Global staycation market revenue is expected to be US$ 363.6 Million by the end of 2023. In the long-term, the staycation market is estimated to reach around US$ 758.1 Million in 2033.
Vacation can be defined as a period in which one takes a break from their daily routine and engages themselves in activities of their interest that provide them some pleasure, such as resting, recreation, and travelling or holidaying among many other activities. The world is slowly adjusting to the aftermath of covid-19 and there is still a lot of uncertainty pertaining to international travel which has led to an influx of search volumes for staycations. Staycation is a holiday which is spent in one’s home country or around one’s hometown instead of travelling abroad. It has slowly become the biggest holiday trend.
The staycation concept was globally recognized during the financial crisis that hit the US during the period 2007–2010. It was carried forward by the UK and many western European countries that also got hit by the financial crisis. The concept quickly became even more popular when the pandemic led the world to cancel vacations, reunions, business trips etc. The idea of a safe, comfortable and affordable trip to enjoy scenic views was the perfect one.
Core activities of a staycation are usually the use of a backyard pool, visits to any local parks or museums, and participation in local festivals, carnivals, and amusement parks. To make full use of staycations and not to spoil the vacation there are some set rules that vacationers need to follow. This includes setting a time frame, planning, and scheduling staycations in advance, and evading routine, with the aim of building a sense of a traditional holiday. Key countries that practice staycations are the USA, the United Kingdom, India, United Arab Emirates(UAE), Thailand, Singapore, Germany, and France, among others.
Best Staycation spots: Region Wise Insights
United Kingdom
From research, it seems people want to visit more rural, scenic locations which shows a shift in staycation priorities away from urban areas and into natural beauty spots. According to a survey, Cornwall and Devon were the most in-demand staycation spots of summer 2021, and in 2022, Devon lost its title to more northern competitors such as Yorkshire and Lancashire.
United States of America
Cities like Atlanta, Chicago, Seattle, Portland, Tampa, among others are the most popular staycation destinations in the USA. With sandy beaches, various cuisines and coffee shops, and numerous budget friendly activities, staycations here have become the perfect way to take some time off from the hustle and bustle of normal life
India
People in India look forward to staycations as a way to spend more time with nature and usually choose mountains to reconnect and rejuvenate. Places like Kasol, Manali, Shimla are always packed on the weekends with everyone wanting to spend a few days in the hills.
Europe
Positano in Italy, Isle of Skye in Scotland, Lindau in Germany, Milos in Greece, among others are leisurely destinations to enjoy geothermal spas along with wine and food regions. One can indulge in relaxation while also absorbing the local culture of that place
Category-Wise Insights
Which Age Group Prefers Staycations the most?
Millennials are the Major Drivers of Staycation Demand
People between the age group of 25 to 34 are most likely to choose staycation as their main holiday.
New research showed that 70% of the people wanted a ‘digital detox’ and an overwhelming majority of 91% cited ‘escapism’ as their main reason for a staycation. This might be due to increased stress levels in their work and personal lives which further gives rise to the need for a change of environment.
Which Tour Type will have the Maximum Number of Travelers During Forecasted Period?
There will be a Surge in the Number of Independent Travellers
Rapid technological advancements in the last few years have made a large number of people quite comfortable with emerging technologies and they are now well equipped to adapt to change. Consequently, this has led to an increase in the number of independent travelers and is forecasted to only increase further.
Which Booking Channel do Tourists in the Market Place Prefer?
Online Booking Channels Lead the Booking Channel Segmentation
Tourists enjoy taking holidays, but for many, planning the trip is also a big part of that enjoyment. It usually takes a lot of time and effort to research and make a decision before purchasing travel tickets, accommodations, tours, or any other supplementary services or modes of transportation. However, the existence of online travel agencies has unquestionably both sped up the procedure and offered clients access to more choices.
People who book their vacations online prefer to compare travel on booking portals and hotel websites. Offline, however, arranging a trip is carried out with the aid of a travel company or a tour operator. The “Hashtag Generation,” which includes Millennials and Generation Z, is more likely to try new things and seek out new experiences.
Competitive Landscape
· Cancellation policies are the most important factor when choosing a holiday company to book with. Therefore, companies having good reviews are overtaken by those having cancellation policies giving the latter a competitive advantage.
· Leading travel agencies like Agoda, AirBnb.com, TripAdvisor, and booking.com have also managed to gain a major market share by making it convenient for the travelers to safely book at the best prices.
