. Financial Performance
9.1.3. Product Benchmarking
9.1.4. Strategic Initiatives
9.2. Booking Holdings Inc.
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Product Benchmarking
9.2.4. Strategic Initiatives
9.3. American Express Global Business Travel (GBT)
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Product Benchmarking
9.3.4. Strategic Initiatives
9.4. TCS World Travel
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Product Benchmarking
9.4.4. Strategic Initiatives
9.5. Abercrombie & Kent USA, LLC
9.5.1. Company Overview
9.5.2. Financial Performance
9.5.3. Product Benchmarking
9.5.4. Strategic Initiatives
9.6. Exodus Travels Limited
9.6.1. Company Overview
9.6.2. Financial Performance
9.6.3. Product Benchmarking
9.6.4. Strategic Initiatives
9.7. BCD Travel
9.7.1. Company Overview
9.7.2. Financial Performance
9.7.3. Product Benchmarking
9.7.4. Strategic Initiatives
9.8. Intrepid Travel
9.8.1. Company Overview
9.8.2. Financial Performance
9.8.3. Product Benchmarking
9.8.4. Strategic Initiatives
9.9. Topdeck Travel Limited
9.9.1. Company Overview
9.9.2. Financial Performance
9.9.3. Product Benchmarking
9.9.4. Strategic Initiatives
9.10. Trafalgar
9.10.1. Company Overview
9.10.2. Financial Performance
9.10.3. Product Benchmarking
9.10.4. Strategic Initiatives
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
CHAPTER 2. EXECUTIVE SUMMARY
2.1. Market Outlook
2.2. Type Outlook
2.3. Age Group Outlook
CHAPTER 3. U.S. AND CANADA TRAVEL MARKET VARIABLES, TRENDS & SCOPE
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Business Environment Analysis
3.5.1. Industry Analysis - Porter’s
3.5.1.1. Supplier Power
3.5.1.2. Buyer Power
3.5.1.3. Substitution Threat
3.5.1.4. Threat from New Entrant
3.5.1.5. Competitive Rivalry
3.6. Roadmap of U.S. and Canada Travel Market
3.7. Market Entry Strategies
3.8. Impact of COVID-19 on the U.S. and Canada Travel Market
CHAPTER 4. CONSUMER BEHAVIOR ANALYSIS
4.1. Demographic Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
CHAPTER 5. U.S. AND CANADA TRAVEL MARKET: TYPE ANALYSIS AND ESTIMATES
5.1. Type Analysis & Market Share, 2021 & 2030
5.2. Luxury
5.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
5.3. Business Travel
5.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
5.4. Cruise
5.4.1. Market estimates and forecast, 2017 - 2030 (USD Million)
5.5. Specialty/Activity/Sports
5.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
5.6. Budget
5.6.1. Market estimates and forecast, 2017 - 2030 (USD Million)
CHAPTER 6. U.S. AND CANADA TRAVEL MARKET: AGE GROUP ANALYSIS AND ESTIMATES
6.1. Age Group Analysis & Market Share, 2021 & 2030
6.2. Millennial
6.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
6.3. Generation X
6.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
6.4. Baby Boomers
6.4.1. Market estimates and forecast, 2017 - 2030 (USD Million)
CHAPTER 7. U.S. AND CANADA TRAVEL MARKET: COUNTRY ESTIMATES & TREND ANALYSIS
7.1. Country Movement Analysis & Market Share, 2021 & 2030
7.2. U.S.
7.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
7.2.2. Market estimates and forecast, by type, 2017 - 2030 (USD Million)
7.2.3. Market estimates and forecast, by age group, 2017 - 2030 (USD Million)
7.3. Canada
7.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
7.3.2. Market estimates and forecast, by type, 2017 - 2030 (USD Million)
7.3.3. Market estimates and forecast, by age group, 2017 - 2030 (USD Million)
CHAPTER 8. COMPETITIVE ANALYSIS
8.1. Key global players, recent developments & their impact on the industry
8.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
8.3. Vendor Landscape
8.3.1. Key company market share analysis, 2021
CHAPTER 9. COMPANY PROFILES
9.1. Expedia, Inc.
9.1.1. Company Overview
9.1.2. Financial Performance
9.1.3. Product Benchmarking
9.1.4. Strategic Initiatives
9.2. Booking Holdings Inc.
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Product Benchmarking
9.2.4. Strategic Initiatives
9.3. American Express Global Business Travel (GBT)
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Product Benchmarking
9.3.4. Strategic Initiatives
9.4. TCS World Travel
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Product Benchmarking
9.4.4. Strategic Initiatives
9.5. Abercrombie & Kent USA, LLC
9.5.1. Company Overview
9.5.2. Financial Performance
9.5.3. Product Benchmarking
9.5.4. Strategic Initiatives
9.6. Exodus Travels Limited
9.6.1. Company Overview
9.6.2. Financial Performance
9.6.3. Product Benchmarking
9.6.4. Strategic Initiatives
9.7. BCD Travel
9.7.1. Company Overview
9.7.2. Financial Performance
9.7.3. Product Benchmarking
9.7.4. Strategic Initiatives
9.8. Intrepid Travel
9.8.1. Company Overview
9.8.2. Financial Performance
9.8.3. Product Benchmarking
9.8.4. Strategic Initiatives
9.9. Topdeck Travel Limited
9.9.1. Company Overview
9.9.2. Financial Performance
9.9.3. Product Benchmarking
9.9.4. Strategic Initiatives
9.10. Trafalgar
9.10.1. Company Overview
9.10.2. Financial Performance
9.10.3. Product Benchmarking
9.10.4. Strategic Initiatives
LIST OF TABLES
1. U.S. and Canada travel market - Driving factor market analysis
2. U.S. and Canada travel market - Restraint factor market analysis
3. Reasons why Americans travel
4. Average New York trip costs from India, 2020
5. Spending on Outbound Ecosystem activities, 2019
6. U.S. and Canada luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
7. U.S. and Canada business travel market estimates and forecast, 2017 - 2030 (USD Million)
8. U.S. and Canada cruise travel market estimates and forecast, 2017 - 2030 (USD Million)
9. U.S. & Canada specialty/activity/sports travel market estimates and forecast, 2017 - 2030 (USD Million)
10. U.S. & Canada budget travel market estimates and forecast, 2017 - 2030 (USD Million)
11. U.S. and Canada travel market estimates and forecast, by millennial, 2017 - 2030 (USD Million)
12. U.S. and Canada travel market estimates and forecast, by generation X, 2017 - 2030 (USD Million)
13. U.S. and Canada travel market estimates and forecast, by baby boomers, 2017 - 2030 (USD Million)
14. U.S. travel market estimates and forecast, 2017 - 2030 (USD Million)
15. U.S. travel market estimates and forecast, by type, 2017 - 2030 (USD Million)
16. U.S. travel market estimates and forecast, by age group, 2017 - 2030 (USD Million)
17. Canada travel market estimates and forecast, 2017 - 2030 (USD Million)
18. Canada travel market estimates and forecast, by type, 2017 - 2030 (USD Million)
19. Canada travel market estimates and forecast, by age group, 2017 - 2030 (USD Million)
20. Key company categorization
1. U.S. and Canada travel market - Driving factor market analysis
2. U.S. and Canada travel market - Restraint factor market analysis
3. Reasons why Americans travel
4. Average New York trip costs from India, 2020
5. Spending on Outbound Ecosystem activities, 2019
6. U.S. and Canada luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
7. U.S. and Canada business travel market estimates and forecast, 2017 - 2030 (USD Million)
8. U.S. and Canada cruise travel market estimates and forecast, 2017 - 2030 (USD Million)
9. U.S. & Canada specialty/activity/sports travel market estimates and forecast, 2017 - 2030 (USD Million)
10. U.S. & Canada budget travel market estimates and forecast, 2017 - 2030 (USD Million)
11. U.S. and Canada travel market estimates and forecast, by millennial, 2017 - 2030 (USD Million)
12. U.S. and Canada travel market estimates and forecast, by generation X, 2017 - 2030 (USD Million)
13. U.S. and Canada travel market estimates and forecast, by baby boomers, 2017 - 2030 (USD Million)
14. U.S. travel market estimates and forecast, 2017 - 2030 (USD Million)
15. U.S. travel market estimates and forecast, by type, 2017 - 2030 (USD Million)
16. U.S. travel market estimates and forecast, by age group, 2017 - 2030 (USD Million)
17. Canada travel market estimates and forecast, 2017 - 2030 (USD Million)
18. Canada travel market estimates and forecast, by type, 2017 - 2030 (USD Million)
19. Canada travel market estimates and forecast, by age group, 2017 - 2030 (USD Million)
20. Key company categorization
LIST OF FIGURES
1. U.S. and Canada travel market segmentation
2. Information procurement
3. Primary research pattern
4. Primary research approaches
5. Primary research process
6. U.S. and Canada travel market - Penetration & growth prospect mapping
7. U.S. and Canada travel market - Value chain analysis
8. Priorities for Canadian travelers, 2021
9. U.S. and Canada travel market: Porter’s five forces analysis
10. Roadmap of the U.S. and Canada travel market
11. COVID-19 impact on decrease/increase in revenue, U.S. and Canada travel, (USD Million) 2019 - 2022
12. Travel spending habits, by age group, in 2020 (USD)
13. Information sources among different age groups of consumers, 2020
14. Spending on outbound ecosystem activities by HNWIs and non-HNWIs
15. U.S. and Canada travel market: Type share (%) analysis, 2021 & 2030
16. U.S. and Canada travel market: Age group share (%) analysis, 2021 & 2030
17. U.S. and Canada Travel Market: Country share (%) analysis, 2021 & 2030
18. Key U.S. and Canada travel market share analysis, 2021 (%)
1. U.S. and Canada travel market segmentation
2. Information procurement
3. Primary research pattern
4. Primary research approaches
5. Primary research process
6. U.S. and Canada travel market - Penetration & growth prospect mapping
7. U.S. and Canada travel market - Value chain analysis
8. Priorities for Canadian travelers, 2021
9. U.S. and Canada travel market: Porter’s five forces analysis
10. Roadmap of the U.S. and Canada travel market
11. COVID-19 impact on decrease/increase in revenue, U.S. and Canada travel, (USD Million) 2019 - 2022
12. Travel spending habits, by age group, in 2020 (USD)
13. Information sources among different age groups of consumers, 2020
14. Spending on outbound ecosystem activities by HNWIs and non-HNWIs
15. U.S. and Canada travel market: Type share (%) analysis, 2021 & 2030
16. U.S. and Canada travel market: Age group share (%) analysis, 2021 & 2030
17. U.S. and Canada Travel Market: Country share (%) analysis, 2021 & 2030
18. Key U.S. and Canada travel market share analysis, 2021 (%)
