The social tourism market is expected to exceed a turnover of 79.8 USD

NEWARK, Del: , Oct. 12, 2022 (GLOBE NEWSWIRE) — The social tourism market is expected to reach $54.79 Bn in 2022. According to the report, sales are expected to increase at a steady pace CAGR of 3.88%the stock market valuation reaching $79.8 Bn by 2032.

Social tourism refers to organized tourism for low-income people and travelers who cannot afford to travel alone. Social tourism is done for various social purposes which aim to elevate the emotional and mental state of certain communities. Lately, the governments of several countries are taking an active interest in social tourism and are coming up with new initiatives to elevate the sector in their particular regions.

Due to international travel limitations, health issues and financial hardship, many places will experience a boom in domestic tourism when limits begin to loosen in some parts of the world. Despite the short-term uptick, domestic tourism will face challenges once the effects of the pandemic start to fade, as many visitors would like to travel abroad again.

People from disadvantaged or vulnerable groups have the opportunity to benefit from tourism through social tourism, which offers a long-term sustainable solution. This results in long-term social benefits for society as a whole and stable revenue streams for national service providers.

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“Government initiatives and increasing options for enrichment of society will explode the social tourism market says IMF analyst.

Key points to remember:

  • By booking channel, the online booking segment is expected to hold a notable share of nearly ~65%.
  • On the basis of packages, social tourists will continue to opt for group travel offers rather than normal travel offers.
  • In terms of age group, 36-45 year olds and 46-55 year olds will be the major players in Social Tourism.

Get more valuable insights

Future Market Insights, in its new offering, provides an unbiased analysis of the social tourism market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The study discloses compelling information on social tourism by type of tour (socio-educational tours, socio-cultural tours, socio-recreational tours, socio-adventure tours, others) Booking channel (telephone booking, online booking and booking in person) Type of tourist (Domestic and international) Type of tour (Independent traveler, package traveler and tour group) Age group (15-25 years old, 26-35 years old, 36-45 years old, 46-55 years old years, 56-65 years, 66-75 years) & Region – Forecasts until 2017 – 2032

Impact of COVID-19 on the market

Like other tourism sectors, social tourism has also declined due to the pandemic and its regulations. People were locked inside the walls of their homes, which hampered the mental and emotional state of many people. However, people with a stable financial history were able to overcome the situation in the post-pandemic phase.

While people who were not doing so well and had financial problems throughout the lockdown were forced to work once the pandemic was brought under control. This did not give them time to reflect and stabilize. Therefore, governments and organizations have launched new initiatives focusing on the welfare of society, especially people with lower economic status.

Who wins?

Major players in the social tourism market are Eurostar, SNCF, Deutsch Bahn, FlixTrain, Trenitalia, Renfe, Interpid, explore travels, Exodus Travels, G. Adventures, On the go tour, Maharashtra Tourism, among others.

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Social Tourism Market by Category

By type of tour, the social tourism market is segmented as follows:

  • Socio-educational visits
  • Socio-cultural visits
  • Socio-recreational visits
  • Socio-adventure tours
  • Others

By booking channel, the social tourism market is segmented as follows:

  • Reservation by phone
  • Online booking
  • Reservation in person

By type of tourist, the social tourism market is segmented as follows:

By type of tour, the social tourism market is segmented as follows:

  • Independent Traveler
  • Excursion group
  • Package traveler

By age group, the social tourism market is segmented as follows:

  • 15-25 years old
  • 26-35 years old
  • 36-45 years old
  • 46-55 years old
  • 56-65 years old
  • 66-75 years old

By Region, the social tourism market is segmented as follows:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • AEM

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Contents

1. Summary

1.1. Global Market Outlook

1.1.1. Who travels?

1.1.2. How much are they spending?

1.1.3. Direct contribution of tourism to GDP

1.1.4. Direct contribution of tourism to employment

1.2. Analysis of the evolution of tourism

1.3. MFI analysis and recommendations

2. Presentation of the market

2.1. Total expenditure (in billions of dollars) and forecast (2022-2032)

2.2. Number of travelers (billions) and forecast (2022-2032)

2.3. Projected annual growth in total expenditure (2022-2032)

2.4. Projected annual growth in the number of travelers

3. Global Tourism Industry Analysis

3.1. Overview of the tourism industry

3.1.2. Contribution of the travel sector to overall global employment

3.1.3. Travel and tourism growth rate

3.1.4. Foreign visitor exports as a percentage of total exports

3.1.5. Capital investment in the travel and tourism industry

3.1.6. Different components of travel and tourism

4. Dynamics of the social tourism market

4.1. Market drivers and opportunities

4.1.1. Effect of the pandemic on the mental state of people

4.1.2. Increase in countries participating in social tourism

Analysis overview @ https://www.futuremarketinsights.com/reports/social-tourism-sector-overview

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Sallie R. Loera