Global Luxury Travel Market Expected to Reach $1,369.1 Billion, Growing 8.8% CAGR from 2021 to 2028
The global luxury travel market is expected to witness notable growth owing to the growing desire of travelers for exclusive and engaging travel experiences
The increase in technical advancements and personalization in luxury travel is fueling the growth of the global luxury travel market. The COVID-19 pandemic has had a negative impact on the market. The Asia Pacific region is likely to lead the market in the future.
NEW YORK, August 18, 2022 /PRNewswire/ — Research Dive has added a new report to its offerings titled “Luxury Travel Market by Tour Type (Bespoke & Private, Adventure & Safari, Boat Cruise/Expedition, Small Group Travel, Celebration & Special Events, Culinary & Shopping Travel), Age Group (Millennials, Generation X , baby boomer and silver hair) ), type of traveler (absolute luxury, budding luxury and accessible luxury) and regional analysis (North America, Europe, Asia Pacificand LAMEA): Global Opportunities Analysis and Industry Forecast, 2021-2028“.
The global luxury travel market should collect $1369.1 billion by 2028increasing to one CAGR of 8.8% from 2021 to 2028. The report provides comprehensive insights into the current status and future market potential by examining market drivers and restraints, opportunities, key segments and regions.
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Key Segment Results luxury travel Market
The market is segmented on the basis of tour type, age group, traveler type and region.
- It is estimated that the adventure and safari sub-segment of the tour type segment will see growth in the lead by surpassing $543,892.0 million within the estimated period. This growth is mainly due to the increasing demand for adventure and safari type travel, as they offer travelers exceptional and memorable experiences such as exceptional landscapes, wildlife adventures and unusual cultural encounters.
- The Baby Boomer sub-segment of the Age Group segment is expected to experience the highest growth and exceed $517,801.8 million within the estimated period. This growth is mainly due to the fact that baby boomers generally have flexible schedules, which allows them to travel and take longer trips.
- The absolute luxury sub-segment of the traveler type segment is expected to see maximum growth and collect revenue of $757,089.2 million within the estimated period. This growth is mainly due to the increasing adoption of luxury travel by travelers, as these trips offer admirable hotels, priority check-ins, decent catering services and better entertainment options such as night clubs, dinners cruises, on-demand services and others. .
- At the regional level, the Asia Pacific The luxury travel market is expected to witness increased growth with a CAGR of 14.5% over the estimated period. The market growth of this region is mainly due to increasing economic development, growing desire of people to explore many places, rising popularity of adventure travel, growing demand for boat tours/cruise among young people of this region.
Broader insights regarding (10% off) specific segments or regions of the luxury travel market
luxury travel Market dynamics
The key factor fueling the growth of the global luxury travel market is a significant increase in demand for exclusive and engaging travel experiences that help people beat stress. Furthermore, increase in technical advancements and personalization in luxury travel is expected to open doors for innovative opportunities for market growth over the projected period. However, frequent changes in the socio-economic conditions of various regions due to incidences such as terrorist attacks, riots, political turmoil, natural disasters and others are expected to deter the growth of the market during the forecast period. .
Impact of the COVID-19 pandemic on the luxury travel market
The COVID-19 pandemic has had a negative impact on the growth of the global luxury travel market in 2020. The implementation of lockdown has brought the travel and tourism industry to a halt across the globe. As a result, demand for luxury travel has been severely hampered. All these factors are hampering the growth of the market during pandemic times. However, as the pandemic subsides since late 2021, several travel and tourism businesses have resumed normal processing; which indirectly helps the global luxury travel market grow.
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best players of the luxury travel Market
The major players in the global market are Kensington
- Tours Ltd.
- Abercrombie & Kent USA, LLC.
- Cox & Kings Ltd.
- TUI SA
- Scott Dunn Ltd.
- Micato safaris
- Thomas Cook Ltd.
- Meredith Corporation, LLC
- Travcoa Corporation
- Butterfield & Robinson Inc., et al.
Many business strategies, such as acquisitions, mergers, R&D activities, development of new products, and much more, are implemented by these players to achieve a strong position in the global market. – Consider purchasing the full report Click here! (Begins to $2999)
For instance, in June 2022travel titanone of the leading providers of escorted coach tours, ocean cruises and singles vacations, has launched one of the most luxurious vacations, “Captivating Cultures: A Grand Tour from Rome to Rajasthan by private jet’. With this launch, Titan Travel aims to firmly establish itself in the global luxury travel market.
Additionally, the report offers other key details such as key players’ business tactics, financial performance, and product/service mix, along with Porter’s Five Forces analysis and SWOT analysis.
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Research Dive is a market research company based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that rely solely on its proprietary data model, constrained by the 360-degree research methodology, which guarantees complete and accurate analysis. With unparalleled access to several paid data resources, a team of expert researchers and a strict work ethic, the company offers extremely accurate and reliable information. By reviewing relevant press releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the required services to its clients in a timely manner. His expertise is focused on examining niche markets, targeting their key driving factors and spotting threatening obstacles. Complementarily, he also maintains seamless collaboration with leading industry enthusiasts, which provides an added edge to his research.
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