Luxury Travel Market size was valued at USD 1112.94 Billion in 2021 and is projected to reach USD 1696.98 Billion by 2030, growing at a CAGR of 4.90% from 2023 to 2030.
Market Overview:
An growth in domestic and international travellers with high levels of disposable money is the main factor driving the global luxury travel market. The current trends of destination weddings, business retreats, travel blogging, destination shopping, cultural immersion, etc. are expected to support the growth of this industry. As working people, especially millennials, look for lavish breaks from their stressful work schedules, the luxury travel industry has expanded. In the era of the pervasive internet and social media, user-generated travel content has produced more successful luxury travel market advertising than conventional tactics, considerably boosting this industry. Travel blogging itself has a huge impact on how the luxury travel business develops.
The most sought-after and exclusive experiences in terms of lavish lodging, useful transit alternatives, and distinctive travel encounters are included in luxury travel services. The service providers aspire to provide great services to their clients. Private jets, spas, speciality foods, private island rentals, and private yachts are just a few of the standout services offered to travellers by the participants. Travellers these days focus on experiencing new places to learn about local cultures, cuisines, and other experiences. In order to have an enriching and memorable experience, people are increasingly choosing unusual vacations that include cultural excursions, sailing, and adventurous activities. The luxury travel industry is one of the fastest-growing segments that today significantly contributes to the growth and development of the global economy.
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Global Luxury Travel – Segmentation
The Global Luxury Travel is segmented based on tour outlook and age group.
Based on the tour outlook, the market is segmented by
• Customized & Private Vacations
• Safari & Adventure
• Cruises, Yachting & Small Ship Expeditions
• Celebration Journeys
• Culinary Travel & Shopping
• Others
Based on the age group, the market is segmented by
• Millennial
• Generation X
• Baby Boomers
• Silver Hair
Global Luxury Travel – Key Market players
Some key players operating in the luxury travel include TUI Group, Butterfield & Robinson Inc., Cox & Kings Ltd., Scott Dunn Ltd., Abercrombie & Kent USA, LLC, Lindblad Expeditions, Geographic Expeditions, Inc., Micato Safaris, Exodus Travels Limited, and Travel Edge (Canada) Inc.
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The popularity of micro-trips is rising, and the global tourism industry is also developing, which are the main drivers of market expansion. Due of the government-imposed travel restrictions, the COVID-19 pandemic had a significant negative impact on the market. It is essential to the local economy since luxury travel contributes significantly to global wealth and distribution. In order to build their own unique experience, travellers typically opt for flexible itineraries that can include both entertainment and leisure.
Market Growth:
The increase in disposable money is a contributing factor to the surge in desire for unusual and exotic vacation experiences. The worldwide luxury travel is expanding as a result of the tendency among the middle and upper middle class population and those who prefer to spend more time with their families owing to hectic lifestyles. People typically opt to go on adventure excursions, cruises, and special holidays abroad in order to have the most unforgettable experience. The luxury travel is under pressure from the shifting economics of various regions.
Key Benefits For Stakeholders
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the luxury travel segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global luxury travel trends, key players, market segments, application areas, and market growth strategies.
