Staycation Market

Staycation Market Size (2023-2028):

The Global Staycation Market was worth US$ 335.7 million in 2022 and is anticipated to reach a valuation of US$ 516.4 million by 2028 and is predicted to register a CAGR of 7.6% during 2023-2028.

Market Overview:

A staycation is a term that combines "stay" and "vacation." It refers to a period of time when an individual or a family takes time off from work or their usual routine, but instead of travelling to a distant location for a traditional vacation, they remain at or near their home and engage in leisure activities within their local area. Staycations have become increasingly popular for various reasons, including convenience, cost savings, and a desire to explore and appreciate one's own surroundings. During a staycation, people might visit local attractions, parks, museums, and restaurants or simply relax at home without the pressures of work or other responsibilities. It's a way to recharge and enjoy a break without the need for extensive travel.

Market Drivers:

The convenience and time efficiency of staycations is a significant driving factor for the staycation market growth. People increasingly opt for staycations because they can have a relaxing break without the hassle of long travel times or dealing with airport procedures. This convenience is especially attractive to individuals and families with busy schedules who want a quick and easy getaway. By choosing a staycation, they can enjoy leisure activities and relaxation without the need for extensive planning or packing. This trend has led to growing market demand for local accommodations and activities that cater to those seeking a convenient and efficient getaway experience.

The Staycation Market is driving due to the attractive cost savings it offers. Staycations are generally more affordable than traditional vacations that involve costly airfare, accommodations, and travel expenses. Instead of traditional vacations, opting for local activities and nearby lodgings significantly cuts down the overall costs. This cost-effective approach contributes to the market growth and popularity of the staycation market because it is a pocket-friendly way to enjoy leisure time without the financial burden of extensive travel.

Market Restraints:

The Staycation Market faces a significant challenge due to limited amenities. The Local accommodations might not offer the same range of amenities and services as hotels, resorts, and tourist attractions, which potentially affects the overall quality of the staycation experience in their nearby localities, and they might not have all the extra stuff that faraway vacations do. 

Market Opportunities:

The Staycation Market offers significant opportunities for businesses to team up with local attractions, restaurants, and services. By creating these special staycation deals and discounts, they can make the idea of staying near home more exciting. This partnership approach can attract more people to choose staycations and explore their own area. It's a way for businesses to make staycations more appealing and offer unique experiences that stand out. This collaboration can offer diverse and engaging options for those seeking a nearby break and drive the market growth of the staycation market.

Key Developments of the market:

• In 2021, Airbnb adapted its platform to emphasize local experiences and staycations, allowing hosts to promote unique activities in their areas. The company also introduced flexible cancellation policies to accommodate uncertain travel situations.
• In 2021, Booking.com launched a "Nearby Getaways" feature, highlighting local accommodations and attractions. They also provided resources for hosts to enhance their properties for staycationers and introduced cleaning protocols to ensure safety.
• In 2021, Expedia focused on promoting domestic travel options and partnered with hotels for exclusive staycation deals. They also introduced features to help travellers find pet-friendly accommodations and outdoor activities.
• In 2021, Marriott launched "Day Passes" and "Stay Passes," offering amenities like pool access, workspace, and leisure facilities for locals looking for a daycation or remote work setting.

STAYCATION MARKET REPORT COVERAGE:

Market Segmentation:

Staycation Market - By Accommodation:

• Farm Stays
• Cottage Rentals
• Eco-Lodges
• Homestays 

Farm stays dominate the market due to it providing unique, immersive breaks from urban life. Guests connect with nature, join farm activities, enjoy tranquillity, and embrace sustainable living through farm-to-table dining. Strong in agrarian regions, they resonate with eco-friendly and experiential tourism trends.

Staycation Market - By Visit Purpose:

• Relaxation
• Adventure
• Wellness
• Cultural/Exploration
• Workation 

Wellness holds the staycation market share due to the increasing focus on health and self-care. Many seek relaxation through spa retreats, yoga, and wellness activities. With modern lifestyles, wellness staycations offer a rejuvenating escape, making them popular among individuals aiming to recharge both physically and mentally.

Staycation Market - By Age Group:

• Below 15 years
• 16 to 25
• 26 to 35
• 36 to 45 
• 46 to 55
• above 55 

The 26 to 35 age group is likely to dominate the staycation market. This demographic often seeks adventure, cultural exploration, and social experiences. They have more disposable income and flexible schedules, allowing them to prioritize travel. Additionally, they're tech-savvy and influenced by trends, making them more likely to explore new staycation options.

Market Regional Analysis: 

The Global Staycation Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 North America dominates the market due to its diverse attractions, developed infrastructure, and high levels of disposable income. The popularity of road trips, national parks, and urban getaways could drive the staycation market trend. Europe, with its rich cultural heritage and accessible destinations, might also see dominance. Short-distance travel between countries, historic sites, and culinary experiences could attract locals to explore their own continent. In Asia-Pacific, countries like China and India are contributing to the fastest growth rate of the market. The Middle East, Africa, and Latin America are likely to gain popularity in the coming years over the staycation market as there are beautiful places like beaches and jungles that people might like to stay at. Being close to nature and doing fun things outdoors, along with learning about the local cultures, might make this region popular for staycations.

Impact of COVID-19 on the Staycation Market:

The COVID-19 pandemic significantly impacted the staycation market. With travel restrictions and safety concerns, many people choose to explore local destinations for vacations. This increased the market demand for nearby hotels, resorts, and leisure activities. Local economies benefited as people spent money on accommodations, dining, and attractions nearby. Families and individuals discovered hidden gems in their own regions, supporting local tourism. This market trend also promoted environmental benefits by reducing carbon emissions from long-distance travel. Overall, the pandemic encouraged a positive shift towards discovering and appreciating the beauty and opportunities in the staycation market.

Market Key Players:

1. Airbnb
2. Booking.com
3. Expedia Group
4. Marriott International
5. Hilton Worldwide
6. TripAdvisor
7. Agoda
8. Ctrip (now part of Trip.com Group)
9. Accor
10. Hyatt Hotels Corporation