PUBLISHER: Allied Market Research | PRODUCT CODE: 1239435
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239435
The global luxury travel market is projected to reach $1,650,447.7 million by 2031, growing at a CAGR of 8.9%, from 2022 to 2031. Luxury travel market epitomizes most desirable destinations, luxurious accommodations, convenient transport facilities, and authentic travel experience. Luxury travel aims to offer exotic experience to its travelers. Private jet planes, spas, special menus, private island rentals, and private yacht are some of the unique services offered to the luxury travelers. Travelers, nowadays, love to experiment with destinations to gain deeper experience and absorb new cultures worldwide. To gain a valuable and unforgettable experience, people increasingly opt for unique trips which include cultural visit, cruising, and adventure activities. People spend large amount of money on luxury travel to avail the highest level of comfort and exclusive individual services. Europe and North America are the most preferred destinations for luxury travel.
Growth in inclination of people toward unique and exotic holiday experiences, rise in the middle & upper class expenditure, and growth in interest of people to spend more time with family are some of the factors that propel the growth of the luxury travel market. People opt for unique abroad holiday, cruising, and adventure trips for valuable experiences. Business travel has also evolved over the time and people tend to travel lavishly for business trips. Fluctuating economies in many regions act as a threat for the growth of the luxury travel market.
The luxury travel market is segmented on the basis of types of tours, age group, type of traveler, and region. Based on types of tours, the market is bifurcated into customized and private vacations, adventure and safari, cruise/ship expedition, small group journey, celebration and special event, and culinary travel and shopping. Age groups of luxury travel market are millennial (21-30), generation x (31-40), baby boomers (41-60), and silver hair (60 and above). Luxury travel market is further bifurcated into types of traveler as absolute luxury, aspiring luxury, and accessible luxury. Geographically, the global luxury travel market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Singapore, India, and Rest of Asia-Pacific), and LAMEA (Middle East, Latin America, and Africa).
Although the key developed countries such as the U.S. and Italy hold a higher share of the luxury travel market, there has been a rise in demand for international luxury travel in the developing countries such as China and India. The drift is due to the increase in the per capita income of middle class travelers in the developing countries. The key players profiled in this report include: Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.