The global staycation market is worth US$ 363.6 Million as of now and is expected to reach US$ 758.1 Million by the year 2033 at a CAGR of 8% between 2023 and 2033.
Vacation could be referred to as a period wherein one could take a break from the routine chores and engage in activities of his/her own interest to provide pleasures like recreation, resting, and holidaying or exploring. The pandemic was certainly detrimental to the very concept of vacationing in the wake of forced lockdowns all across. As such, the post-Covid era has asked for higher frequency of staycation. The fact that the pandemic brought in a lot of negative energy can’t be ignored. Humans are social beings. Being cooped up within the four walls for a longer duration could adversely affect the health. The medical practitioners also advise to go on staycations to refresh oneself.
However, staycation destinations could differ from person to person. Some people might prefer spending the holiday in their home country or even traveling abroad.
The core activities involved in a staycation include using a backyard pool, visiting any local museum or park, participating in local carnivals/festivals, amusement parks, or – simply lie down besides the seashore.
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There is a paradigm shift observed as well. After Covid-19, hybrid work models have flourished. Many employees are found to be more productive on working from their favorite places. This helps in striking the balance between work and life and ascertain mental health. All these factors are expected to take the staycation market by storm in the forecast period.
At the same time, one can’t rule out a blatant fact that not all the areas in the vicinity are good for holidaying. Budget constraints also matter.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Staycation Market’. It has its team of analysts and consultants to execute using a bottom-up approach in its primary, secondary, and tertiary modes of research.
“The staycation market is likely to grow on an unstoppable note in the near future on the back of the concept of staycation getting recognized post the US crisis”, says an analyst from Future Market Insights.
Key Takeaways from Staycation Market
- Europe holds a significant market share with the UK leading from the front. This could be reasoned with people wanting to pay a visit to scenic, rural locations. Research states that Devon and Cornwall were amongst the in-demand staycation spots in summers of 2022 and 2021. Coming to the other parts of Europe, Milos (Greece), Lindau (Germany), Isle of Skye (Scotland), and Positano (Italy) are the leisurely destinations for enjoying geothermal spas along with foodstuff and wine. As such, the place’s local culture could be absorbed as well.
- North America holds a sizable market share with the US being the flagbearer. Cities like Tampa, Portland, Seattle, Chicago, Atlanta, and likewise are amongst the well-known staycation destinations all over the US. Staycations are being increasingly opted for to do away with the stressful life for some time.
- The Asia-Pacific is expected to witness turbulence in the staycation market with India being at the forefront. Indians generally choose mountains for reconnecting and rejuvenating. There are places like Shimla, Manali, Kasol, which stay packed on weekends with almost everyone craving to spend some time in hills.
Competitive Analysis
Some of the travel agencies in staycation market include TripAdvisor, AirBnB.com, booking.com, and Adoda.
What does the Report state?
- The research study is based on direct suppliers (airlines, hotel companies, car rental, train, tour operators, and government bodies), by indirect suppliers (OTA (Online Travel Agency), traditional travel agencies, TMC’s (Travel Management Companies), and corporate buyers), by age (under 15, 16-25, 26-35, 36-45, 46-55, and over 55), by visit purpose (business travel, leisure travel, education-employment-pilgrimage, and visiting friends & relatives), by consumer orientation (individual, couples, families, and group), by booking channel (phone booking, online booking, and in-person booking), by tour type (independent traveller, and tour group), and by tourism type (international and domestic).
- With growing inclination of the end-consumers toward breaking from daily routine, the global staycation market is slated to grow on a good note in the near future.
Staycation Market by Category
By Direct Suppliers:
- Airlines
- Hotel Companies
- Car Rental
- Train
- Tour Operators
- Government Bodies
By Indirect Suppliers:
- OTA (Online Travel Agency)
- Traditional Travel Agencies
- TMC’s (Travel Management Companies)
- Corporate Buyers
By Age:
- Under 15
- 16-25
- 26-35
- 36-45
- 46-55
- Over 55
By Visit Purpose:
- Business Travel
- Leisure Travel
- Education-Employment-Pilgrimage
- Visiting Friends & Relatives
By Consumer Orientation:
- Individual
- Couples
- Families
- Group
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tour Type:
- Independent traveler
- Package traveler
- Tour Group
By Tourism Type:
- Domestic
- International
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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