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Luxury Travel Market Size, Share, Competitive Landscape and Trend Analysis Report by Types of Tour, by Age Group, by Types of Traveler : Global Opportunity Analysis and Industry Forecast, 2021-2031

CG : Sports, Fitness and Leisure

Report Code: A01337

Tables: 122

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The global luxury travel market size was valued at $638.2 billion in 2021, and is projected to reach $1650.5 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.Luxury travel services cover most desirable and premium experience in terms of luxurious accommodations, convenient transport facilities, and authentic travel experience. The service providers aim to provide outstanding services to its travelers. Private jet planes, spas, special menus, private island rentals, and private yacht are some of the unique services offered by the stakeholders to the travelers. Travelers, nowadays, focus on experimenting with destinations to gain experience in terms of cultures, foods, and other experiences. To gain a valuable and unforgettable experience, people increasingly opt for unique trips, which include cultural visit, cruising, and adventure activities. The luxury travel industry has emerged as one of the fastest growing sectors to contribute significantly to the global economic growth and development. Growth in disposable income and increase in upper middle class expenditure has raised the demand for higher service standards. To capitalize the same, market players formulate unique strategies to target the growth in middle class segment; for instance, hiring qualified individuals who can speak international language and communicate easily with travelers. This rise in demand for unique travel experiences offers tremendous opportunities for the market players to remain competitive.

Luxury Travel Market

The luxury travel market size is projected to be the fastest growing segment of the travel industry worldwide during the forecast period. The key drivers of rising luxury travel trend include inclination of people toward unique and exotic holiday experiences, increase in the middle- & upper-class disposable income & related expenditure, and growth in need and interest of people to spend more time with family. The growth luxury travel market is attributed to the increase in disposable income and growth in middle class population in countries such as China, Hong Kong, India, and Malaysia. As per recent statistics, Asia-Pacific millionaires now control more wealth than their peers in North America. In terms of future spending options, travel has been recognized as the top priority with greater focus on unique luxury experiences and adventure activities. Although the key developed countries such as the U.S. hold a highest revenue share of the luxury travel market, there has been a rise in demand for international luxury travel in developing countries such as China and India. This drift is due to the increase in the per capita income of middle-class travelers in the developing countries.

COVID-19 pandemic has impacted all industries globally. The tourism industry has been hit hard all over the world, impacting its associated sectors such as travel agencies, hospitality, tour operators, all kinds of transportation services. Around 90% of the global population was adjusted to their lifestyle under several travel restrictions and remaining population stayed home in fear of the virus itself. Thus, the tourism sector came to a near standstill. According to the article published by the World Travel and Tourism Council (WTCC) in August 2020, the COVID-19 pandemic is likely to cost the tourism industry revenue loss of almost $25 billion and a loss of almost 100 million jobs worldwide. Furthermore, owing to the implementation of lockdown and social distancing norms in almost every country of the world, flights were grounded, trains stopped running, and almost all public transport services were halted. With social distancing becoming the new lifestyle in public places and masks & gloves turning to be daily wear accessories, people prefer to remain safe at homes, thereby declining the number of travelers.

According to the market analysis, the luxury travel market is segmented into types of tour, age group, types of travelers, and region. As per types of tour, the market is categorized into customized and private vacations, adventure and safari, cruise/ship expedition, small group journey, celebration and special events and culinary travel and shopping. By age group, it is segregated into millennial, generation x, baby boomer and silver hair. Depending on types of travelers, it is segmented into absolute luxury, aspiring luxury and accessible luxury. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy and Rest of Europe), Asia-Pacific (China, India, Singapore and Rest of Asia-Pacific), and LAMEA (Middle East, Latin America and Africa).

On the basis of type of tour, the cruise/ship expedition segment accounted for around 4.6% of global luxury travel market share in 2021, and is expected to sustain its share throughout luxury travel market forecast period.  Luxury cruising is gaining attraction and is expected to get tripled by the next decade. From the growth perspective, Asia-Pacific and LAMEA are the two potential markets, expected to witness considerably higher growth rates during the forecast period. Introduction of innovative cruise design concepts, new ship lengths, new and more exotic destinations around the globe, and new on-board and on-shore activities and themes drive the growth of the market for cruise/ship expedition. Luxury cruising is mostly opted by silver hair group since it is much more convenient, relaxing, and more glorious mode of traveling. With the advent of Crystal Cruises’ luxury travel portfolio has expanded into the luxury river cruise market and yachting & air market. Thus, aforementioned factors are likely to supplement for the growth of the luxury travel market through cruise/ship expedition segment during forecast period.

Luxury Travel Market by Types of Tour

On the basis of age group, the millennial segment was valued at $83,842.5 million in 2021, and is expected to reach $242,050.1 million by 2031, with a CAGR of 10.1%. North America and Europe together accounted for about 67.4% of the millennial luxury travel market revenue in 2021, with the former constituting around 28%. From a growth perspective, Asia-Pacific and LAMEA are the two potential markets, expected to witness considerably higher growth rates over the forecast period. Millennial’s are avid travelers comprising of maximum number of population of traveling, on an average, millennial’s spend $527 a day on a trip which is 62% less than their older counterparts. They generally look for cultural and leisure breaks. Millennial’s are driven by wanderlust and breaking life’s monotony, these group of youngsters prefer short trips to culturally rich and different countries, also local shopping is a major factor of their traveling. Honeymoons and romantic gateways are also some important factors driving this category. Thus, above factors collectively increase luxury travel market demand through the millennial segment.

Luxury Travel Market by Age Group

According to the luxury travel market trends, depending on types of travelers, the aspiring luxury segment was valued at $202,139.7 million in 2021, and is expected to reach $513,454.9 million by 2031, with a CAGR of 8.7%. Aspiring luxury class majorly comprises the millennial generation who prefer short, luxury trips, as they are moderately wealthy. This segment also comprise of ‘newly rich’, which are willing to pour money into the luxury travel industry and are the front-runner of this segment. Aspiring luxury travelers take an average of five business and leisure trips per year, owing to their high spending power and the potential to afford luxury traveling. Mid-income and aspirational shoppers are fostering the growth of upper premium brands and the second-hand market. Destinations such as Dubai have initiated programs to encourage investments in midmarket hotels such as releasing government land plots for three and four star hotel projects. Aspiring luxury prefer exclusive and unique destinations for their shopping which are specifically abroad destinations, while they have ample resources to spend, they are comparative don’t go all out for luxury services. This segment includes young, aspirational individuals who earn significantly and have limited family responsibilities. Increasing aspiring luxury travelers are likely to supplement the luxury travel market growth during forecast period.

Luxury Travel Market by Types of Traveler

Region wise, the North America was valued at $152,531.4 million in 2021, and is expected to reach $354,846.3 million by 2031, with a CAGR of 7.8%. The U.S. is driving the luxury travel market in North American region, with wealthiest of population and most outbound trips. Canada and Mexico’s luxury travel market also show a hike in the number of people opting for luxury travel owing to serene winter destinations in Canada and glittering white Caribbean beaches and private luxury resorts in Mexico. The luxury travelers are attracted to Mexico due to its established and highly exclusive resorts like Four Seasons and St. Regis in Punta Mita and high-end resorts in Los Cabos. Luxury travel is also expected to see vigorous growth across North America due to increasing income trends, strong dollar, and growing middle class segment. Thus, above mentioned factors are likely to support the North America luxury travel market during forecast period.

Luxury Travel Market by Region

The players operating in the global luxury travel market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck, Thomas Cook Group PLC, Scott Dunn Ltd., Kensington Tours, Butterfield & Robinson Inc., TUI Group, Zicasso, Inc., Black Tomato, Backroads, Lindblad Expeditions and Exodus travels.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury travel market analysis from 2021 to 2031 to identify the prevailing luxury travel market opportunities.
  • 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 market 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 market trends, key players, market segments, application areas, and market growth strategies.

  Luxury Travel Market Report Highlights

Analyst Review

The global luxury travel market is anticipated to witness robust growth in regions such as Asia-Pacific and LAMEA. The growth in the number of HNI’s global population and easy availability of on-arrival visa propel the growth of the overall luxury travel market.

According to industry experts, French, Germans, Spaniards, and Australians opt for adventure and safari trips. In addition, Russian travelers opt for places like Goa in India, where they can relax and enjoy the tropical weather as they spend most of their time in a cold region. Culinary tours are also witnessing significant growth in the travel market. There is an increase in the number of private and culinary trips in Europe, owing to growth in interest of people in local culture and their aspiration to have a better understanding of local cuisines and people.

Countries such as China and India have huge growth potential and are the major investment pockets in the luxury travel market. Affluent Arabs prefer to spend their holidays in the most luxurious way like visiting London and splurging on high-end shopping. In addition, they opt for destinations, where they can spend huge amount on shopping. Affluent Chinese millennial travelers prefer to have quality travel experience, thus they opt for high-end accommodation and luxurious ways of traveling, thus propelling the growth of the overall luxury travel market. Key market players are adopting various growth strategies such as product launch (tour packages) and acquisition to sustain in the competitive market.

  • Outdoor Adventures
  • Leisure Activities
  • Outdoor Activities

The global luxury travel market size was valued at $638,206.8 million in 2021, and is estimated to reach $1,650,447.7 million by 2031.

8.9% is the CAGR of luxury travel market.

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2021 is the base year calculated in the luxury travel market report.

Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck and Thomas Cook Group PLC are some of the top companies in the luxury travel market report.

The luxury travel market is segmented into types of tour, age group, types of travellers and region.

The inclination of people toward unique and exotic holiday experiences, increase in the middle- & upper-class disposable income & related expenditure, and growth in need and interest of people to spend more time with family are the latest trends in the luxury travel market.

Europe region holds the maximum market share of the luxury travel market.

Outbreak of COVID-19 was negatively impacted the growth of the luxury travel market in 2020.

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Luxury Travel Market

Global Opportunity Analysis and Industry Forecast, 2021-2031

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Luxury Travel Market

Luxury Travel Market by mode of transportation Type, Booking Channel, Tourist, Tour Type, Consumer Orientation, Age Group & Region | Forecast to 2022 to 2032

Market Insights on Luxury Travel covering sales outlook, demand forecast and up-to-date key trends

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Luxury Travel Market Outlook (2022 to 2032)

[250 Pages Report] As per newly released data by Future Market Insights (FMI), the Luxury Travel Market is estimated at US$ 1,990.81 Billion in 2022 and is projected to reach US$ 2,105.12 Billion by 2032, at a CAGR of 6 % from 2022 to 2032.

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2017 to 2021 Luxury Travel Market Outlook Compared to 2022 to 2032 Forecast

The Luxury Travel market is forecasted to grow at a steady rate during the forecast period. The growth can be attributed to several reasons both international and domestic. Luxury travel services offer high-end, exclusive, and customized facilities to enhance people’s overall experience during their stay.

Nowadays many travel companies offer authentic holiday packages with unusual activities, off-the-beaten paths, and 24-hour support to attract a broad customer base and competitive edge. The growing demand of people towards exotic, luxury, and unique experiences an increase in middle-upper class spending, a rise in online bookings, and a surge in social media usage help to grow the travel market and luxury Travel Market.

New Destinations and a demand for enhanced service standards are expected to create multiple opportunities for key market players.

The Trend of Luxury Travel gives Rise to Visitors in the Luxury Travel market.

The growing willingness among individuals to spend on luxury trips accommodation with exotic holiday experiences increased disposable revenues and improved transportation infrastructure are important drivers of market growth. The emerging trend of modern campsites or innovative glamping accommodations, combined with increasing awareness of eco-friendly travel solutions and positively influences the demand for luxury travel worldwide . Many tourism businesses are adopting state-of-the-art technologies, such as artificial intelligence(AI), to allow travelers to book their travel online.

In 2022, Voyaah, the tech-led luxury travel organization has recently received its seed funding of US$500,000 from a well-known name in Advertising, the fresh funds will be used for expanding into newer areas, enhancing the product and technology in addition to hiring relevant talent.

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Country-wise Insight

Why is new zealand a popular destination for luxury travel.

Variety of Luxury Experiences makes New Zealand a popular destination for Luxury Travels

New Zealand has been a popular destination for Luxury Travellers. I have four reasons to say New Zealand is considering luxury travel i.e., There are exceptional food and wine-making experiences, exceptional outdoor adventures and outdoor activities, unparalleled landscapes and scenery, and compelling culture and history among luxury travel due to these couple of major reasons. Travelers can visit New Zealand at any time of the year. It's famous saying New Zealand has four seasons in a day. There are two luxury travel destinations in New Zealand North Island and South Islands. New Zealand has plenty of premium luxury experiences like golf courses, indulgent hot pools, sailing charters, private hiking trails, ski fields, and fine dining.

Why Monaco is a desirable destination for luxury travel due to its historical principalities?

Historical principalities make Monaco a Luxury Travel Destination

Monaco is the second smallest nation it is famous for its grand casinos, grand shopping centers, opulent bars, clubs, and human-made beaches and it attracts celebrities and holidaymakers. The best time to visit Monaco is in early autumn. An important fact about Monaco is every 3rd person is a millennial and the real estate business is expensive. The Monaco government tourist office launched the Green is the new Glam Campaign the role of this campaign is both environmentally conscious and make it glamorous at the same time

What’s new in Luxury travel in Europe that helps the economy?

Europe is a major source market for Luxury Travel its growing fast. Tour operators provide highly discounted offers, accommodation, and food. The leading European source for the tourism market is the United Kingdom, France, and Germany. Online research helps to grow fast in the tourism market. Europe is an upscale tourism market and experiences different activities like Slow Travel, private experiences, nature-based experiences, ready-to-sell, etc. Also, Europe is the number one destination for tourism. The government recommends making more sustainable choices as they can do

Category-wise Insights                                                                                            

Which destinations are preferred by travelers.

Luxury Travel Market Europe is the most traveled Destination

Every place in the world has its history but what we love about Europe is that historic buildings and monuments are preserved . The most traveled destination in Europe because of its luxury travel market This is due to the ease of booking and accommodations one can avail of while visiting these Luxury locations. They are regulated and kept in good condition by the respected Luxury destinations, also offering the tourists all-inclusive packages and tours of the locations and related destinations. While famous destinations where popular places have been visited have also seen a surge in the number of visitors, helping generate revenue for the local economies.

Which Booking Channel is Preferred by the Consumers in the Luxury Travel Market?

Online booking channels lead the booking channel segmentation

With the extensive availability of the net and the net presence of top firms running inside the marketplace, the reserving channels have especially shifted in the direction of the online mode of bookings. This upward push is attributed because of the ever-increasing ease of the use of the net channel and the extensive range of excursion alternatives one gets from those platforms. Hassle-unfastened revel in and the consolation of reserving at your comfort also are the using elements in this case. The online bookings channel is predicted to preserve taking pictures of the fundamental marketplace proportion and continue to be the maximum preferred

What Tour Type is Famous Amongst Tourists in the Luxury Travel Market?

Packaged Traveler is the most prominent category

With several corporations providing distinct offerings and all-inclusive applications, it has made the ‘Packaged Traveler’ the bulk class with inside the excursion kind segmentation. The corporations offer movie tourism applications with distinct activities, locations, and fee ranges; supporting fulfilling the desires of the bulk of the client base without the need for them to undergo distinct channels for distinct offerings, saving them the trouble and cost. Thus making packaged travelers the norm within the movie tourism sector.

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Competitive Landscape

The competitive landscape of the industry was also considered with the profiles of major players Abercrombie & Kent USA LLC., Butterfield & Robinson Inc., Cox & Kings Ltd., Exodus Travels Limited (Travelopia), Kensington Tours Ltd., Micato Safaris, Scott Dunn Ltd., Tauck, Thomascook.in (Fair bridge Capital (Mauritius) Limited) and TUI Group.

For Instance:

  • The construction process of the Uttar Pradesh (UP) Government-backed UP Film City project is expected to start in 2022, in Sector-21 of the Yamuna Expressway Development Authority (YEIDA) area of Gautam Buddh Nagar district, this is expected to generate employment in the area, promote tourism, and help the firms in generating more revenue.

Scope of Report

The luxury travel market by category, by mode of transportation type:.

  • Air Transportation
  • Water Transportation
  • Land Transportation

By Booking Channel:

  • Phone Booking
  • Online Booking
  • In Person Booking

By Tourist Type:

  • International

By Tour Type:

  • Independent Traveller
  • Package Traveller

By Consumer Orientation:

By age group:.

  • 15-25 Years
  • 26-35 Years
  • 36-45 Years
  • 46-55 Years
  • 66-75 Years

Frequently Asked Questions

What is the current market value of the luxury travel market.

The Film Tourism market is currently valued at US$ 1,990.81 Billion in 2022.

What is the forecasted growth rate for the Luxury Travel market?

The Film Tourism market is currently forecasted to grow at a rate of 6 % CAGR during the forecast period.

What are the key trends driving the Luxury Travel Market?

Driving trends in the Luxury Travel market are the increasing popularity of Luxury Travel worldwide and the ease of travel to such locations.

Who are the leading players in the Luxury Travel Market?

Leading players operating in the Luxury Travels at a global level are Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck, Thomas Cook Group PLC, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.

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  • Introspective Market Research | Global Market Research Reports
  • Luxury Travel Market- Global Industry Growth and Trend Analysis

Luxury Travel Market- Global Industry Growth and Trend Analysis

Luxury Travel Market Size By Type Of Tour (Adventure & Safari, Customized & Private, Celebration & Special Events, Cruise/Ship Expedition, Others), Age Group (Millennial, Generation X, Baby Boomers) And Region Global Market Analysis And Forecast, 2023-2030

  • Report ID : 16465
  • Category : Public Transport
  • No Of Pages : 218
  • Published on : November 2022
  • Status : Published

luxury travel market 2022

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  • Table of Figures
  • Segmentation
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Global Luxury Travel Market Overview

The Global Luxury Travel Market size is expected to grow from USD 1.57 billion in 2022 to USD 3.29 billion by 2030, at a CAGR of 9.7% during the forecast period (2023-2030).

Luxury travel is an exclusive and unique experience and more personalized service. Luxury travel provides comfort, quality stress-free, without haste, or routine experience. The growing demand for luxury travels owing to rising the trend of trekking, adventure, and safari tour. Luxury travel improves physical as well as mental well-being by reducing the stress of a hectic lifestyle. People are living a continuously busy life schedule, they need breaks for their mental and physical health. Thus, they can go to the destination places for relaxation and enjoinment. Moreover, luxury hotels provide expensive services to tourists which can attract to people. They offer welcome drinks on arrival, butler service, flowers in your rooms, beautiful rooms, car parking service, and other services. The number of destination places is also increasing that also attracts people and they like to visit such places. For instance, according to UNESCO, in 2021, there were 104 thousand total museums present around the world. Thus, increasing the number of tourists and to Statista the number of international tourists worldwide was 446.2 million worldwide in 2021. These factors boost the market of luxury travel.

Luxury Travel Market

Market Dynamics And Factors For Luxury Travel Market

Rising Demand For Personalized, Unique, and Exotic Travel Experience

The rapidly growing demand for unique, personalized, and exotic travel experiences is the key factor that supports the market growth. Several luxury hotels provide a unique experience, quality of accommodation, and quality of other services to travelers. Security is also offered during luxury travels by hotels with cameras and special card access to rooms while using elevators to your floor. In the world growing number of luxury hotels. For instance, according to Condor Ferries report, an operator of passenger and freight ferry services in the United Kingdom, Bailiwick of Guernsey, Bailiwick of Jersey, and France, there are more than 4,400 four and five-star hotels present around the world. Due to the excellent facility of the hotel, peoples are more attracted to such luxury hotels which increase the number of luxury travelers. Moreover, the growing hectic lifestyle and the number of people demanding luxury travel improve mental as well as physical health by reducing stress, and restoring mental health which increases the luxury travel market.

Restraints:

The Changing Socio-Economic Conditions

Varying socio-economic conditions is the key factor that restricts the growth of the luxury travel market. Several factors can change social and economic conditions such as political unrest, terrorist attacks, and natural disasters including floods, tsunamis, and others. In addition to this prevalence of the chronic diseases like Covid-19. This affected the travel program due to various restrictions and regulations on traveling. These natural disasters spread the financial crisis and luxury traveling is expensive. Thus, such type of socio-economic changes decreases the demand for luxury traveling which hampers the growth of the luxury travel market.

Opportunity:

Opportunity in Emerging Destinations and Advanced Technology

The advanced technologies people can use to travel provide a lucrative opportunity for the luxury travel market during the forecast period. The advanced technology includes high-speed internet with innovative applications that help with the online booking of tickets for flights, and hotels. Due to this people can search online reviews of any hotel or destination, online check the facility provided by hotels, and also people can easily cancel the travel booking. For instance, Airbnb is a luxury travel company that explores various destination places and digitalization helps to collect more information about such destination places. In addition to this, the luxury traveling industries installed Artificial based voice search and voice control with help of the smartphones and speakers that provide the opportunity for the market. Moreover, the rising number of the luxury travel destinations like Tanzania, Seychelles, Peru, Mirihi Island in the Maldives, Aguas Calientes, and others provide a profitable opportunity for the luxury travel market in the projected timeframe.

Segmentation Analysis Of Luxury Travel Market

By Type of Tours, adventure & safari are expected to have dominated the luxury travel market during the forecast period. The tourism company provides adventure and safari activities that contain zoo-like commercial drive-in tourism attractions where travelers can drive their vehicle or the company’s provided vehicle to freely observe roaming animals. In the new generation, there is a trend of watching roaming wild animals in their natural environment. The adventure travels contain activities like climbing expeditions, cycling along rural back roads, trekking into the mountains, and others. These types of adventure and safari tours provide mental and physical well-being by reducing stress. A number of people and also children like to spend time in nature. This type of tour helps tourists in learning new skills and also helps to build new friendships. Thus, adventure and safari tours become more popular in all age groups which supports the growth of the luxury travel market.

By Age Group, baby boomers are anticipated to have the highest market share in the luxury travel market in the analysis time. This age group has sufficient time, and budget to travel and visit several destination places. They want to live physically and mentally fit, so they prefer traveling with partners or friends for changing environments. For instance, according to AARP 2021 Travel Trends,’ there were 54% of the baby boomers planned to travel in the United State. The luxury travel industry provides a number of the facility for baby boomers which also helps to rise the number of tourists in baby boomers that support the growth of the luxury travel market over the forecast period.

Regional Analysis Of Luxury Travel Market

Europe is the dominating country in the luxury travel market owing to the well-financially developed condition of the people. Thus, people more spend on traveling to feel relaxed, restoring their mental health from their daily hectic lifestyle. In addition to this, the growing travel connectivity, and rapid penetration of the high-speed internet this can helps to increase the number of tourists. Personalized service, excellent quality food & wine, health & safety measures, reliable transport, professional staff, leisure luxury, and political stability are the various factors that fuel the luxury travel market. In Europe, very popular destination places are available such as museums, Eifel Tower, castles, enormous palaces, cathedrals, and others. The following figure shows the number of museums in the country in Europe region as of 2021.

luxury travel market 2022

These all factors increase the number of tourists in the Europe region. For instance, according to Statista Europe have the largest volume of inbound travelers in 2021 with 303 million arrivals. Thus, the market of luxury travel in the Europe region is anticipated to grow during the forecast period.

The Asia Pacific is the second dominating region in the luxury travel market due to the largest spending on adventure tourism and food tourism. The young population of the APAC region is more and growing interest in trekking, adventure is among them. In the APAC region highest number of the destination places like historical places, museums, and others. For instance, Statista stated the number of museums in Japan was 5738 and in China was 5535 as of March 2021. Japan is one of the luxury travel destinations in the APAC region that provides high-class experience, accommodation, the best gourmet experience, and excellent hospitality. The peoples in Japan are more interested to attend cultural events like maiko or geisha. In addition to this, the highest number of five-star hotels which providing excellent services to tourism. According to Statista, in Indonesia, there were 220 five-star hotels in 2021. Thus, the rising number of tourists. Statista stated that more than 40.5 thousand Airbnb bookings were in Beijing during the first or second week of January 2020.  This number is less as compared to before the prevalence of the covid-19 but after the pandemic, the booking for traveling rapidly increased will provide an opportunity for the luxury travel market of the APAC region in the forecast period.

North America is the second dominating region in the luxury travel market. North America is a financially well-developed region so people in this region can more spend on traveling. The North American peoples are more interested in the visit of the destination places like museums, historical places, and others. For instance, according to Statista, the number of museums in the United States and Canada were 33082 and 2245 respectively as of March 2021. Additionally, in North America highest number of luxury travel industries, luxury hotels, and destination places. This helps to increase the number of people employed as tour and travel guides. For instance, nearly 31 thousand people were employed as tour and travel guides as of May 2021 in the United States. These all factors boost the growth of the luxury travel market in the North American region.

Covid-19 Impact Analysis On Luxury Travel Market

COVID-19 began in Wuhan (China) in December 2019 and has since rapidly grown around the globe. In terms of confirmed cases and reported deaths, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the countries that have been most severely impacted. Because of the lockdowns, and business closures, COVID-19 has had an impact on the businesses and industries of numerous nations.  The government of various countries around the world-imposed travels restrictions to avoid the spread of the coronavirus. During the pandemic hotels, and entry into the destination places were closed that are hugely impacted the travel market. Moreover, people across the globe were suffering from the financial crisis due to covid-19 lockdowns and business closures.  Owing to the spread of the virus, peoples are more concerned about the Covid infection. They avoid spending time outdoors and they prefer to live at home. Thus, the demand for luxury travel is decreased during the pandemic. However, after the pandemic opening the luxury travel industry with advanced technology will provide an opportunity for the luxury travel market.

Top Key Players Covered In Luxury Travel Market

  • Abercrombie & Kent USA, LLC. (USA)
  • Cox & Kings Ltd. (India)
  • Butterfield & Robinson Inc. (Canada)
  • Scott Dunn Ltd. (UK)
  • Kensington Tours Ltd. (US)
  • Micato Safaris (India)
  • Thomas Cook Ltd. (India)
  • Meredith Corporation, LLC (US)
  • Travcoa Corporation (California)
  • TUI AG, (Germany), and other major players.

Key Industry Development In The Luxury Travel Market

In September 2022, Kensington Tours developed a new online portal that allows travel professionals to complete FIT quotes to more than 80 countries in record time.

In November 2021, a luxury travel provider company, White Desert launched Echo which provides access to the Antarctica continent for rarely-seen interior views and luxurious experiences.

Chapter 1: Introduction  1.1 Research Objectives  1.2 Research Methodology  1.3 Research Process  1.4 Scope and Coverage   1.4.1 Market Definition   1.4.2 Key Questions Answered  1.5 Market Segmentation Chapter 2:Executive Summary Chapter 3:Growth Opportunities By Segment  3.1 By Type Of Tour  3.2 By Age Group Chapter 4: Market Landscape  4.1 Porter's Five Forces Analysis   4.1.1 Bargaining Power of Supplier   4.1.2 Threat of New Entrants   4.1.3 Threat of Substitutes   4.1.4 Competitive Rivalry   4.1.5 Bargaining Power Among Buyers  4.2 Industry Value Chain Analysis  4.3 Market Dynamics   4.3.1 Drivers   4.3.2 Restraints   4.3.3 Opportunities   4.5.4 Challenges  4.4 Pestle Analysis  4.5 Technological Roadmap  4.6 Regulatory Landscape  4.7 SWOT Analysis  4.8 Price Trend Analysis  4.9 Patent Analysis  4.10 Analysis of the Impact of Covid-19   4.10.1 Impact on the Overall Market   4.10.2 Impact on the Supply Chain   4.10.3 Impact on the Key Manufacturers   4.10.4 Impact on the Pricing Chapter 5: Luxury Travel Market by Type Of Tour  5.1 Luxury Travel Market Overview Snapshot and Growth Engine  5.2 Luxury Travel Market Overview  5.3 Adventure & Safari   5.3.1 Introduction and Market Overview   5.3.2 Historic and Forecasted Market Size (2016-2028F)   5.3.3 Key Market Trends, Growth Factors and Opportunities   5.3.4 Adventure & Safari: Geographic Segmentation  5.4 Customized & Private   5.4.1 Introduction and Market Overview   5.4.2 Historic and Forecasted Market Size (2016-2028F)   5.4.3 Key Market Trends, Growth Factors and Opportunities   5.4.4 Customized & Private: Geographic Segmentation  5.5 Celebration & Special Events   5.5.1 Introduction and Market Overview   5.5.2 Historic and Forecasted Market Size (2016-2028F)   5.5.3 Key Market Trends, Growth Factors and Opportunities   5.5.4 Celebration & Special Events: Geographic Segmentation  5.6 Cruise/Ship Expedition   5.6.1 Introduction and Market Overview   5.6.2 Historic and Forecasted Market Size (2016-2028F)   5.6.3 Key Market Trends, Growth Factors and Opportunities   5.6.4 Cruise/Ship Expedition: Geographic Segmentation  5.7 Others   5.7.1 Introduction and Market Overview   5.7.2 Historic and Forecasted Market Size (2016-2028F)   5.7.3 Key Market Trends, Growth Factors and Opportunities   5.7.4 Others: Geographic Segmentation Chapter 6: Luxury Travel Market by Age Group  6.1 Luxury Travel Market Overview Snapshot and Growth Engine  6.2 Luxury Travel Market Overview  6.3 Millennial   6.3.1 Introduction and Market Overview   6.3.2 Historic and Forecasted Market Size (2016-2028F)   6.3.3 Key Market Trends, Growth Factors and Opportunities   6.3.4 Millennial: Geographic Segmentation  6.4 Generation X   6.4.1 Introduction and Market Overview   6.4.2 Historic and Forecasted Market Size (2016-2028F)   6.4.3 Key Market Trends, Growth Factors and Opportunities   6.4.4 Generation X: Geographic Segmentation  6.5 Baby Boomers   6.5.1 Introduction and Market Overview   6.5.2 Historic and Forecasted Market Size (2016-2028F)   6.5.3 Key Market Trends, Growth Factors and Opportunities   6.5.4 Baby Boomers: Geographic Segmentation Chapter 7: Company Profiles and Competitive Analysis  7.1 Competitive Landscape   7.1.1 Competitive Positioning   7.1.2 Luxury Travel Sales and Market Share By Players   7.1.3 Industry BCG Matrix   7.1.4 Heat Map Analysis   7.1.5 Luxury Travel Industry Concentration Ratio (CR5 and HHI)   7.1.6 Top 5 Luxury Travel Players Market Share   7.1.7 Mergers and Acquisitions   7.1.8 Business Strategies By Top Players  7.2 ABERCROMBIE & KENT USA   7.2.1 Company Overview   7.2.2 Key Executives   7.2.3 Company Snapshot   7.2.4 Operating Business Segments   7.2.5 Product Portfolio   7.2.6 Business Performance   7.2.7 Key Strategic Moves and Recent Developments   7.2.8 SWOT Analysis  7.3 LLC.  7.4 COX & KINGS LTD.  7.5 BUTTERFIELD & ROBINSON INC.  7.6 SCOTT DUNN LTD.  7.7 KENSINGTON TOURS LTD.  7.8 MICATO SAFARIS  7.9 THOMAS COOK LTD.  7.10 MEREDITH CORPORATION  7.11 LLC  7.12 TRAVCOA CORPORATION  7.13 TUI AG  7.14 OTHER MAJOR PLAYERS Chapter 8: Global Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  8.1 Market Overview  8.2 Historic and Forecasted Market Size By Type Of Tour   8.2.1 Adventure & Safari   8.2.2 Customized & Private   8.2.3 Celebration & Special Events   8.2.4 Cruise/Ship Expedition   8.2.5 Others  8.3 Historic and Forecasted Market Size By Age Group   8.3.1 Millennial   8.3.2 Generation X   8.3.3 Baby Boomers Chapter 9: North America Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  9.1 Key Market Trends, Growth Factors and Opportunities  9.2 Impact of Covid-19  9.3 Key Players  9.4 Key Market Trends, Growth Factors and Opportunities  9.4 Historic and Forecasted Market Size By Type Of Tour   9.4.1 Adventure & Safari   9.4.2 Customized & Private   9.4.3 Celebration & Special Events   9.4.4 Cruise/Ship Expedition   9.4.5 Others  9.5 Historic and Forecasted Market Size By Age Group   9.5.1 Millennial   9.5.2 Generation X   9.5.3 Baby Boomers  9.6 Historic and Forecast Market Size by Country   9.6.1 U.S.   9.6.2 Canada   9.6.3 Mexico Chapter 10: Europe Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  10.1 Key Market Trends, Growth Factors and Opportunities  10.2 Impact of Covid-19  10.3 Key Players  10.4 Key Market Trends, Growth Factors and Opportunities  10.4 Historic and Forecasted Market Size By Type Of Tour   10.4.1 Adventure & Safari   10.4.2 Customized & Private   10.4.3 Celebration & Special Events   10.4.4 Cruise/Ship Expedition   10.4.5 Others  10.5 Historic and Forecasted Market Size By Age Group   10.5.1 Millennial   10.5.2 Generation X   10.5.3 Baby Boomers  10.6 Historic and Forecast Market Size by Country   10.6.1 Germany   10.6.2 U.K.   10.6.3 France   10.6.4 Italy   10.6.5 Russia   10.6.6 Spain   10.6.7 Rest of Europe Chapter 11: Asia-Pacific Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  11.1 Key Market Trends, Growth Factors and Opportunities  11.2 Impact of Covid-19  11.3 Key Players  11.4 Key Market Trends, Growth Factors and Opportunities  11.4 Historic and Forecasted Market Size By Type Of Tour   11.4.1 Adventure & Safari   11.4.2 Customized & Private   11.4.3 Celebration & Special Events   11.4.4 Cruise/Ship Expedition   11.4.5 Others  11.5 Historic and Forecasted Market Size By Age Group   11.5.1 Millennial   11.5.2 Generation X   11.5.3 Baby Boomers  11.6 Historic and Forecast Market Size by Country   11.6.1 China   11.6.2 India   11.6.3 Japan   11.6.4 Singapore   11.6.5 Australia   11.6.6 New Zealand   11.6.7 Rest of APAC Chapter 12: Middle East & Africa Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  12.1 Key Market Trends, Growth Factors and Opportunities  12.2 Impact of Covid-19  12.3 Key Players  12.4 Key Market Trends, Growth Factors and Opportunities  12.4 Historic and Forecasted Market Size By Type Of Tour   12.4.1 Adventure & Safari   12.4.2 Customized & Private   12.4.3 Celebration & Special Events   12.4.4 Cruise/Ship Expedition   12.4.5 Others  12.5 Historic and Forecasted Market Size By Age Group   12.5.1 Millennial   12.5.2 Generation X   12.5.3 Baby Boomers  12.6 Historic and Forecast Market Size by Country   12.6.1 Turkey   12.6.2 Saudi Arabia   12.6.3 Iran   12.6.4 UAE   12.6.5 Africa   12.6.6 Rest of MEA Chapter 13: South America Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  13.1 Key Market Trends, Growth Factors and Opportunities  13.2 Impact of Covid-19  13.3 Key Players  13.4 Key Market Trends, Growth Factors and Opportunities  13.4 Historic and Forecasted Market Size By Type Of Tour   13.4.1 Adventure & Safari   13.4.2 Customized & Private   13.4.3 Celebration & Special Events   13.4.4 Cruise/Ship Expedition   13.4.5 Others  13.5 Historic and Forecasted Market Size By Age Group   13.5.1 Millennial   13.5.2 Generation X   13.5.3 Baby Boomers  13.6 Historic and Forecast Market Size by Country   13.6.1 Brazil   13.6.2 Argentina   13.6.3 Rest of SA Chapter 14 Investment Analysis Chapter 15 Analyst Viewpoint and Conclusion

LIST OF TABLES TABLE 001. EXECUTIVE SUMMARY TABLE 002. LUXURY TRAVEL MARKET BARGAINING POWER OF SUPPLIERS TABLE 003. LUXURY TRAVEL MARKET BARGAINING POWER OF CUSTOMERS TABLE 004. LUXURY TRAVEL MARKET COMPETITIVE RIVALRY TABLE 005. LUXURY TRAVEL MARKET THREAT OF NEW ENTRANTS TABLE 006. LUXURY TRAVEL MARKET THREAT OF SUBSTITUTES TABLE 007. LUXURY TRAVEL MARKET BY TYPE OF TOUR TABLE 008. ADVENTURE & SAFARI MARKET OVERVIEW (2016-2028) TABLE 009. CUSTOMIZED & PRIVATE MARKET OVERVIEW (2016-2028) TABLE 010. CELEBRATION & SPECIAL EVENTS MARKET OVERVIEW (2016-2028) TABLE 011. CRUISE/SHIP EXPEDITION MARKET OVERVIEW (2016-2028) TABLE 012. OTHERS MARKET OVERVIEW (2016-2028) TABLE 013. LUXURY TRAVEL MARKET BY AGE GROUP TABLE 014. MILLENNIAL MARKET OVERVIEW (2016-2028) TABLE 015. GENERATION X MARKET OVERVIEW (2016-2028) TABLE 016. BABY BOOMERS MARKET OVERVIEW (2016-2028) TABLE 017. NORTH AMERICA LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 018. NORTH AMERICA LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 019. N LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 020. EUROPE LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 021. EUROPE LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 022. LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 023. ASIA PACIFIC LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 024. ASIA PACIFIC LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 025. LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 026. MIDDLE EAST & AFRICA LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 027. MIDDLE EAST & AFRICA LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 028. LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 029. SOUTH AMERICA LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 030. SOUTH AMERICA LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 031. LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 032. ABERCROMBIE & KENT USA: SNAPSHOT TABLE 033. ABERCROMBIE & KENT USA: BUSINESS PERFORMANCE TABLE 034. ABERCROMBIE & KENT USA: PRODUCT PORTFOLIO TABLE 035. ABERCROMBIE & KENT USA: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 035. LLC.: SNAPSHOT TABLE 036. LLC.: BUSINESS PERFORMANCE TABLE 037. LLC.: PRODUCT PORTFOLIO TABLE 038. LLC.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 038. COX & KINGS LTD.: SNAPSHOT TABLE 039. COX & KINGS LTD.: BUSINESS PERFORMANCE TABLE 040. COX & KINGS LTD.: PRODUCT PORTFOLIO TABLE 041. COX & KINGS LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 041. BUTTERFIELD & ROBINSON INC.: SNAPSHOT TABLE 042. BUTTERFIELD & ROBINSON INC.: BUSINESS PERFORMANCE TABLE 043. BUTTERFIELD & ROBINSON INC.: PRODUCT PORTFOLIO TABLE 044. BUTTERFIELD & ROBINSON INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 044. SCOTT DUNN LTD.: SNAPSHOT TABLE 045. SCOTT DUNN LTD.: BUSINESS PERFORMANCE TABLE 046. SCOTT DUNN LTD.: PRODUCT PORTFOLIO TABLE 047. SCOTT DUNN LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 047. KENSINGTON TOURS LTD.: SNAPSHOT TABLE 048. KENSINGTON TOURS LTD.: BUSINESS PERFORMANCE TABLE 049. KENSINGTON TOURS LTD.: PRODUCT PORTFOLIO TABLE 050. KENSINGTON TOURS LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 050. MICATO SAFARIS: SNAPSHOT TABLE 051. MICATO SAFARIS: BUSINESS PERFORMANCE TABLE 052. MICATO SAFARIS: PRODUCT PORTFOLIO TABLE 053. MICATO SAFARIS: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 053. THOMAS COOK LTD.: SNAPSHOT TABLE 054. THOMAS COOK LTD.: BUSINESS PERFORMANCE TABLE 055. THOMAS COOK LTD.: PRODUCT PORTFOLIO TABLE 056. THOMAS COOK LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 056. MEREDITH CORPORATION: SNAPSHOT TABLE 057. MEREDITH CORPORATION: BUSINESS PERFORMANCE TABLE 058. MEREDITH CORPORATION: PRODUCT PORTFOLIO TABLE 059. MEREDITH CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 059. LLC: SNAPSHOT TABLE 060. LLC: BUSINESS PERFORMANCE TABLE 061. LLC: PRODUCT PORTFOLIO TABLE 062. LLC: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 062. TRAVCOA CORPORATION: SNAPSHOT TABLE 063. TRAVCOA CORPORATION: BUSINESS PERFORMANCE TABLE 064. TRAVCOA CORPORATION: PRODUCT PORTFOLIO TABLE 065. TRAVCOA CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 065. TUI AG: SNAPSHOT TABLE 066. TUI AG: BUSINESS PERFORMANCE TABLE 067. TUI AG: PRODUCT PORTFOLIO TABLE 068. TUI AG: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 068. OTHER MAJOR PLAYERS: SNAPSHOT TABLE 069. OTHER MAJOR PLAYERS: BUSINESS PERFORMANCE TABLE 070. OTHER MAJOR PLAYERS: PRODUCT PORTFOLIO TABLE 071. OTHER MAJOR PLAYERS: KEY STRATEGIC MOVES AND DEVELOPMENTS LIST OF FIGURES FIGURE 001. YEARS CONSIDERED FOR ANALYSIS FIGURE 002. SCOPE OF THE STUDY FIGURE 003. LUXURY TRAVEL MARKET OVERVIEW BY REGIONS FIGURE 004. PORTER'S FIVE FORCES ANALYSIS FIGURE 005. BARGAINING POWER OF SUPPLIERS FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS FIGURE 008. THREAT OF SUBSTITUTES FIGURE 009. VALUE CHAIN ANALYSIS FIGURE 010. PESTLE ANALYSIS FIGURE 011. LUXURY TRAVEL MARKET OVERVIEW BY TYPE OF TOUR FIGURE 012. ADVENTURE & SAFARI MARKET OVERVIEW (2016-2028) FIGURE 013. CUSTOMIZED & PRIVATE MARKET OVERVIEW (2016-2028) FIGURE 014. CELEBRATION & SPECIAL EVENTS MARKET OVERVIEW (2016-2028) FIGURE 015. CRUISE/SHIP EXPEDITION MARKET OVERVIEW (2016-2028) FIGURE 016. OTHERS MARKET OVERVIEW (2016-2028) FIGURE 017. LUXURY TRAVEL MARKET OVERVIEW BY AGE GROUP FIGURE 018. MILLENNIAL MARKET OVERVIEW (2016-2028) FIGURE 019. GENERATION X MARKET OVERVIEW (2016-2028) FIGURE 020. BABY BOOMERS MARKET OVERVIEW (2016-2028) FIGURE 021. NORTH AMERICA LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028) FIGURE 022. EUROPE LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028) FIGURE 023. ASIA PACIFIC LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028) FIGURE 024. MIDDLE EAST & AFRICA LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028) FIGURE 025. SOUTH AMERICA LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028)

Frequently Asked Questions :

The forecast period in the Luxury Travel Market research report is 2023-2030.

Abercrombie & Kent USA, LLC. (USA), Cox & Kings Ltd. (India), Butterfield & Robinson Inc. (Canada), Scott Dunn Ltd. (UK), Kensington Tours Ltd. (US), Micato Safaris (India), Thomas Cook Ltd. (India), Meredith Corporation, LLC (US), Travcoa Corporation (California), TUI AG, (Germany), and other major players.

The Luxury Travel Market is segmented into Type Of Tour, Age Group, and region. By Type Of Tour the market is categorized into Adventure & Safari, Customized & Private, Celebration & Special Events, Cruise/Ship Expedition, and Others. By Age Group, the market is categorized into Millennial, Generation X, and Baby Boomers. By region, it is analysed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain etc.), Asia-Pacific (China; India; Japan; Southeast Asia etc.), South America (Brazil; Argentina etc.), Middle East & Africa (Saudi Arabia; South Africa etc.).

Luxury travel is an exclusive and unique experience and more personalized service. Luxury travel provides comfort, quality stress-free, without haste, or routine experience. The growing demand for luxury travels owing to rising the trend of trekking, adventure, and safari tour. Luxury travel improves physical as well as mental well-being by reducing the stress of a hectic lifestyle.

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Luxury Travel Market

Luxury travel market report by type of tour (customized and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, culinary travel and shopping), age group (millennial (21-30), generation x (31-40), baby boomers (41-60), silver hair (60 and above)), type of traveller (absolute luxury, aspiring luxury, accessible luxury), and region 2024-2032.

  • Report Description
  • Table of Contents
  • Methodology
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Market Overview:

The global luxury travel market size reached US$ 2,143.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,088.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.  The rising demand for exclusive and personalized travel experiences, expanding high-net-worth individual (HNWI) population seeking luxury travel options, and increasing focus on wellness and sustainability in luxury travel offerings are some of the major factors propelling the market.

Luxury travel represents a premium and exclusive segment of the tourism industry that caters to discerning travelers seeking exceptional and opulent experiences. It goes beyond basic amenities and comfort, offering personalized services, exquisite accommodations, gourmet dining, and unique, immersive activities. Luxury travel often includes stays in luxurious hotels, private villas, or upscale resorts in picturesque destinations. Travelers can indulge in spa treatments, fine dining at Michelin-starred restaurants, private yacht charters, and cultural excursions tailored to their interests. Luxury travel is characterized by a focus on exclusivity, attention to detail, and a commitment to delivering the utmost in comfort and satisfaction, making it a sought-after choice for those seeking the pinnacle of travel experiences.

Global Luxury Travel Market Report

The increasing affluence of high-net-worth individuals (HNWIs) and affluent consumers around the world that expands the clientele seeking exclusive and opulent travel experiences, will stimulate the growth of the luxury travel market during the forecast period. These travelers seek to indulge in lavish accommodations, personalized services, and unique adventures. Moreover, the rising desire for experiential and transformative travel is propelling the luxury market, as travelers prioritize immersive cultural experiences, wellness retreats, and eco-conscious journeys. Apart from this, the enhanced convenience and accessibility of private jet and yacht charters has augmented the appeal of luxury travel, offering exclusivity and flexibility, thereby driving the market growth. Furthermore, the rise of remote working and digital nomadism that enables travelers to explore luxury destinations while maintaining their professional lives, contributing to the growth of extended-stay luxury experiences.

Luxury Travel Market Trends/Drivers:

Growing affluence of high-net-worth individuals (HNAWIs)

The increasing affluence of high-net-worth individuals (HNWIs) and affluent consumers is a primary driving force behind the luxury travel market's expansion. As economies grow and prosperity spreads globally, more individuals are gaining access to higher disposable incomes, enabling them to indulge in luxury travel experiences. This demographic seeks exclusivity, comfort, and premium services when exploring the world. They are willing to invest in opulent accommodations, private transportation, and curated itineraries that cater to their preferences. The luxury travel industry capitalizes on this trend by continuously innovating and offering top-notch services to meet the discerning tastes of affluent travelers. This growing affluence fuels demand for luxury travel and encourages the development of new destinations and experiences that cater to the evolving desires of this segment.

Rising desire for unique experiences

Luxury travelers today are not satisfied with mere comfort; they seek meaningful and distinctive experiences that set their journeys apart. This driver has led to the rise of experiential luxury travel, where travelers immerse themselves in local cultures, traditions, and landscapes. They opt for bespoke itineraries that cater to their interests, from culinary adventures and private art tours to wildlife safaris and wellness retreats. The desire for unique experiences has given rise to a trend where luxury travel becomes a form of self-expression, allowing travelers to collect memories and stories that differentiate them from conventional tourists. The luxury travel industry responds by providing exclusive access to hidden gems, private guides, and off-the-beaten-path adventures, ensuring that each journey is a one-of-a-kind experience tailored to individual preferences.

Increasing sustainability and wellness consciousness

Sustainability and wellness have emerged as crucial drivers in the luxury travel market. As travelers become more socially and environmentally conscious, they seek accommodations and experiences that align with their values. Luxury travelers now expect eco-friendly practices, responsible tourism, and sustainable accommodations, which include everything from eco-lodges in remote natural settings to sustainable cruises that minimize environmental impact. Additionally, the wellness aspect of luxury travel emphasizes physical and mental well-being, with travelers seeking spas, fitness centers, meditation retreats, and nutrition-focused experiences during their trips. The luxury travel industry recognizes these trends and is incorporating sustainable and wellness-focused offerings into its portfolio, ensuring that travelers can enjoy guilt-free luxury experiences that promote both personal well-being and environmental responsibility. This shift is an ethical choice and a competitive advantage for luxury travel providers, as it meets the evolving preferences of a socially conscious and health-focused clientele.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Luxury Travel Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global luxury travel market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type of tour, age group, and type of traveller.

Breakup by Type of Tour:

  • Customized and Private Vacation
  • Adventure and Safari
  • Cruise and Ship Expedition
  • Small Group Journey
  • Celebration and Special Event
  • Culinary Travel and Shopping  

Adventure and safari hold the largest market share

The report has provided a detailed breakup and analysis of the market based on the type of tour. This includes customized and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, and culinary travel and shopping. According to the report, adventure and safari represented the largest segment.

Adventure and safari experiences are key drivers in the luxury travel market, attracting travelers seeking unique and exhilarating journeys. Adventure travel offers activities such as trekking, mountain climbing, scuba diving, and wildlife encounters in remote and often challenging environments. Safari adventures, on the other hand, focus on wildlife observation in natural habitats, with opportunities to see iconic species like lions, elephants, and rhinos. These experiences drive the luxury travel market by offering exclusivity and personalized adventures that cater to the desires of affluent travelers.

Furthermore, luxury adventure and safari providers offer private guided tours, high-end accommodations in pristine locations, and customized itineraries that combine adventure with comfort. They ensure travelers can enjoy thrilling experiences while maintaining the highest standards of safety and comfort. Moreover, the demand for sustainability in adventure and safari experiences is rising, with eco-friendly practices and conservation efforts playing a significant role, attracting travelers who value responsible and immersive encounters with nature.

Breakup by Age Group:

  • Millennial (21-30)
  • Generation X (31-40)
  • Baby Boomers (41-60)
  • Silver Hair (60 and above)  

Baby boomers (41-60) represents the leading age group segment

A detailed breakup and analysis of the market based on the age group has also been provided in the report. This includes millennial (21-30), generation X (31-40), baby boomers (41-60), and silver hair (60 and above). According to the report, baby boomers (41-60) accounted for the largest market share.

Baby boomers, typically aged between 41 and 60, represent a generation known for its significant impact on various industries, including luxury travel. This demographic is characterized by its strong work ethic, higher disposable income, and a desire for fulfilling experiences during their retirement years. Baby boomers are fueling the luxury travel market by seeking personalized and experiential journeys that cater to their interests and preferences. They value comfort, quality, and authenticity, often opting for upscale accommodations, premium cruise experiences, and immersive cultural encounters. Many baby boomers are avid travelers, using their retirement years to explore the world and fulfill their travel bucket lists. Their influence extends to the rise of wellness-focused luxury travel, as they prioritize health and well-being in their journeys.

Moreover, baby boomers are early adopters of travel technology, embracing digital tools for booking, research, and staying connected while on the road. Their significant presence in the luxury travel market continues to shape the industry, catalyzing the demand for tailored, high-end experiences that align with their desires for exploration and relaxation in their golden years.

Breakup by Type of Traveller:

  • Absolute Luxury
  • Aspiring Luxury
  • Accessible Luxury  

Absolute luxury is the most popular type of traveler

A detailed breakup and analysis of the market based on the type of traveler has also been provided in the report. This includes absolute, aspiring and accessible luxury. According to the report, absolute luxury accounted for the largest market share.

The absolute luxury traveler is characterized by an unwavering pursuit of the finest experiences and the highest level of exclusivity. These travelers seek unparalleled opulence, from stays in ultra-luxurious accommodations like private villas on secluded islands or boutique hotels in historic city centers to bespoke itineraries that include private yacht charters, exclusive access to cultural events, and Michelin-starred dining experiences.

Moreover, absolute luxury travelers are the trendsetters and taste-makers in the luxury travel industry, fueling demand for innovation and pushing the boundaries of what constitutes a lavish travel experience. Their influence extends to the development of new, extraordinary destinations and the creation of entirely customized journeys that cater to their unique preferences. Their commitment to luxury and their willingness to invest in once-in-a-lifetime adventures shape the luxury travel market by inspiring providers to continuously elevate their offerings, ensuring that the absolute luxury traveler's appetite for the extraordinary is consistently met.

Breakup by Region:

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United States

  • South Korea

United Kingdom

  • Middle East and Africa  

Europe exhibits a clear dominance in the market

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share.

Europe held the biggest share in the market since the region is home to an array of iconic and culturally rich destinations, from the historical cities of Rome, Paris, and Prague to the scenic beauty of the Swiss Alps and the Mediterranean coast, offering a diverse range of luxury experiences. Apart from this, Europe boasts a long history of luxury hospitality, with its heritage luxury hotels and boutique properties, providing travelers with opulent accommodations and impeccable service.

Moreover, rising emphasis of the region on gastronomy and fine dining attracts luxury travelers seeking culinary excellence, with numerous Michelin-starred restaurants and local gourmet experiences. Furthermore, Europe's efficient transportation infrastructure and access to exclusive cultural events, from fashion shows to art exhibitions, enhance its appeal to luxury travelers. Additionally, Europe's commitment to sustainability and responsible tourism aligns with the values of eco-conscious luxury travelers, ensuring that the region continues to lead the way in delivering high-end, sustainable travel experiences that resonate with the evolving preferences of affluent global travelers.

Competitive Landscape:

The market is experiencing steady growth as key players are continually innovating to meet the evolving preferences of discerning travelers. Recent innovations include the integration of advanced technology to enhance the booking and travel experience, with virtual reality (VR) and augmented reality (AR) being used to provide immersive previews of accommodations and destinations. Additionally, there is a growing focus on sustainability, with luxury hotels and resorts adopting eco-friendly practices and designing carbon-neutral properties to cater to environmentally conscious travelers. Personalization remains a key trend, with luxury travel providers leveraging data analytics and artificial intelligence (AI) to curate bespoke itineraries and offer highly tailored services. Furthermore, luxury cruise lines are introducing cutting-edge amenities such as underwater lounges and sustainable ship designs. These innovations collectively aim to elevate the luxury travel experience, providing travelers with unique, sustainable, and personalized journeys that align with their values and preferences.

The market research report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • Abercrombie & Kent USA LLC.
  • Butterfield & Robinson Inc.
  • Cox & Kings Ltd.
  • Exodus Travels Limited (Travelopia)
  • Kensington Tours Ltd.
  • Micato Safaris
  • Scott Dunn Ltd.
  • Thomascook.in (Fairbridge Capital (Mauritius) Limited)

Recent Developments:

  • In August 2023, Abercrombie & Kent introduced a new private jet journey to meet increased demand for wildlife experiences. This exclusive adventure is designed to captivate the hearts of discerning travelers who seek to explore the world's most breathtaking natural wonders while indulging in unparalleled luxury and comfort. This unique expedition takes travelers on a globe-spanning odyssey, whisking them away on a meticulously planned itinerary that delves deep into some of the planet's most pristine and wildlife-rich regions.
  • In February 2020, Kensington Tours, a leading luxury travel company, introduced new itineraries that showcase the natural wonders and cultural richness of Iceland and Wales. These meticulously crafted journeys promise travelers unforgettable experiences in two distinct yet equally captivating destinations. The Iceland itinerary invites adventurers to explore the land of fire and ice, where dramatic landscapes meet geothermal wonders. It offers a perfect blend of outdoor exploration and relaxation in Iceland's geothermal baths.
  • In February 2023, Tauck, a renowned leader in guided travel experiences, announced the expansio of its small group land departures by an impressive 35%, catering to the growing demand for intimate and immersive travel adventures. This increase in small group departures signifies Tauck's dedication to providing travelers with the chance to delve deeper into the destinations they visit.

Luxury Travel Market Report Scope:

Key benefits for stakeholders:.

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the luxury travel market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global luxury travel market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the luxury travel industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global luxury travel market was valued at US$ 2,143.5 Billion in 2023.

We expect the global luxury travel market to exhibit a CAGR of 4% during 2024-2032.

The growing consumer inclination towards leisure activities and exotic holiday destinations is primarily driving the global luxury travel market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary restrictions on intra- and inter-national travel activities, thereby negatively impacting the global market for luxury travel.

Based on the type of tour, the global luxury travel market can be categorized into customized and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, and culinary travel and shopping. Currently, adventure and safari accounts for the majority of the global market share.

Based on the age group, the global luxury travel market has been segregated into millennial (21-30), generation X (31-40), baby boomers (41-60), and silver hair (60 and above). Among these, baby boomers (41-60) currently exhibit a clear dominance in the market.

Based on the type of traveler, the global luxury travel market can be bifurcated into absolute luxury, aspiring luxury, and accessible luxury. Currently, absolute luxury holds the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global luxury travel market include Abercrombie & Kent USA LLC., Butterfield & Robinson Inc., Cox & Kings Ltd., Exodus Travels Limited (Travelopia), Kensington Tours Ltd., Micato Safaris, Scott Dunn Ltd., Tauck, Thomascook.in (Fairbridge Capital (Mauritius) Limited), and TUI Group.

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luxury travel market 2022

Global Luxury Travel Market Size, By Traveler (Absolute luxury, Aspiring Luxury, Accessible Luxury), By Tour (Customized & Private Vacations, Safari & Adventure, Cruises, Yachting & Small Ship Expeditions, Celebration Journeys, Culinary Travel & Shopping, Others), By Age Group (Millennials [21 – 30], Generation X [31 – 40], Baby Boomers [41 – 60], Silver Hair [60 +]), By Geographic Scope and Forecast 2022 – 2032

PathSoft

Global Luxury Travel Market Insights Forecasts to 2032

  • The Global Luxury Travel Market Size was valued at USD 1.67 Trillion in 2022.
  • The Market Size is Growing at a CAGR of 8.2% from 2022 to 2032
  • The Worldwide Luxury Travel Market Size is expected to reach USD 3.7 Trillion by 2032
  • Asia Pacific Market is expected to grow the fastest during the forecast period

Global Luxury Travel Market

Get more details on this report -

The Global Luxury Travel Market Size is expected to reach USD 3.7 Trillion by 2032, at a CAGR of 8.2% during the forecast period of 2022–2032.

Luxury travel is a luxurious and exclusive niche of the tourist business that offers discerning travelers who demand extraordinary and extravagant interactions. Private aircraft, luxury hotel stays, and exclusive excursions are all examples of luxury travel, as are private yacht charters, bespoke itineraries, and VIP access to cultural events. The vendors of services strive to give exceptional services to their customers. Nowadays, travelers focus on exploring destinations in order to get cultural, culinary, and other experiences. Numerous individuals are becoming more inclined toward one-of-a-kind excursions that involve cultural visits, sailing, and thrilling adventures to acquire a valuable and lasting experience. The luxury travel business has emerged as one of the fastest-expanding sectors, greatly contributing to global financial expansion and development. Increased disposable income and upper-middle-class spending have increased demand for improved service standards. Furthermore, the increasing popularity of remote employment and freelance work allows tourists to explore luxury destinations without disrupting their day-to-day jobs, which contributes to the expansion of extended-stay luxury experiences.

Market Outlook

Luxury Travel Market Price Analysis

The luxury travel market's price analysis revolves around the distinctive pricing dynamics of high-end travel experiences. Luxury travelers demand exceptional quality, personalized services, and exclusive access. Pricing factors in this segment encompass luxury accommodations, private transportation, gourmet dining, and tailored experiences. Seasonality, destination, and demand fluctuations play a crucial role in determining prices. Luxury travel providers must balance opulence with value to cater to discerning clientele while ensuring profitability. Ensuring transparent pricing and delivering an unparalleled experience is key to success in the luxury travel market, where clients expect nothing short of the extraordinary.

Luxury Travel Market Distribution Analysis

The worldwide luxury travel industry distribution analysis indicates a complex network that caters to discerning tourists seeking exclusive and high-end experiences. Typically, luxury travel is distributed through specialized channels such as luxury travel agencies, tour operators, and high-end concierge services. These middlemen create customized itineraries and offer tailored services to fulfill the specific needs of affluent guests. Luxury travel offerings are also distributed through online platforms, particularly upmarket travel websites and apps. Hotels, airlines, and cruise companies frequently work with travel agencies to ensure that their premium services are distributed seamlessly. Overall, luxury travel distribution focuses on producing unique, bespoke vacations for the world's elite passengers.

Global Luxury Travel Market Report Coverage

Market Dynamics

Luxury Travel Market Dynamics

Growing affluence and aspirational travel

The increasing global affluence, especially in emerging economies, has given rise to a burgeoning segment of travelers seeking luxury experiences. As disposable incomes rise, so does the aspiration for exclusive and high-end travel. This driver propels the luxury travel market as more travelers have the means and desire to indulge in premium experiences. It creates a larger customer base, leading to the development of new luxury destinations, accommodations, and services to cater to this demand.

Customization and experiential travel

Modern luxury travelers are increasingly seeking unique and personalized experiences. They prioritize authenticity, cultural immersion, and tailor-made itineraries over standardized packages. This shift drives the industry towards offering highly customized and experiential travel. Luxury providers must adapt by curating authentic and exclusive experiences, from boutique hotels to cultural tours, to meet the demands of this discerning clientele. This trend not only attracts more customers but also fosters brand loyalty and positive word-of-mouth recommendations, further stimulating market growth.

Restraints & Challenges

Economic and geopolitical uncertainties

The luxury travel market is sensitive to economic fluctuations and geopolitical uncertainties. Economic downturns or political instability in key source markets can affect travelers' disposable income and willingness to spend on luxury experiences. During such periods, luxury travel may witness reduced demand as consumers prioritize essentials over indulgent travel. Luxury providers need to adapt by offering value-added services or diversifying their target markets to mitigate the impact of economic and geopolitical uncertainties.

Regional Forecasts

Europe Market Statistics

Europe

Europe is anticipated to dominate the luxury travel market from 2023 to 2032. Europe is a prominent destination for luxury travel, renowned for its rich history, diverse cultures, and opulent experiences. Major European cities like Paris, Rome, London, and Barcelona offer luxury travelers a wealth of historical sites, fine dining, and high-end shopping. Luxury resorts in the Mediterranean, alpine ski destinations, and exclusive spas are also popular choices for affluent travelers. The region's well-preserved heritage, world-class services, and accessibility make it a top choice for luxury tourism.

Asia Pacific Market Statistics

Asia Pacific is witnessing the fastest market growth between 2023 to 2032. Asia Pacific is increasingly becoming a sought-after region for luxury travel. Countries like Japan offer a blend of ancient traditions and modern luxury, while destinations in Southeast Asia, such as Bali, Thailand, and the Maldives, provide tropical paradises with upscale resorts. The rising affluence in countries like China and India has led to a growing demand for premium travel experiences. Additionally, Asian destinations are known for their unique cultural experiences and exquisite cuisine, making the region appealing to luxury travelers.

Segmentation Analysis

Insights by Travel

The safari and adventure segment accounted for the largest market share over the forecast period 2023 to 2032. The aspiring luxury class primarily consists of the millennial age, who opt for short, luxury travel due to their moderate money. This sector also includes the 'newly rich,' who are eager to invest in the luxury travel business and are the market leaders in this segment. While they have a lot of money to spend, they don't go all out for luxury services. Aspiring luxury prefers rare and distinctive shopping destinations, especially those in foreign countries. This group consists of young, aspiring people who make a lot of money and have little obligations to their families. Increasing numbers of aspiring luxury travelers are expected to augment the expansion of the luxury travel industry throughout the predicted time frame.

Insights by Tour

The aspiring luxury segment accounted for the largest market share over the forecast period 2023 to 2032. This is because luxury travelers aspire to acquire more about the local culture and experience a sense of adventure, the environment, historical infrastructure, and a less congested atmosphere. Luxury tents, sometimes known as "Glamping" accommodations, are typically utilized for excursion groups such as safaris or outdoor-focused excursions. These tents are often outfitted with modern conveniences such as private toilets and showers, as well as gorgeous teak floors. Luxury safari tours typically include an on-site personal guide for the duration of the journey.

Insights by Age Group

The baby boomers (41 – 60) segment accounted for the largest market share over the forecast period 2023 to 2032, driven by growing preference of baby boomers to travel with family and friends. This demographic tends to spend more on luxury vacations in order to stay healthy, relax, and socialize. This generation is wealthier, has greater freedom than previous generations, and is more likely to spend money on leisure. They travel four to five times per year on average, which is an important factor for the luxury travel market growth.

Competitive Landscape

Major players in the market

  • TCS World Travel
  • Butterfield & Robinson Inc.
  • Cox & Kings Ltd.
  • Scott Dunn Ltd.
  • Kensington Tours
  • Zicasso, Inc.
  • Abercrombie & Kent USA, LLC
  • Lindblad Expeditions
  • Geographic Expeditions, Inc.
  • Micato Safaris
  • Exodus Travels Limited
  • Travelopia Holdings Limited
  • Travel Edge (Canada) Inc.

Recent Market Developments

  • On October 2023, TJH announced a strategic alliance with Inspirato Incorporated, the unique luxury travel subscription company. As part of the agreement, Inspirato will provide TJH clients with a complimentary 12-month Inspirato Travel Membership. This membership permits clients to book travel within Inspirato's handpicked collection of 750+ luxury vacation options in 100+ locations worldwide at members-only rates.
  • On August 2023, VOMOS, a forerunner in the luxury travel industry, has announced its latest collaboration with Summit Black Car, a leading provider of elite transportation services. This collaboration intends to reimagine premium travel experiences for Colorado residents and visitors. This strategic placement assures that passengers, no matter where they are, may enjoy the unrivaled ease of quick and elegant transportation, even for last-minute reservations.
  • On December 2022, Marriott International, Inc. has announced plans to open more than 35 luxury hotels by 2023, providing the unique and profound experiences that today's premium traveler seeks. Marriott International continues to push the boundaries, reimagining travel with a globally inspired perspective that defines the future of luxury, with a portfolio of luxury brands that includes The Ritz-Carlton, Ritz-Carlton Reserve, St. Regis, W Hotels, The Luxury Collection, EDITION, JW Marriott, and Bulgari Hotels & Resorts.
  • Market Segmentation

This study forecasts revenue at global, regional, and country levels from 2023 to 2032.

Luxury Travel Market, Traveler Analysis

  • Absolute luxury
  • Aspiring Luxury
  • Accessible Luxury

Luxury Travel Market, Tour Analysis

  • Customized & Private Vacations
  • Safari & Adventure
  • Yachting & Small Ship Expeditions
  • Celebration Journeys
  • Culinary Travel & Shopping

Luxury Travel Market, Age Group Analysis

  • Millennials [21 – 30]
  • Generation X [31 – 40]
  • Baby Boomers [41 – 60]
  • Silver Hair [60 +]

Luxury Travel Market, Regional Analysis

  • North America
  • Rest of Europe
  • Asia Pacific
  • South Korea
  • Rest of Asia Pacific
  • South America
  • Middle East & Africa
  • Saudi Arabia
  • South Africa

Frequently Asked Questions (FAQ)

  • 1. What is the market size of the luxury travel market? The global luxury travel market is expected to grow from USD 1.67 Trillion in 2023 to USD 3.7 Trillion by 2032, at a CAGR of 32.5% during the forecast period 2023-2032.
  • 2. Who are the key market players of the luxury travel market? TUI Group, TCS World Travel, Butterfield & Robinson Inc., Cox & Kings Ltd., Scott Dunn Ltd., Kensington Tours, Zicasso, Inc., Abercrombie & Kent USA, LLC, Lindblad Expeditions, Geographic Expeditions, Inc., Micato Safaris, Exodus Travels Limited, Travelopia Holdings Limited, Travel Edge (Canada) Inc.
  • 3. Which segment holds the largest market share? Aspiring Luxury segment holds the largest market share and is going to continue its dominance.
  • 4. Which region is dominating the luxury travel market? Europe is dominating the luxury travel market with the highest market share.
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1.  Introduction              o   Introduction             o   Market Definition and Scope             o   Units, Currency, Conversions, and Years Considered             o   Key Stakeholders             o   Key Questions Answered 2.  Research Methodology              o   Introduction             o   Data Capture Sources             o   Market Size Estimation             o   Market Forecast             o   Data Triangulation             o   Assumptions and Limitations 3.  Market Outlook              o   Introduction             o   Market Dynamics                      ?   Drivers                     ?   Restraints                     ?   Opportunities                     ?   Challenges             o   Porter’s Five Forces Analysis             o   PEST Analysis 4.  Luxury Travel Market by Type, 2022-2029 (USD Billion)              o   Customized and Privet             o   Adventure and Safari             o   Cruise/Ship Expedition             o   Small Group Journey             o   Celebration and Special Events             o   Culinary Travel and Shopping 5.  Luxury Travel by Distribution Channel, 2022-2029 (USD Billion)              o   Online             o   Offline 6.  Luxury Travel by Region 2022-2029 (USD Billion)              o   North America                      ?   US                     ?   Canada                     ?   Mexico             o   Europe                      ?   Germany                     ?   France                     ?   Italy                     ?   Spain                     ?   Rest of Europ             o   Asia Pacific                      ?   China                     ?   Japan                     ?   India                     ?   Malaysia                     ?   Indonesia                     ?   Rest of Asia Pacific             o   South America                      ?   Brazil                     ?   Mexico                     ?   Argentina             o   Middle East & Africa                     ?   Saudi Arabia                     ?   UAE                     ?   Israel                     ?   South Africa 7.  Competitive Landscape              o   Company Ranking             o   Market Share Analysis             o   Strategic Initiatives                      ?   Mergers & Acquisitions                     ?   New Product Launch                     ?   Others 9.  Company Profiles              o   Fresh Origins             o   Products Portfolio             o   Recent Initiatives             o   Company Financials 10. Appendix              o   Primary Research Approach                      ?   Primary Interview Participants                     ?   Primary Interview Summary             o   Questionnaire             o   Related Reports                      ?   Published                     ?   Upcoming

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  • Luxury travel market size worldwide 2022-2032

In 2022, the market size of the global luxury travel industry was estimated at just under two trillion U.S. dollars. This figure is forecast to increase to an estimated 2.1 trillion U.S. dollars in 2032.

The luxury hotel market worldwide

From 1983 to 2023, the global luxury hotel supply , which refers to the number of rooms available in luxury establishments, roughly tripled, peaking at over 1,500 in 2023. Over the same period, the supply of ultra-luxury hotels worldwide experienced a fivefold increase.

What are the preferred activities of affluent vacationers?

According to a global survey conducted in the second quarter of 2023, eating in a fine-dining restaurant and staying in a five or more starred hotel were the preferred holiday activities of affluent consumers , mentioned by six in ten respondents. On the other hand, less than 20 percent of the sample had a private transport experience between April and June 2023.

Estimated size of the luxury travel market worldwide in 2022, with a forecast for 2032 (in billion U.S. dollars)

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  • Highest-rated luxury hotel brands in North America 2023

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  • Value of various global luxury markets 2022, by market type

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  • Fashion and luxury goods M&A deals worldwide in 2022, by product category
  • Fashion and luxury goods: average M&A deal value worldwide 2022, by product category

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Statistics on " Luxury travel and tourism worldwide "

  • Growth rates of the luxury hospitality market value worldwide 2022
  • Growth rates of the luxury cruise market value worldwide 2023
  • Global luxury hotel supply 1983-2023
  • Supply of ultra-luxury hotels worldwide 1983-2023
  • Share of luxury hotel supply worldwide 2023, by brand
  • Share of luxury hotel supply in the Americas 2023, by brand
  • Luxury hotels: average M&A deal value worldwide 2022
  • Number of active Inspirato subscribers worldwide 2017-2022
  • Total revenue of Inspirato worldwide 2012-2022
  • Quarterly number of nights booked through Inspirato worldwide 2020-2023
  • Luxury cruises: average M&A deal value worldwide 2022
  • Passenger capacity of luxury cruise brands worldwide 2022
  • Number of ships operated by luxury cruise brands worldwide 2022
  • Most expensive luxury cruise trips on Tripadvisor worldwide 2023
  • Share of affluent consumers buying travel products worldwide Q4 2023, by age
  • Affluent consumers expecting to take a vacation worldwide H2 2022, by type
  • Preferred types of holiday in the Americas for affluent consumers worldwide Q4 2023
  • Preferred types of holiday in Europe among affluent consumers worldwide Q4 2023
  • Affluent consumers' preferred holiday activities worldwide Q4 2023
  • Interest of affluent consumers in travel and luxury brand partnerships worldwide 2022
  • Interest of affluent consumers in technology to improve holidays worldwide H2 2022

Other statistics that may interest you Luxury travel and tourism worldwide

  • Premium Statistic Luxury travel market size worldwide 2022-2032
  • Premium Statistic Value of various global luxury markets 2022, by market type
  • Premium Statistic Growth rates of the luxury hospitality market value worldwide 2022
  • Premium Statistic Growth rates of the luxury cruise market value worldwide 2023
  • Premium Statistic Fashion and luxury goods M&A deals worldwide in 2022, by product category
  • Premium Statistic Fashion and luxury goods: average M&A deal value worldwide 2022, by product category

Luxury accommodation market

  • Premium Statistic Global luxury hotel supply 1983-2023
  • Premium Statistic Supply of ultra-luxury hotels worldwide 1983-2023
  • Premium Statistic Share of luxury hotel supply worldwide 2023, by brand
  • Premium Statistic Share of luxury hotel supply in the Americas 2023, by brand
  • Premium Statistic Highest-rated luxury hotel brands in North America 2023
  • Premium Statistic Luxury hotels: average M&A deal value worldwide 2022

Company focus: Inspirato

  • Premium Statistic Number of active Inspirato subscribers worldwide 2017-2022
  • Premium Statistic Total revenue of Inspirato worldwide 2012-2022
  • Premium Statistic Quarterly number of nights booked through Inspirato worldwide 2020-2023

Luxury cruise market

  • Premium Statistic Luxury cruises: average M&A deal value worldwide 2022
  • Premium Statistic Passenger capacity of luxury cruise brands worldwide 2022
  • Premium Statistic Number of ships operated by luxury cruise brands worldwide 2022
  • Basic Statistic Most expensive luxury cruise trips on Tripadvisor worldwide 2023

Affluent travelers

  • Premium Statistic Share of affluent consumers buying travel products worldwide Q4 2023, by age
  • Premium Statistic Affluent consumers expecting to take a vacation worldwide H2 2022, by type
  • Premium Statistic Preferred types of holiday in the Americas for affluent consumers worldwide Q4 2023
  • Premium Statistic Preferred types of holiday in Europe among affluent consumers worldwide Q4 2023
  • Premium Statistic Affluent consumers' preferred holiday activities worldwide Q4 2023
  • Premium Statistic Interest of affluent consumers in travel and luxury brand partnerships worldwide 2022
  • Premium Statistic Interest of affluent consumers in technology to improve holidays worldwide H2 2022

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Luxury Travel Market

Home ➤ Consumer Goods ➤ Luxury & premium products ➤ Luxury Travel Market

Global Luxury Travel Market By Type of Tour (Customized and Private Vacations, And Others), By Age Group (Millennial, Generation X, And Others), By Types Of Traveler, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: Sep 2023
  • Report ID: 11839
  • Number of Pages: 300
  • Table of Contents
  • Major Market Players
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Report Overview

Driving factors, restraining factors, growth opportunities, latest trends, type of tour analysis, age group analysis, types of traveller analysis, key market segments:, covid-19 impact analysis:, regional analysis:, market share & key players analysis:, report scope:.

The Global Luxury Travel Market size is expected to be worth around USD 2,762 Billion by 2032 from USD 1,328.10 Billion in 2022, growing at a CAGR of 7.80% during the forecast period from 2023 to 2032.

The industry is being propelled by the growing spending of elite travelers who want to explore new destinations and have unforgettable experiences. Industry evolution has been supported by the increasing popularity of micro-trips and the expanding tourism sector around the world. This target market was affected by the COVID-19 pandemic.

As luxury travel is an integral part of the distribution and wealth around the world, local economies depend on it. Luxury travelers pay for art, culture, restaurants, guides, sporting events, and other amenities. Travelers are looking for flexible itineraries that combine relaxation and entertainment to create their own one-of-a-kind experiences.

A large number of tourists, particularly wealthy travelers, are taking advantage of the rising popularity of cruises, yachts, and small ships. One of this market’s most affluent clients is thought to be High Net Worth Individuals (HNWIs). Therefore, businesses in this industry have been paying more attention to water-based luxury travel, like cruises.

For instance, special edition cruise features were announced by Abercrombie & Kent USA, LLC in November 2019. Over the course of the forecast period, it is anticipated that the expanding population of high-net-worth individuals (HNWIs) all over the world, one of the most important travel groups that will assist in resetting this industry will drive growth.

Luxury Travel Market Analysis

Blooming Travel and Tourism To Drive The Market Globally.

Over the years, the tourism industry has seen steady growth with increased numbers of international and domestic tours. Travelers travel for various reasons, including vacation, leisure, and recreation. The percentage of international tourists visiting the country has increased.

In addition, the increased availability of lodging packages that include deluxe rooms and top-end services has attracted more guests, which in turn has boosted revenue generation. Guests will be attracted to 5-star hotels that offer advanced technology, such as smart bathrooms and Wi-Fi. The demand for luxurious hospitality has increased due to the growing trend toward luxury and leisure travel. Wealthy consumers are the ones who use luxury services the most.

Therefore, it is likely that the growing wealth of the world will encourage market expansion. Business luxury hotels are also on the rise due to frequent bookings by business executives at luxury city hotels or airport hotels. 2L De Blend, Utrecht, Netherlands, received awards as the World Luxury Hotel in the luxury business hotel category twice consecutively in 2019, as well as 2020; this aparthotel opened in October 2018 and is located about 1 km from Utrecht Zuilen station.

Emergence Of Accommodation Sharing Facilities At Lower Prices To Restraint The Market Growth Globally.

Market growth will be impeded by high tariffs in star-rated hotels and the rise of low-cost shared accommodation platforms like Airbnb in low-income nations. The market growth would be further limited by the increasing presence of mid-scale and budget hotels in many countries around the world.

Technological Advancements in Emerging Destinations to Provide Enormous Investment Opportunities.

Technology has revolutionized the way people travel. High-speed internet, which allows people to book flights or hotels online by looking at online reviews and offering easy cancellations and online check-in and out, is expected to create huge opportunities for the market.

Luxury travel companies like Airbnb are giving people more freedom to explore different places, and digitalization allows them to find more information online. Technology has made luxury travel more personal.

This includes booking hotel rooms and tickets, checking in, unlocking doors, personalizing your stay, and even checking out. With the rise in travelers, Artificial Intelligence-based voice search and voice control using smart speakers and smartphones has transformed luxury travel. During the analysis period, market players are expected to reap the benefits of the increased number of luxury destinations like the Seychelles and Tanzania, Aguas Calientes in Peru, Mirihi Island, Maldives, and other countries.

Rising Awareness Of Green Practices Is The New Trend In The Luxury Business.

The “Five Star Alliance” has listed a number of eco-friendly luxury hotels around the world. The hotels listed include Four Seasons Vancouver in Canada, Banyan Tree Bintan in Indonesia, Hyatt at Olive 8 in the United States, Shangri-La Hotel Bangkok, and The Oberoi Vanyavilas in India. The listing of these hotels is based on several factors, including local materials used, local labor force recruitment, and sustainable business practices.

Because of the shift in consumer preference to nature-based living, hotel owners are now focusing on providing services that don’t harm the environment. Marriott International, for example, announced in August 2019 that it would be removing single-use bath gels, shampoos & conditioning bottles from all its properties worldwide. The hotel company is aiming to reduce plastic consumption by 30% by eliminating such small bottles.

The Luxury Cruise/Ship Expedition Segment Holds The Largest Market Share Globally.

Based on the type of tour, the luxury cruise/ship expedition segment held the largest market share of the global luxury travel market. It is expected to continue its share for the forecasted period. Luxury cruising is expected to get tripled by the next decade as it is gaining attraction.

MEA and Asia-Pacific are two potential markets that will see higher growth rates over the forecast period. The market for cruise/ship exploration is growing due to the introduction of new cruise design concepts, longer ships, more exotic destinations, and new activities and themes onboard and off-shore.

Some people prefer luxury cruising because it’s a more comfortable, relaxing, and beautiful way to travel. The luxury travel portfolio of Crystal Cruises has expanded to include luxury river cruises and yachting & aviation markets. These factors will likely contribute to the growth of luxury travel through the cruise/ship expedition segment over the forecast period.

The Millennial Market Segment Holds The Largest Market Share Globally.

The millennial market segment dominates the market growth globally. In 2022, North America and Europe combined accounted for approximately 67.4% of the millennial luxury travel market’s revenue, with Europe accounting for approximately 33%.

Asia-Pacific and LAMEA are potential growth markets that are anticipated to experience significantly higher growth rates over the forecast period. The majority of people who travel are millennials, who spend an average of US$ 527 per day on trips, 62% less than their older counterparts, and are avid travelers. They typically seek leisure and cultural getaways.

Young people in the Millennial generation are driven by their wanderlust and a desire to break from the routine of their lives. They prefer short trips to countries with rich cultural traditions and other countries, and they also travel a lot to do local shopping. This category is also driven by honeymoons and romantic introductions. As a result, the millennial market sees an increase in demand for luxury travel as a result of the aforementioned factors.

The Aspiring Luxury Traveler To Drive The Market Growth Globally.

Aspiring Luxury Traveler to dominate the market growth globally. The millennial generation is the most likely to be part of this aspiring luxury class. They are relatively wealthy and prefer luxury short trips. The ‘newly wealthy’ are also included in this segment. They are ready to invest money in luxury travel and are the leaders of this segment.

Because of their high spending power, and the ability to afford luxury travel, aspiring luxury travelers typically take five business and pleasure trips each year. Aspirational and middle-income shoppers are encouraging the growth of premium brands and the second-hand market. Dubai, for example, has launched programs to encourage investment in midmarket hotels.

This includes the release of government land plots for three and four-star hotel projects. Luxury-seeking individuals prefer unique and exclusive destinations to shop. They have plenty of money but don’t want to pay a lot for luxury services. This group includes aspirational young people who are well-off and have little to no family responsibilities. The luxury travel market is expected to grow during the forecast period, with a growing number of aspiring luxury travelers.

Luxury Travel Market Share

Based on the Type of Tours

  • Customized and Private Vacations
  • Adventure and Safari
  • Cruise/Ship Expedition
  • Small Group Journey
  • Celebration and Special Events
  • Culinary Travel and Shopping

Based on Age Group

  • Generation X
  • Baby Boomer
  • Silver Hair

Based on Types of Traveler

  • Absolute Luxury
  • Aspiring Luxury
  • Accessible Luxury

The COVID-19 pandemic has had a severe impact on the economy, causing many industries to be affected. Luxury travel suffered a similar effect due to the unprecedented travel restrictions and lockdowns in various countries. Travel restrictions have had a negative impact on the tourism industry, leading to cancellations of many domestic as well as international tours and huge revenue losses.

Many tourism companies have had to close their doors due to lockdowns in various countries without any update on rollback. Tourism has been negatively affected by social distancing, work-from-home restrictions, social gathering restrictions, stay-at-home initiatives, and self- or mandatory quarantine.

Additionally, revenue losses have been seen in tourism-related sectors like catering, entertainment, lodging, and retail. It is expected that the financial uncertainty, which has led to limited spending on nonessential goods, will retrain the luxury travel market growth during the pandemic.

Many companies are using their technological innovations and initiatives to help society recover from this chaotic state. The changing customer mindset led to the development of contactless check-ins and outs. This is because travelers want to feel safe while traveling with an emphasis on hygiene.

People prefer to live in isolated rooms in isolated areas with a focus on remote locations rather than in hotels. Their catering needs have changed, and they now prefer to have a private chef as well as a maid for their daily cleaning. The government has launched a number of initiatives to support the tourism and travel sector, as it is an integral part of every country.

According to the Financial Express (a leading news site), the Government of India launched several initiatives, including the National Skills Development Program, and the Service Exports from India Scheme (SEIS), as other support for the tourism sector. Incentives provided by the government under the SEIS scheme are helping the travel industry to offer attractive packages for visitors to India. These factors will likely boost the luxury travel market growth over the forecast period.

Europe Dominates The Luxury Travel Market Globally.

Because of its well-financially supported population, Europe is the dominant country in luxury travel. People spend more on travel to relax and restore their mental health after a hectic day. This can be aided by the rapid expansion of high-speed internet and growing travel connectivity.

The luxury travel market is driven by personal service, high-quality food and wine, safety measures, reliable transport, professional personnel, leisure luxury, political stability, and personalized service. There are many popular destinations in Europe, such as museums, Eifel Towers, castles, and enormous palaces, as well as cathedrals. Due to its largest investment in adventure tourism and food tourism, Asia Pacific is second in the luxury travel market.

There is a growing interest among the APAC region’s young people in adventure and trekking. The APAC region has the highest concentration of destinations, including museums and historical sites. Japan is a luxury destination in APAC that offers high-quality accommodation, a great culinary experience, and exceptional hospitality. Japan’s people are more inclined to attend cultural events such as maiko and geisha.

The highest number of five-star hoteliers providing exceptional services to tourists is another reason. This explains the rise in tourists. Although this number is lower than before the COVID-19 epidemic, it shows that the APAC region’s luxury travel market has the potential to grow in the coming years. North America is the third-largest luxury travel market. North America is financially developed, so it’s easier for people to travel.

North American citizens are more inclined to visit historical and museum destinations. In North America, there are the highest numbers of luxury hotels, luxury travel industries, and destination places. This has a positive impact on the number of tour and travel guide employees. As an example, in May 2021, almost 312,000 people were working as tour and/or travel guides in the United States. All these factors contribute to the expansion of luxury travel in North America.

Global Luxury Travel Market Regional Analysis

Key Regions and Countries:

  • Switzerland
  • Rest of Western Europe
  • The Czech Republic
  • Rest of Eastern Europe
  • South Korea
  • Australia & New Zealand
  • Philippines
  • Rest of APAC
  • Rest of Latin America
  • Saudi Arabia
  • South Africa
  • United Arab Emirates
  • Rest of MEA

Key players will likely introduce enhanced services to their newly opened deluxe facilities to attract more clients. This will increase competition among players to win new clients and keep regular visitors. Key players may also consider mergers and acquisitions to expand their brand portfolios and increase their market share. In February 2019, InterContinental Hotels Group announced that it had acquired Six Senses Hotels Resorts Spas. This market leader was one of InterContinental Hotels Group’s (IHG). This acquisition will likely strengthen IHG’s luxury brand portfolio.

Top Key Players in Luxury Travel Market:

Listed below are some of the most prominent Luxury Travel industry players.

  • Butterfield & Robinson Inc.
  • Cox & Kings Ltd.
  • Scott Dunn Ltd.
  • Abercrombie & Kent USA, LLC
  • Lindblad Expeditions
  • Geographic Expeditions, Inc.
  • Micato Safaris
  • Exodus Travels Ltd.
  • Travel Edge (Canada) Inc.
  • Other Key Player

Recent Developments:

  • Echo was launched by White Desert, a luxury travel company, in November 2021. It offers exclusive access to Antarctica for rare interior views and luxurious experiences.
  • Abercrombie & Kent USA, LLC, announced a special edition cruise in November 2019. It features astronomy experts, including the first woman ever to walk in space. The company’s Antarctica and the Total Solar Eclipse Cruise will offer an exclusive experience with rare astronomical spectacles alongside experts
  • January 2021: Marriott International, Inc. announced plans to open almost 100 facilities in Asia Pacific by 2021, with luxury brands like The Ritz-Carlton, St. Regis, W, The Luxury Collection, JW Marriott, and others.

Frequently Asked Questions (FAQ)

The Global Luxury Travel Market size was USD 1,328.10 Billion in 2022, growing at a CAGR of 7.80%.

The Global Luxury Travel Market size is expected to grow at a CAGR of 7.80% during the forecast period from 2023 to 2032.

The Global Luxury Travel Market size is expected to be worth around USD 2,762 Billion by 2032 during the forecast period from 2023 to 2032.

Luxury Travel Market

  • Thomas Cook Group
  • Jet2 Holidays
  • Cox & Kings Ltd
  • Abercrombie & Kent Ltd
  • Exodus Travels
  • Butterfield & Robinson

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Luxury travel market size by 2022-2027: growth strategy, competitive landscape, upcoming trends, top manufacturers analysis, challenges, opportunities, drivers, types, applications.

Leading Manufacturers : - TUI Group, Thomas Cook Group, Jet2 Holidays, Cox & Kings Ltd, and Lindblad Expeditions, Travcoa, Scott Dunn, Abercrombie & Kent Ltd

Pune, June 27, 2022 (GLOBE NEWSWIRE) -- Luxury travel today is defined less by thread count and Michelin stars and more by access to the people, places and experiences that represent all that is authentic about a destination. There’s no denying that comfort factors still apply and high standards of accommodation and dining will always feature on the luxury traveller’s wish list. However, today’s luxury traveller seeks more depth of understanding and immersion into local culture than ever before. People don’t just want to see – they want to participate.

“ Luxury Travel market ” research report is an expert’s analysis which mainly includes companies, types, applications, regions, countries, etc. Also the reports give analysis on sales, revenue, trade, competition, investment, forecast. Luxury Travel market research covers COVID-19 impacts on the upstream, midstream and downstream industries. Also, this study offers a detailed market estimates by emphasizing statistics on several aspects covers market dynamics like drivers, barriers, opportunities, threats, and industry news & trends.

Get a Sample Copy of the Report at - https://www.absolutereports.com/enquiry/request-sample/19861935

The global Luxury Travel market size is projected to reach USD 36010 million by 2027, from USD 20820 million in 2020, at a CAGR of 8.4% during 2021-2027.

Market split by Type, can be divided into: -

Customized and Private Vacation

Adventure and Safari

Cruise/Ship Expedition

Small Group Journey

Celebration and Special Event

Market split by Application, can be divided into: -

Generation X

Baby Boomers

Market segment by Region/Country including: -

North America (United States, Canada and Mexico)

Europe (Germany, UK, France, Italy, Russia and Spain etc.)

Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)

South America (Brazil, Argentina and Colombia etc.)

Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)

Asia-Pacific is the largest Luxury Travel market with about 33% market share. Europe is a follower, accounting for about 30% market share.

To Understand How Covid-19 Impact Is Covered in This Report - https://www.absolutereports.com/enquiry/request-covid19/19861935

Leading players of Luxury Travel including: -

Thomas Cook Group

Jet2 Holidays

Cox & Kings Ltd

Lindblad Expeditions

Abercrombie & Kent Ltd

Micato Safaris

Exodus Travels

Butterfield & Robinson

Key Developments in the Luxury Travel Market: -

To describe Luxury Travel Introduction, product type and application, market overview, market analysis by countries, market opportunities, market risk, market driving force

To analyze the manufacturers of Luxury Travel, with profile, main business, news, sales, price, revenue and market share

To display the competitive situation among the top manufacturers in Global, with sales, revenue and Luxury Travel market share

To show the market by type and application, with sales, price, revenue, market share and growth rate by type and application

To analyze the key countries by manufacturers, Type and Application, covering North America, Europe, Asia Pacific, Middle-East and South America, with sales, revenue and market share by manufacturers, types and applications

To analyze the manufacturing cost, key raw materials and manufacturing process etc.

To describe Luxury Travel sales channel, distributors, traders, dealers etc.

Purchase this Report (Price 3900 USD for a Single-User License) – https://www.absolutereports.com/checkout/19861935

About Absolute Reports:

Absolute Reports is an upscale platform to help key personnel in the business world in strategizing and taking visionary decisions based on facts and figures derived from in depth market research. We are one of the top report resellers in the market, dedicated towards bringing you an ingenious concoction of data parameters.

Luxury Travel Magazine

Luxury Travel Trends in 2022 – What to Expect

  • October 28, 2021

Luxury Travel Trends in 2022 – What to Expect

As the travel industry continues to rebuild itself following the global pandemic, there’s no denying that the way we explore the world has changed forever. However, one thing is for sure – travel is firmly back on the agenda. Based on our unique insight into the luxury travel industry, we explore what’s trending for 2022, from spa breaks for pets to deep-rooted detoxes in Switzerland.

ABOVE AND BEYOND PERSONALIZATION

The pandemic has caused a monumental shift in the priorities of the ultra-wealthy traveler, with factors such as privacy, safety and reliability taking precedence over cost. As sectors such as private jet charter saw a subsequent boom in demand, businesses that stood out above the rest were those that not only looked after the flight, but went above and beyond, providing well-executed and luxury concierge services for the client, ensuring they felt protected and well-catered for during the trip. Next year, we will see businesses outside of hospitality evolving to suit the ‘above and beyond’ expectation of the UHNW traveler and developing specialties of their own to cater exclusively for this.

Who does this: Global aircraft charter broker, Air Charter Service ’s 27 offices around the world and operation of more than 27,000 flights per year allow them to seamlessly cater for any flight requirements. Going above and beyond their customer’s flight needs, Air Charter Service set up an in-house, lifestyle concierge team to ensure a seamless door to door experience for the most discerning flyer. This additional support has allowed them to support and continue growing the business, resulting in a 41% increase in enquiries for private jet charter since pre-pandemic in 2019.

PRIVATIZED ESCAPES

Not only are journeys becoming increasingly privatized, but hotels are capitalizing on a heightened demand for exclusive-use destinations and luxury buyouts. Whether it’s a yacht, private villa or entire island, guests are being drawn not only to increased safety and security, but also the ability to craft entirely bespoke experiences.

Where to go: Velaa Private Island , an ultra-luxe resort in the Maldives’ Noonu Atoll, has invested heavily in new facilities and experiences, as travelers continue to prioritize privacy and seclusion. In addition to a new padel tennis court, KRASH Predator jet-ski and limited-edition watercraft, the island is introducing wellness practitioners to provide everything from integrative body work to sound healing and mind training workshops.

EXPANSION INTO BRANDED RESIDENCES

The demand for high-end luxury residential property has inspired hospitality brands to diversify into branded residences, offering their unique style and expert levels of service as a long-term living solution. Savills’ Branded Residences Spotlight notes that the branded residences sector grew 170% in the ten years to 2020, with hotel brands making up 88% of pipeline developments. As work routines become more flexible and fewer people are confined to their usual schedules, these residences are likely to be acquired by those seeking to split their time more equally between two destinations.

How to do it: The iconic Raffles Hotels & Resorts will bring its unique blend of the intimate and luxurious to branded residences in 2022, with a collection in development at The OWO, the brand’s first opening in London, offering the opportunity to own a piece of history in the Grade II* listed Old War Office building. Across the pond, Raffles Boston Back Bay Hotel & Residences will feature 146 branded residences in a striking new 35-storey building comprising pied-a-terre suites, one-to-three-bedroom homes and magnificent penthouses.

Nobu Hotels will open its first branded residences in Toronto in 2022, embodying the Nobu spirit in both design and attitude. Situated atop the original Pilkington Glass Factory, the residences will comprise two striking towers anchored by the city’s flagship Nobu restaurant, with a signature Nobu Hotel at the top of the West Tower.

REBUILDING THE TRAVEL INDUSTRY

An inadvertent benefit of this year has been that destinations suffering from overtourism have recovered. Popular destinations were seeing an overwhelming number of visitors, which contributed to the alienation of locals, overloaded infrastructure and damage to nature. As tourism rebuilds, efforts to avoid a resurging crisis are already in effect, such as Italy banning cruise ships from Venice. Travelers will now seek destinations where they can leave a positive impact.

Where to go: Thanda Island is the world’s only private island surrounded by a protected marine reserve. Situated off the coast of Tanzania, the island is dedicated to conservation and preservation of the local environment, supporting the local NGO Sea Sense by participating in research and projects that aim to protect the region’s sea turtles, dugongs and whale sharks. Thanda Island also works with the local Park Rangers – who patrol and protect the reserve from illegal fishing – to offer dive training and help with boat maintenance, while its Whale Shark Citizen Science program allows the community to get involved with collecting identification data on whale sharks with the resident marine biologist. Sustainably minded in every way, energy on the island is generated by solar power, dishes are crafted with locally sourced ingredients and rainwater tanks help conserve this precious natural resource.

THE RETURN OF LONG-HAUL

The UK government’s traffic light system has limited which destinations are accessible. Now that many long-haul destinations are an option again, they will become increasingly attractive to travelers in 2022.

Where to go: Fairmont Maldives has already noticed a 20% increase in Q1 bookings for 2022 compared with the same period in 2021, demonstrating increased consumer confidence as holiday seekers count on late-winter escapes to far flung destinations. The island resort is the pinnacle of a luxury long-haul getaway, with stunning over-water accommodation, tranquil beaches and incredible experiences to be had on land and sea, including the soon-to-launch Sustainability Lab, which will allow guests to transform plastic waste into bespoke gifts and souvenirs.

QUALITY OVER QUANTITY

Travelers will seek out longer holidays in 2022 due to pent-up demand and more flexibility in work routines. This trend will see holidaymakers favoring few long trips over many short ones in order to make the most of each destination.

Where to go: COMO Hotels and Resorts’ Bali properties can be combined to create a twin-center escape, with extraordinary experiences beachside and in the depths of the Balinese jungle. Starting at COMO Uma Canggu in the country’s bohemian surfing neighborhood, intrepid travelers can try their hand at surfing with a seasoned guide, while relaxation-seekers enjoy the hotel’s whitewashed wellness retreat, COMO Shambhala Retreat. Next, the jungle awaits at COMO Uma Ubud , flanked by lush rice paddies, the hotel offers unparalleled access to the region’s spellbinding landscapes, intriguing temples and vibrant culture.

DEEP ROOTED DETOX

Already a prominent trend prior to the pandemic, the events of the past two years have undoubtedly heightened the importance of mental and physical wellbeing. In 2022, with fewer restrictions in place, many people will seek to reverse the effects of the past two years on their minds and bodies.

Where to go: Situated in the Swiss Alps, Chenot Palace Weggis offers a Recover & Energise programme, which aims to reduce stress, recharge the body’s all-natural energy and restore its vitality by combining detox treatments with clinically proven and patented neuroscience technology. The program encourages the body to restore its natural rhythms, reduce chronic stress, improve restorative sleep, and optimise energy levels – the ideal solution for a post-pandemic health reset.

WELLBEING IN DESIGN

Studies demonstrate a connection between design and physical health and wellbeing, inspiring a trend for architecture and design that takes its emotional impact into account. Factors such as daylight, colour, acoustics, indoor air quality and scents are all relevant, and increasingly considered in luxury spaces.

Where to go: Each Nobu Hotel is designed with a simple and calming style, blending Scandinavian aesthetics with Japanese minimalism, while paying homage to the distinctive elements of its surroundings. The design concept is part of the wider Nobu ethos, which is shaped around the concept of Kokoro, referring to the connection between emotions, feelings, spirit and soul.

CAYO Exclusive Resort & Spa has been intentionally designed to offer panoramic sea views from every bedroom, in order to immerse guests in the surrounding nature. Interiors utilize a muted color palate to support the Cretan sun and prevent harsh contrasts; designer Gian Paolo Venier says, “I like to think of CAYO’s design as ‘whispered’ – it embraces the natural surroundings rather than forcing itself upon them.”

THE FAMILY BUCKET LIST

Travel restrictions and limits on household mixing have kept families apart. With travel back on the cards, families will be planning long-awaited reunion trips in order to spend quality time together in destinations that are equipped for multi-generational groups.

Where to go: Emerald Maldives Resort & Spa – the Maldives’ leading resort for families ¬– will double its collection of Family Beach Villas in 2022, with spacious bedrooms, inviting communal spaces and private pools and gardens offering plenty of space for groups to reconnect. The resort offers an abundance of activities for all ages, including kids’ yoga and cooking lessons, relaxing spa treatments and adventurous water sports.

Located on Turkey’s Datça Peninsula, D-Maris Bay is an ideal destination for families hoping to stay closer to home. A water taxi service transports guests between the resort’s five pristine beaches catering to all ages, from Bay Beach’s delightful ice cream parlor to Silence Beach, where guests are encouraged to switch off from the outside world. D-Maris Bay Villa provides exceptional comfort and flexibility, with spacious bedrooms, a fully equipped kitchen, private pool and butler service.

WELLNESS FOR PETS

Research shows that 3.2 million UK households have adopted pets since the start of the pandemic, as the population sought companionship during extensive periods of lockdown and isolation. Amidst an increasing demand for pet friendly travel, 2022 will see the focus switch to wellness experiences for four-legged guests, as owners seek to maximize their pets’ health and appearance.

Where to go: London’s The Cadogan, A Belmond Hotel is launching the ultimate dog friendly experience in Chelsea, thanks to a partnership with local pet care expert Pet Pavilion, whisking canine guests away by doggy taxi for rejuvenating spa and grooming treatments. The hotel also has a new menu of nutritious delights to cater to specific breeds – which can be delivered by butler service and enjoyed in-room for added indulgence – and offers premium Pet Pavilion products including sumptuous pet beds, perfect for a nap after strolling around the beautiful Cadogan Place Gardens, to which guests have exclusive access.

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Luxury Travel Market

luxury travel market 2022

Luxury Travel Market Size by Tour (Customized & Private Vacations, Celebration Journeys, Culinary Travel & Shopping, Cruises, Yachting & Small Ship Expeditions, Safari & Adventure, and Others), Age Group (Millennial, Generation X, Baby Boomers and Silver Hair), Type of Traveller (Absolute Luxury, Accessible Luxury and Aspiring Luxury), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

  • Report ID: TBI-13818
  • Published Date: Nov, 2023
  • Category: Consumer Goods
  • Format: PDF

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  • Table of Content
  • Market Segmentation

Methodology

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The global Luxury Travel market generated USD 1,308.15 billion revenue in 2022 and is projected to grow at a CAGR of 8.74% from 2023 to 2032. The market is expected to reach USD 3,023.78 billion by 2032. The market is experiencing growth propelled by factors such as heightened levels of disposable income in emerging economies, elevated living standards, and a rising preference for exclusive, personalized travel experiences. The widespread adoption of the internet and the substantial presence of individuals on social media platforms are additional contributors to the market's expansion. Additionally, the increasing integration of digital technology is anticipated to further fuel the market's growth.

Market Introduction:

Luxury travel is a realm of exploration that transcends the conventional, offering an elevated and exclusive experience for those seeking opulence and comfort. At its essence, luxury travel is characterized by a commitment to providing discerning travellers with unparalleled service, tailored itineraries, and sumptuous accommodations. It goes beyond the ordinary, focusing on the finer details that transform a journey into a curated masterpiece. In luxury travel, each element is carefully curated to reflect sophistication and indulgence. Accommodations range from high-end resorts to private villas, providing a haven of elegance and tranquillity. Fine dining experiences showcase culinary artistry, often accompanied by rare wines and personalized service. Activities and excursions are crafted to immerse travellers in exclusive and authentic encounters, ensuring a journey that transcends the commonplace. Personalization is a hallmark of luxury travel, with dedicated concierge services catering to individual preferences and desires. Whether it's a bespoke tour, exclusive access to cultural events, or seamless travel arrangements, every aspect is tailored to fulfil the special expectations of the traveller. Luxury travel is not just a physical journey but a sensorial and transformative experience, leaving an indelible mark on those who indulge in its refined pleasures. It is a symphony of sophistication, a celebration of the extraordinary, and an invitation to explore the world in unparalleled style.

Luxury Travel Market Size

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Recent Development

  • In August 2023: Abercrombie & Kent has unveiled an exciting new private jet expedition in response to the growing desire for immersive wildlife encounters. This exclusive journey aims to enchant those passionate about exploring the Earth's most stunning natural marvels, all within the lap of luxury. The meticulously crafted itinerary sweeps travellers on a global odyssey, immersing them in the untouched beauty and diverse wildlife of some of the world's most pristine regions.  
  • In July 2023: Abercrombie & Kent (A&K) has declared its development into Costa Rica by establishing a DMC (Destination Management Company). This strategic decision underscores A&K's dedication to offering discerning travellers unparalleled journeys, seamlessly blending exclusivity, luxury and cultural immersion. The addition of Costa Rica to A&K's global portfolio is a natural fit, given the country's breathtaking natural beauty, diverse biodiversity, and commitment to sustainable tourism. With the introduction of its own DMC in Costa Rica, A&K is poised to extend its renowned level of service, providing transformative travel experiences that authentically capture the essence of each destination.  
  • In June 2023: Lindblad Expeditions joined forces with FOOD & WINE magazine to unveil an immersive eight-day voyage through the Pacific Northwest, tracing the scenic routes of the Columbia and Snake Rivers. Throughout this expedition, participants delved into the rich tapestry of the region's history, agriculture, and natural wonders, all while indulging in the delectable local cuisine and wines.
  • In February 2023: Flight Centre Travel Group, headquartered in Australia, has signed a deal to acquire Scott Dunn Ltd. for an estimated USD 149 million. As a key player in the leisure and corporate travel sectors across more than 20 countries, Flight Centre Travel Group strategically enters the U.K. and U.S. markets with this acquisition, accelerating its efforts to build a portfolio of luxury travel brands.

Market Dynamics:

Increasing Disposable Income - The rise in disposable income among the affluent population directly impacts the luxury travel market. As people have more money to spend, they are more inclined to indulge in premium travel experiences.

Desire for Exclusivity and Unique Experiences - Luxury travellers seek exclusivity and unique experiences that differentiate them from mainstream tourism. This factor includes private tours, personalized services, and access to exclusive events or locations.

Evolution of Consumer Preferences - Consumer preferences have evolved, with an increasing emphasis on experiences over possessions. Luxury travel allows individuals to create lasting memories through curated and exceptional experiences.

Restraints:

Economic Downturns - The luxury travel market is sensitive to economic downturns. During economic instability, consumers, even those with high disposable incomes, may cut back on discretionary spending, affecting the demand for luxury travel experiences.

Geopolitical Uncertainties - Political instability, conflicts, or geopolitical uncertainties in certain regions can significantly impact the luxury travel market. Travelers may be deterred from visiting destinations perceived as risky or unstable.

Opportunities:

Digital Innovation and Personalization - Continued advancements in digital technology provide opportunities for the luxury travel sector to enhance customer experiences. Personalized mobile apps, virtual reality tours, and other digital innovations can cater to the preferences of discerning travellers.

Wellness and Experiential Travel - The increasing focus on wellness and experiential travel creates opportunities for luxury travel providers to offer specialized services. This factor includes curated wellness retreats, adventure experiences, and activities that align with the evolving preferences of luxury travellers.

Collaboration with High-End Brands - Partnering with high-end brands from various industries, such as fashion, automotive, and technology, offers luxury travel providers opportunities to create exclusive collaborations. Joint ventures can enhance the overall luxury experience for travellers.

Challenges:

Environmental Concerns - Increased awareness of environmental issues poses challenges for the luxury travel market. Luxury travellers are becoming more conscious of their environmental footprint, demanding sustainable and eco-friendly practices, which may require significant investments from the providers.

Changing Consumer Preferences - Evolving consumer preferences and behaviours can present challenges for the luxury travel industry. Adapting to new trends, technological advancements, and shifting demographics requires constant innovation and flexibility.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the most prominent global Luxury Travel market, with a 40.37% market revenue share in 2022.

Europe boasts a rich cultural heritage with many historic landmarks, art treasures, and architectural marvels. The appeal of exploring centuries-old castles, museums, and cultural festivals attracts luxury travellers seeking immersive and sophisticated experiences. The region also offers a diverse landscape that ranges from the picturesque countryside to vibrant cities. This diversity allows luxury travellers to choose from various experiences, including luxurious spa retreats, coastal getaways, and cultural city tours, all within relatively short distances. Europe is home to some of the world's most iconic and luxurious hotels, resorts, and boutique accommodations. The combination of historic properties and modern, high-end facilities provides a unique offering for those seeking premium lodging experiences. In addition, European cuisine is celebrated worldwide for its sophistication and diversity. The continent is a haven for food enthusiasts, offering many Michelin-starred restaurants, local delicacies, and culinary experiences that cater to the discerning tastes of luxury travellers. Furthermore, European cities such as Paris, Rome, and Barcelona are considered cultural capitals, attracting luxury travellers interested in art, history, and architecture. World-renowned museums, theatres, and historical sites contribute to Europe's dominance in the luxury travel market. North America held the second-highest position in 2022. Cities like Los Angeles, Vancouver and New York are major hubs for luxury travel, offering high-end accommodations, fine dining, and exclusive shopping experiences. The vibrant cultural scenes and iconic landmarks contribute to the allure of these cities for affluent travellers. Additionally, North America boasts many luxurious hotels, resorts, and private accommodations. From opulent urban hotels to secluded luxury lodges, the region provides many options catering to luxury travellers' discerning tastes. Besides, North America boasts a well-developed transportation infrastructure, making it convenient for luxury travellers to explore multiple destinations. High-end transportation options, including private jets and luxury car services, contribute to the travel experience.

Europe Region Luxury Travel Market Share in 2022 - 40.37%

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Tour Segment Analysis

The tour segment includes customized & private vacations, celebration journeys, culinary travel & shopping, cruises, yachting & small ship expeditions, safari & adventure, and others. The safari & adventure segment dominated the market, with a share of 35.29% in 2022. Safari and adventure tours offer the allure of exclusive wildlife encounters in their natural habitats. Luxury travellers are drawn to witnessing majestic animals, such as lions, elephants, and giraffes, in pristine and untouched environments. In addition, many safari and adventure destinations are situated in remote and secluded areas, providing a sense of exclusivity and privacy. Luxury travellers seeking a retreat from crowded tourist destinations are attracted to these remote locations' tranquillity and untouched beauty. Furthermore, the safari and adventure tour often includes high-end lodges, luxury tented camps, and private villas seamlessly blending with the natural surroundings. These accommodations offer a combination of opulence and an immersive wilderness experience, attracting affluent travellers.

Age Group Segment Analysis

The age group segment is classified into millennial, generation X, baby boomers and silver hair. The baby boomers segment dominated the market, with a share of around 41.57% in 2022. Baby Boomers often have higher disposable income than younger generations. This financial stability allows them to indulge in premium and luxury travel experiences, contributing to their dominance in the luxury travel market. Furthermore, many Baby Boomers are approaching retirement or are already retired, providing them with more leisure time for extended and luxurious travel experiences. Time availability allows them to embark on longer journeys and explore destinations in-depth. Moreover, baby Boomers, at this stage in life, often seek comfort, relaxation, and stress-free travel experiences. Luxury travel, emphasizing premium amenities, personalized services, and tranquillity, aligns with the preferences of Baby Boomers seeking a leisurely escape.

Type of Traveller Segment Analysis

The type of traveller segment is divided into absolute luxury, accessible luxury and aspiring luxury. The absolute luxury segment dominated the market, with a share of around 56.23% in 2022. Absolute luxury travellers are characterized by their substantial financial capacity, allowing them to indulge in the most opulent and exclusive travel experiences. Their high net worth enables them to seek and afford the most premium accommodations, services, and amenities. The absolute luxury traveller often values exclusivity and privacy. They seek secluded and private accommodations, whether a private island resort, a luxury villa, or an exclusive penthouse suite. This preference for exclusivity sets them apart in the luxury travel market. Also, the absolute luxury traveller expects highly personalized and tailored experiences. Luxury travel providers catering to this segment go to great lengths to customize every aspect of the journey, from curated itineraries to private guides, ensuring a one-of-a-kind travel experience.

Some of the Key Market Players:

  • Abercrombie & Kent USA, LLC
  • Absolute Travel Inc.
  • Asia Transpacific Journeys
  • Butterfield & Robinson Inc.
  • Black Tomato
  • Cox & Kings Ltd.
  • Classic Journeys
  • Exodus Travels Limited
  • Geographic Expeditions, Inc.
  • Kensington Tours
  • Ker & Downey
  • Journeys 360 Travel
  • Lindblad Expeditions
  • Meredith Corporation, LLC
  • Micato Safaris
  • Odyssey World
  • Ovation Travel Group
  • Scott Dunn Ltd.
  • Travel Edge (Canada) Inc.
  • Thomas Cook Group
  • Tauck, Inc.
  • Virtuoso, Ltd.
  • Voyage Prive
  • Zicasso, Inc.

Report Description: 

Frequesntly Asked Questions

What is the market size of the global luxury travel market.

As per The Brainy Insights, the size of the luxury travel market was valued at USD 1,308.15 billion in 2022 to USD 3,023.78 billion by 2032.

What is the market growth rate of the global luxury travel market?

The global luxury travel market is growing at a CAGR of 8.74% during the forecast period 2023-2032.

Which region dominates the global luxury travel market?

The Europe region became the largest market for luxury travel.

What is the significant driving factor for the luxury travel market?

Increasing disposable income and desire for exclusivity and unique experiences influence the market's growth.

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Luxury Travel market based on below-mentioned segments:

Global Luxury Travel Market by Tour:

  • Customized & Private Vacations
  • Celebration Journeys
  • Culinary Travel & Shopping
  • Cruises, Yachting & Small Ship Expeditions
  • Safari & Adventure  

Global Luxury Travel Market by Age Group:

  • Generation X
  • Baby Boomers
  • Silver Hair

Global Luxury Travel Market by Type of Traveller:

  • Absolute Luxury
  • Accessible Luxury
  • Aspiring Luxury

Global Luxury Travel Market by Region:

  • South Africa

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luxury travel market 2022

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luxury travel market 2022

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luxury travel market 2022

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luxury travel market 2022

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luxury travel market 2022

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LUXURY TRAVEL MARKET ANALYSIS

Luxury travel market, by category (adventure & safari, cruise, rail journey, culinary travelling & shopping, customized & private vacations, and celebration), by age group (millennials, generation x, baby boomers, and silver hair), by type (domestic and international), and by region (north america, latin america, asia pacific, europe, and middle east &africa).

  • Published In : Mar 2023
  • Code : CMI2452
  • Pages : 160
  • Formats :   Excel and PDF
  • Industry : Consumer Goods

Global luxury travel market was valued at US$ 241.4 Billion in 2022, and is expected to exhibit a CAGR of 7.80 % in terms of revenue, over the forecast period (2023-2030), to reach US$ 440.4 Billion by 2030.

Global luxury travel market is expected to witness significant growth over the forecast period, owing to increasing number of travellers worldwide. According to the World  Travel  and Tourism Council, 2022, the worldwide investment on luxury travel and tourism is estimated to reach US$ 6,605.3 billion by 2028.

Global Luxury Travel Market- Drivers

Increasing disposable income

Increasing disposable income especially in emerging economy such as India is expected to drive the global luxury travel market growth during the forecast period. According to the Organization for Economic Cooperation and Development,in 2022, the global middle class populace is projected to increase from 1.8 billion in 2009 to 4.9 billion by 2030. Consumer spending on travel across India amounted to over U.S. $ 0.27 trillion  in the end of fourth quarter of 2022.

Increasing adoption of digital technology, use of internet, and high presence of people on social media platforms

Increasing adoption of digital technology is expected to boost growth of the market. Increasing use of internet and high presence of people on social media platforms also aids the market growth. Market players are focusing on capitalizing the social media presence to expand their consumer base and to strengthen consumer relation. Usage of internet allows consumer to compare brands, and offers several choices. Moreover, user-generated travel content is more influential over conventional advertising. Increasing appeal for travel storytelling, owing to platforms such as Instagram and various blogging sites is also expected to drive the market growth.

Therefore, increasing use of internet and social platforms contributes to growth of the global luxury travel market during the forecast period. For instance, according to the India Brand Equity Foundation (IBEF), in November 2022, India has experienced a boom in internet and smartphone penetration in the recent years. Driven by the ‘Digital India’ programme, the number of internet connections in India in 2021 increased significantly to 830 million. Out of the total internet connections, ~55% of connections were in urban areas, of which 97% of connections were wireless. The smartphone base has also increased significantly, and is expected to reach 1 billion by 2026.  All this factors helped India’s digital sector, and it is expected to reach US$ 1 trillion by 2030.

Global Luxury Travel Market- Restraint

High cost and less autonomy

Luxury vacations on  foreign land, the reality of luxury is very expensive, and is out of budget for middle class people. Most of tour companies have a pre-existing set of options to choose from while travelling such as from shore excursions to menu plans.  This can be tiresome to a traveller who is accustomed to create their own itinerary. By reducing the cost and autonomy can counterbalance this restraint.

Global Luxury Travel Market- Impact of Coronavirus (Covid-19) Pandemic

Rising tourism  leads to increase in costs as businesses get back on their feet. The pandemic was a had a negative impact on tourism. Travel and accommodation services are the two most important expenditures incurred by a traveller.

Moreover, costs of COVID-19 tests and travel insurance was also added to a tourist’s expenses. Meanwhile, the steady rise in oil prices has a significant impact on the cost of travel. Flight costs, accommodation prices, and other related expenses directly or indirectly affect edoil price rise. Therefore, airfares, accommodation costs, oil, insurance, and COVID-19 tests are the common parameters to get an estimated cost of domestic or international travel.

Global Luxury Travel Market- Segmentation

Global luxury travel market is segmented by category, by age group, by type, and by region. By Category, the market is segmented into adventure & safari, cruise, rail journey, culinary travelling & shopping, customized & private vacations, and celebration. By Type, the market is segmented into domestic and international. By Age Group, the market is segmented into millennials, Wrong market name.generation x, baby boomers, and silver hair. By Region, the global luxury travel  market analysis conducted across North America, Latin America, Asia Pacific, Europe, and Middle East and Africa.

Figure 1. Global Luxury Travel Market Share, By Region, 2022

LUXURY TRAVEL MARKET

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Europe region accounted for largest market share of 35% in global luxury travel market in 2022. North America held a dominant position in the luxury travel market in 2022, owing to increasing number of millionaires in the region followed by Asia Pacific, Middle East, Latin America, and Africa.

Luxury Travel Market Report Coverage

Figure 2. Global Luxury Travel Market Share, By Age Group, 2022

LUXURY TRAVEL MARKET

Among age group, baby boomers segment held a dominant position in global luxury travel market in 2022, and millennials segment is expected to record a significant growth during the forecast period. For instance, the older millennials (aging 25-35) are currently entering in their peak earning years, and earning more affluence at unprecedented rates. Therefore, increasing preference of baby boomers and millennials for luxury travel is expected to boost growth of the market. Moreover, millennials are expected to surpass baby boomers as the large living adult generation in the U.S.

Global Luxury Travel Market- Recent Development

On February 8, 2023, Abercrombie & Kent , launched 2024-25 Expedition Cruise Portfolio, New voyages, for remote destinations including the North Pole, Saudi Arabia, and the Solomon Islands, as well as added departures to perennial favourites Japan and Greece.

On December 22, 2022, A&K Travel Group Ltd., a global lifestyle and travel company that owns Abercrombie & Kent, Crystal Cruises, and Cox & Kings, announced an equity partnership with Santiago Dunn and his company, Ecoventura, a leader in sustainable travel in the Galapagos Islands. This  partnership foresees an equity investment in Ecoventura as well as the creation of a joint venture, headed by Santiago Dunn in his new role as CEO of A&K South America.

On February 1, 2023, Crystal Cruises , a U.S.-based cruise line  relaunched under a reimagined name and vision: Crystal– Exceptional at Sea. This new era for Crystal begins with an innovative website and branding under the guardianship of the A&K Travel Group.

On October 4, 2023, Abercrombie & Kent (A&K), the multi-award-winning luxury travel company, announced the  inauguration of four new Destination Management Companies (DMCs) in Colombia, Namibia, Saudi Arabia, and Canada.

Global Luxury Travel Market- Major Players

Major players operating in the global luxury travel market include Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company, TCS World Travel, TÜ ELITE, Cox & Kings Ltd., Travcoa, Micato Safaris, Scott Dunn Ltd., Kensington Tours Ltd., and Butterfield & Robinson Inc.

Market Definition:

The term luxury travel denotes travelling with a great deal of comfort and quality, without any stress or hassle whatsoever. It involves an elevated travel experience with minimum vexation and maximum amenities. Luxury travelers are specific about the things they want in order to have an enriching experience during the course of their vacation. Exclusive cabin class and extravagant hotels are one of the primary things they look for.   

Frequently Asked Questions

What are the growth estimates for global luxury travel market till 2030?

Which are the prominent market players across the globe, which segment based on age group, accounted for the highest demand in the market, what are the key factors driving growth of the market, what is the compound annual growth rate (cagr) of the market for 2023-2030, which region held the largest market share in the market.

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Luxury Travel Market To Surpass US$ 440.4 Bn By 2030

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The global Luxury Travel Market was valued at USD 1072.2 Billion in 2020 and is projected to reach USD 1795.7 Billion by 2028, growing at a CAGR of 4.8% from 2021 to 2028.

The Luxury Travel Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market are outlined.

The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Luxury Travel Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.

Global Luxury Travel Market Overview

An increasing number of domestic and international travelers with a high disposable income level is a key driver for 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. A luxurious escape from the hectic work schedules of the working professionals, especially millennials, has given a boost to this Luxury Travel Market.

This report provides an all-inclusive environment for the analysis of the Luxury Travel Market. The market estimates provided in the report are the result of in-depth secondary research, primary interviews, and in-house expert reviews. These market estimates have been considered by studying the impact of various social, political, and economic factors along with the current market dynamics affecting the Luxury Travel Market growth.

Along with the market overview, which comprises the market dynamics the chapter includes Porter's Five Forces analysis which explains the five forces: namely buyers' bargaining power, suppliers' bargaining power, the threat of new entrants, the threat of substitutes, and degree of competition in the Luxury Travel Market. It explains the various participants, such as system integrators, intermediaries, and end-users within the ecosystem of the market. The report also focuses on the competitive landscape of the Luxury Travel Market.

Global Luxury Travel Market: Segmentation Analysis

The Global Luxury Travel market has been segmented on the basis of Tour Type, Age Group Of Travellers, And Geography.

Key Players In Luxury Travel Market

The key market players in the global Luxury Travel Market are expanding their global stronghold via mergers and acquisitions and strategic partnerships. They are continuously launching customized and attractive travel plans and packages, which are in line with the evolving customers needs and desires.

The global market is highly fragmented, with the key players distributed across various regions and offering diversified package portfolios. Some key players in the market are Absolute Travel Inc., Thomas Cook Group, Scott Dunn, Coxs and Kings Ltd., Travelopia, Odyssey World, Butterfield & Robinson Inc., Classic Journeys, Abercrombie & Kent USA LLC and Travcoa.

For more information about this report visit https://www.researchandmarkets.com/r/djn2y0-luxury?w=4

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luxury travel market 2022

Luxury Travel – Key Trends and Market Analysis by Destinations, Challenges and Opportunities, 2024 Update

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luxury travel market 2022

Published: April 09, 2024 Report Code: GDTT-IR24-04-ST

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This analysis looks at the luxury sector within the tourism industry. Covering key trends, destinations and the opportunities and challenges the industry might face.

Luxury Travel Market Trends

The luxury travel industry is always changing, influenced by shifts in consumer preferences, advancements in technology, and economic trends such as AR and VR, bleisure travel, online travel, and personalization among others.

Bleisure Travel : With the increasing number of people working remotely and enjoying greater flexibility in their schedules, there has been a noticeable surge in bleisure travel. This type of travel seamlessly blends business and leisure, allowing individuals to make the most of their trips. There is a growing interest in travel packages that offer a mix of business meetings and leisure activities, including sightseeing, shopping, and dining.

Luxury Travel Market Trends

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Luxury Travel Market - Key Destinations

The key destinations in the luxury travel market are Mauritius, the UAE, and New York City. Mauritius has a diverse range of luxury offerings to attract all traveler types. Mauritius is renowned for its opulent beach getaways. It is truly the ideal destination for those seeking a tranquil island getaway.

Mauritius is a vibrant blend of Indian, African, French, and Chinese influences, creating a rich and colorful cultural landscape. If luxurious travelers are looking for a family holiday, a romantic honeymoon, or a reviving escape as a couple, Mauritius offers a wide selection of luxury hotels and resorts to cater to their preferences.

Luxury Travel Market Analysis by Destination

Luxury Travel Market Analysis by Destination

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Luxury Travel Holidays

The key luxury travel holidays are luxury rail travel and space tourism.

Luxury Rail Travel: It is evident that luxury train travel is experiencing a consistent rise in demand, after a prolonged period of being disregarded. The founder of Planet Rail, a company specializing in customized luxury train trips, highlighted the growing popularity of rail travel. There has been a noticeable rise in the number of customers seeking luxurious train experiences, ranging from first-class rail to the unparalleled luxury of the Venice Simplon-Orient-Express or the Pride of Africa train.

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Luxury Travel Market – Challenges and Opportunities

Meeting the discerning needs of luxury travelers: Luxury travelers hold exceptionally high standards for every aspect of their travel experience, ranging from accommodations and dining to activities and service. They expect individualized care, a sense of uniqueness, and a strong connection to their surroundings. Meeting these expectations can pose a challenge and require significant investment for luxury travel providers.

Providing tailored service: Discerning travelers anticipate a superior level of customized service. They desire a sense of being treated with utmost importance and distinction. Companies capable of delivering this caliber of service will be in a strong position to attract and retain high-end travelers.

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This report provides analysis of key market trends in the luxury tourism industry. Major key destinations are analysed, along with an analysis of travelers to provide valuable insight. Challenges along with opportunities in the industry are explained.

Key Highlights

In 2023, with the aftermath of pandemic driving the shift towards remote and hybrid work, there has been a surge in demand for high-end accommodations and workspaces that cater to the needs of digital nomads.

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Learn about the key trends in the luxury tourism industry

Frequently asked questions

The key destinations in the luxury travel market are Mauritius, the UAE, and New York City.

Some of the key trends influencing the luxury travel market trends are growth in technology usages such as AR and VR, bleisure travel, online travel, and personalization among others.

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Luxury travel market to see new growth in 2022

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In the luxury travel market, there has been an influx of consumer travel trends as a result of the COVID-19 pandemic. This includes a boom in private aviation services at the high end of the market, remote working from overseas locations and demand for private buyouts of large villas or boutique hotels, finds GlobalData.

The leading data and analytics company’s latest report, ‘Luxury Travel Market Trend and Analysis of Traveller Types, Key Destinations, Challenges and Opportunities, 2022 Update’ reveals that as luxury travellers resume travelling both domestically and abroad in the aftermath of the COVID-19 pandemic, they may begin to seek experiences that are more immersive and more exceptional than in previous years.

Hannah Free, Travel and Tourism Analyst at GlobalData, comments: “With travellers determined to make up for lost time, 2022 could see an increase in holiday budgets for luxury travellers, with an uptick in demand for ‘once in a lifetime’ adventures. According to a GlobalData poll, when respondents were asked if their holiday budgets had changed due to COVID-19, 16% reported that their budgets were ‘a lot higher than pre-COVID-19’, while 12% of respondents stated that their budgets were ‘slightly higher than pre-COVID-19’.”

Despite the demand for luxury travel, there is a growing demographic of socially conscious, high-net-worth consumers who are rejecting overt displays of wealth in favor of inconspicuous and responsible consumption. Their approach to luxury is driven by ethical living, artisanship, authenticity and sustainability. Experience is the new currency for these holidaymakers, who seek self-fulfillment through greener travel and eco holidays, while wanting to ‘do good’ for people and the planet. If luxury travel brands ignore this trend, it could put them at tremendous risk of total disconnect with an audience who are looking for sustainable options.

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Luxury Travel Market

Luxury travel market size, share & trends analysis report by type of tour (cruise/ship expedition, adventure & safari, celebration & special events, customized & private vacations, culinary travel & shopping, business tours, small group journey), by age group (millennial (21–30), generation x (31–40), baby boomers (41–60), silver hair (60 and above)), by type of traveller (absolute luxury, aspiring luxury, accessible luxury), booking channel (phone booking, online booking, in booking), by tourist type (domestic, international), by tour type (independent traveller, package traveller, tour group), by consumer orientation (men, women) and by region(north america, europe, apac, middle east and africa, latam) forecasts, 2024-2032.

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Market overview.

The luxury travel industry has been growing at an unprecedented rate in the last few years on account of increasing spending power, growing middle-class population, debouching luxury trends, and expanding luxury hotels. Recently, Marriott International announced to expand its luxury footprint across Asia-Pacific by establishing nearly 100 new luxury hotels in the coming years. As recorded by UNWTO, international tourism arrivals grew by 7% in 2017, which are about 1,322 million arrivals.  In 2019, Virtuoso, Ltd registered a 12% growth in the total sales, which was over USD 23 billion, up from USD 12.5 billion in 2013. 

Rising Internet Access and Competitive Travel Packages to Drive the Market Growth

Rising internet access is subsequently driving online research in terms of luxury holiday planning. In line with this, the leading players are offering exclusive deals at competitive prices to gain a competitive edge. As per the Travel and Tourism Statistic, around 83% of people use the internet for luxury travel planning, whereas 40% of people prefer travel agencies for luxury travel planning.

As per the data published by Our World in Data Organization, the number of internet users increased from 413 million in 2000 to over 3.4 billion in 2016. The online marketing strategy and strong internet presence of travel agencies such as TripAdvisor, Zoover, and Black Tomato Group drive the market growth. For instance, in 2018, eDreams Odigeo, a leading European e-commerce travel company, attended to over 18.5 million customer's travel needs.

The luxury travel market's most prominent driver is the burgeoning spending power across the globe. As per the Investopedia, around 22.8 million people fall under the high net worth income category and contribute over 30% to the global annual spending on travel. Apart from this, shifting preference towards sustainable traveling drives the market growth.

Increasing Number of Solo Travelers Drive the Market Growth

Travelers around the world are exploring ways to de-stress and restore mental health. In line with this, cruise lines are offering wellness luxury travel packages with restorative spa experiences, healthy menu choices, onboard oxygen bars, and the latest fitness equipment. Experiential traveling and access to new destinations and places by cruise drive the luxury travel market. An increasing number of solo travelers and female-centered cruises provide an impetus to the market growth

Germany: An Ideal International Luxury Travel Destination

Europe's tourism market witnessed an 8% growth in 2017. Germany, France, and Spain are at the forefront of the regional luxury travel market due to its rich cultural heritage. Germany has been witnessing a significant hike in tourism from international and domestic traveler's, further driving the market growth. As stated by the Internationale Tourismus-Börse (ITB), around 3.6 million luxury travel trips are taken by the British. Germany is considered a cultural travel destination and a suitable destination for international trade fairs across the globe. The country also secures the top position as a destination for international luxury travel in Europe by the German National Tourist Board. South East Asian countries such as Thailand, Malaysia, Singapore, and Indonesia are countries showing great potential to drive the luxury market in the European region, as there were 2.1 million trips being generated by these main markets to Europe in 2016. The below info graph depicts the global international arrivals in 2030 estimated by the United Nations World Tourism Organization.

Luxury travel is booming in the Asia-Pacific region due to its rich cultural heritage and developed adventure activities. According to United Nations World Tourism Organization (UNWTO), Asia-Pacific is the world’s fastest-growing regional tourist destination since 2005. The number of international tourists arrivals grew by 6% in 2017 to reach 323 million, which is above the world average of 4%. Traditional Asian beach hotspots like Thailand, Bali and the Maldives are gaining traction than ever before owing to the strong presence of world-class hotels and the best of cuisine. Among the Asia-Pacific region, China has emerged as the growing market for luxury travel in recent years, and also a top spender in international tourism. The region witnessed a spur in business tours cause of strong industrialization and favorable FDI policies, further boosting the luxury travel market sector.

Wellness luxury travel is a significant factor in driving market growth in the Asian region. According to the Global Wellness Institute, Asia-Pacific is the fastest-growing wellness tourism market and is expected to double from 2017-2020, from USD 137 billion to USD 252 billion. In the midst of the growth, Asia-Pacific recorded over 250 million wellness trips annually, backed by changing lifestyle and spending behaviors.

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Millennial's Contribute to Over 20% of the International Tourists

By age group, the millennial (21–30) segment holds the largest market share. The millennial and generation X are reshaping the luxury travel industry due to social media influence. Around 72% of millennials prefer spending money on experiences than material objects and account for over 20% of all international tourists. Scott Dun, a leading luxury traveling company, has been witnessing significant growth in the last few years. 

Adventure & Safari Segment to Grow at an Exponential Rate in the Luxury Travel Market

The adventure and safari segment is projected to grow at an exponential rate during the forecast period on account of rising demand for nature-based holidays. The high-income travelers are inclining towards unique personalized vacations such as educational tours, adventure & safari, and cruise/ship expedition. As per Skift, a travel industry media company, the cruising sector experienced a 7% growth in 2018. Today, activities such as mountain climbing, jungle safaris, and sky diving are witnessing huge popularity among the traveler’s. As per the Adventure Travel Trade Association (ATTA), the adventure travel market was valued at USD 683 billion in 2018 and is projected to double in the coming years. 

Market Size By Type of Tour

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COMMENTS

  1. Luxury Travel Market Size, Share And Growth Report, 2030

    The global luxury travel market size was estimated at USD 1.38 trillion in 2023 and is expected to grow at a CAGR of 7.9% from 2024 to 2030. Increasing spending by elite travelers to visit unexplored destinations and gain new experiences is driving the market growth. In addition, the rising trend of micro trips and the rapidly expanding tourism ...

  2. Luxury Travel Market Size, Trends, Growth Report 2031

    The global luxury travel market size was valued at $638.2 billion in 2021, and is projected to reach $1650.5 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.Luxury travel services cover most desirable and premium experience in terms of luxurious accommodations, convenient transport facilities, and authentic travel experience.

  3. Luxury travel and tourism worldwide

    Overall, the luxury travel market worldwide was estimated at just under two trillion U.S. dollars in 2022, with this figure forecast to increase by roughly six percent by 2032. Show more ...

  4. Luxury Travel Market Size, Share, Outlook & Trends

    Luxury Travel Market Outlook (2022 to 2032) [250 Pages Report] As per newly released data by Future Market Insights (FMI), the Luxury Travel Market is estimated at US$ 1,990.81 Billion in 2022 and is projected to reach US$ 2,105.12 Billion by 2032, at a CAGR of 6 % from 2022 to 2032. Attribute. Details.

  5. Luxury Travel Market- Global Industry Growth and Trend Analysis

    Global Luxury Travel Market Overview. The Global Luxury Travel Market size is expected to grow from USD 1.57 billion in 2022 to USD 3.29 billion by 2030, at a CAGR of 9.7% during the forecast period (2023-2030). Luxury travel is an exclusive and unique experience and more personalized service.

  6. Luxury Travel Market Size, Share, Trends Report 2024-32

    The global luxury travel market size reached US$ 2,143.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,088.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032. The rising demand for exclusive and personalized travel experiences, expanding high-net-worth individual (HNWI) population seeking ...

  7. Global Luxury Travel Market Size, Share, Forecast to 2032

    The Global Luxury Travel Market Size was valued at USD 1.67 Trillion in 2022. The Market Size is Growing at a CAGR of 8.2% from 2022 to 2032. The Worldwide Luxury Travel Market Size is expected to reach USD 3.7 Trillion by 2032. Asia Pacific Market is expected to grow the fastest during the forecast period. Get more details on this report -.

  8. Luxury Travel Market Trends, Size & Share

    Related Report. The luxury travel market is expected to grow at a compound annual growth rate (CAGR) of 6% from 2022 to 2032, from an estimated US$ 1990.71 billion in 2022 to US$ 2105.02 billion by 2032. Luxury travel services include the most coveted and premium experiences in terms of opulent lodging, practical transportation options, and ...

  9. Market size of luxury travel worldwide 2022

    In 2022, the market size of the global luxury travel industry was estimated at just under two trillion U.S. dollars. This figure is forecast to increase to an estimated 2.1 trillion U.S. dollars ...

  10. Luxury Travel Market Size, Share, Outlook

    The Global Luxury Travel Market size is expected to be worth around USD 2,762 Billion by 2032 from USD 1,328.10 Billion in 2022, growing at a CAGR of 7.80% during the forecast period from 2023 to 2032. The industry is being propelled by the growing spending of elite travelers who want to explore new destinations and have unforgettable experiences.

  11. Future of luxury travel

    The luxury travel industry has rebounded to pre-pandemic levels and is currently thriving, with a global market value of US$1.2 trillion in 2021 and a projected Compound ... Virtuoso® Travel Week 2022, "The Future of Luxury Travel" October 20, 2022. 3. Luxury Travel Advisor, "Affluent Sentiment Study" survey of 288 luxury travel advisors ...

  12. Luxury Travel Market Size by 2022-2027: Growth Strategy, Competitive

    Asia-Pacific is the largest Luxury Travel market with about 33% market share. Europe is a follower, accounting for about 30% market share. To Understand How Covid-19 Impact Is Covered in This ...

  13. Luxury Travel Trends in 2022

    Across the pond, Raffles Boston Back Bay Hotel & Residences will feature 146 branded residences in a striking new 35-storey building comprising pied-a-terre suites, one-to-three-bedroom homes and magnificent penthouses. Nobu Hotels will open its first branded residences in Toronto in 2022, embodying the Nobu spirit in both design and attitude.

  14. The Outlook For Luxury Travel In 2022

    With travel restrictions in place and prior to the destination surge, it was locals and drive-market travelers that essentially helped hotels and resorts weather the storm throughout much of 2020 ...

  15. Luxury Travel Market Size, Trends, Statistics Report 2032

    The global Luxury Travel market generated USD 1,308.15 billion revenue in 2022 and is projected to grow at a CAGR of 8.74% from 2023 to 2032. The market is expected to reach USD 3,023.78 billion by 2032. The market is experiencing growth propelled by factors such as heightened levels of disposable income in emerging economies, elevated living ...

  16. Luxury Travel Market

    Global luxury travel market was valued at US$ 241.4 Billion in 2022, and is expected to exhibit a CAGR of 7.80% in terms of revenue, over the forecast period (2023-2030), to reach US$ 440.4 Billion by 2030.. Global luxury travel market is expected to witness significant growth over the forecast period, owing to increasing number of travellers worldwide.

  17. Luxury Tourism Market Size

    2022: Luxury Tourism Market Size in 2022: USD 20 Billion: Forecast Period: 2023 to 2032: Forecast Period 2023 to 2032 CAGR: 15%: ... The market research report on luxury travel includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032, for the following segments:

  18. Global Luxury Travel Market to Exceed USD 2,762 Billion by

    Follow. New York, March 08, 2023 (GLOBE NEWSWIRE) -- Market.us has published a new report on the global Luxury Travel Market was valued at USD 1,328.1 billion in 2022 and is anticipated to reach ...

  19. Global Luxury Travel Market 2022: Featuring Absolute Travel, Thomas

    DUBLIN--(BUSINESS WIRE)--The "Global Luxury Travel Market Size By Tour Type, By Age Group Of Travellers, By Geographic Scope And Forecast" report has been added to ResearchAndMarkets.com's ...

  20. Luxury Travel Market Trends and Analysis by Passenger Flows

    In 2022, luxury travel took on a new perspective, prioritizing experiences over material possessions. ... Buy the Full Report for Additional Insights on the Luxury Travel Market Trends. Download the Free Sample. Luxury Travel Market - Key Destinations. The key destinations in the luxury travel market are Mauritius, the UAE, and New York City ...

  21. Luxury travel market to see new growth in 2022

    The leading data and analytics company's latest report, 'Luxury Travel Market Trend and Analysis of Traveller Types, Key Destinations, Challenges and Opportunities, 2022 Update' reveals that ...

  22. Luxury Travel Market Size, Share & Analysis 2029

    Wellness luxury travel is a significant factor in driving market growth in the Asian region. According to the Global Wellness Institute, Asia-Pacific is the fastest-growing wellness tourism market and is expected to double from 2017-2020, from USD 137 billion to USD 252 billion. In the midst of the growth, Asia-Pacific recorded over 250 million ...

  23. Luxury travel market growing at 8.9% says analysis

    The luxury travel market is estimated to reach $1650.5 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031, according to an Allied Market Research report. The market was valued at $638.2 ...