Luxury Travel Market Size Worth USD 2.61 Trillion by 2030 – Growth Prospects, Investment Analysis, Demand Increase Prospects

Dexterous market research

With the largest market share, the European region is most likely to dominate the luxury travel market. The presence of large companies like Abercrombie & Kent USA, LLC, Micato Safaris, Cox & Kings Ltd, Travcoa, Ker & Downey, Tauck, Scott Dunn Ltd, Kensington Tours, Thomas Cook Group PLC and Butterfield & Robinson Inc. and different strategies adopted should contribute to the luxury travel market.

Dallas, Texas, Oct. 10, 2022 (GLOBE NEWSWIRE) — With rising disposable incomes and improved transportation options, people’s growing propensity to spend money on exotic vacations and leisure activities is a key factor that stimulates the world luxury travel market expansion. As people become more aware of eco-friendly travel options and modern campsites or creative glamping accommodations become more popular, the demand for luxury travel is growing across the world. Apart from this, many travel agencies are using advanced technologies, such as artificial intelligence (AI), to give customers the ability to book trips online, improve access to travel information, compare different booking options and save time and effort. . The size of the global luxury travel market was US$1,947.2 billion in 2021, and the industry is projected to reach US$2,617.8 billion by 2030, at an annual growth rate. compound (CAGR) of 5.7%.

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To enhance the guest experience throughout their stay, luxury travel services offer premium, exclusive and personalized amenities. These amenities include comfortable mattresses, free Wi-Fi, gourmet in-room dining, reliable transportation, and state-of-the-art locations. Today, a number of travel companies are offering true vacation packages with out-of-this-world activities, 24-hour support, and off-the-beaten-track locations to attract a large clientele and maintain a competitive edge. The demand for luxury travel services is also fueled by the growing emphasis on one-of-a-kind travel, including sailing, cultural excursions and daring sports. While local economies depend on tourists spending money on things like culture, art, guides, restaurants and sporting events, luxury travel plays a crucial role in distributing wealth in the world.

In terms of age-based segments, the industry is divided into millennials, baby boomers, generation X, and silver hair. Among these, the baby boomer age group segment dominated the global market in 2021 and accounted for the highest share of over 42.68% in terms of revenue. Baby boomers have the time, money, and desire to travel, to visit a number of exciting places, and to check off a variety of items on their to-do list, such as taking a cruise around the world, spend long vacations on a luxurious cruise ship, see exotic ports and go on a chic safari.

Report coverage and details:

Report cover

Details

Year of reference

2022

Study period:

2020-2030

Market size in 2030

$2,617.8 billion

CAGR

CAGR of 5.7% over the period 2021-2030

Segment covered

Circuit, Age group, Type of trip, Regions

Regions covered

North America, Europe, Asia-Pacific, Middle East and Africa, South America

In 2021, the North American luxury travel market will reach $2,000 million. One of the drivers of regional growth is the growing number of millennials planning solo trips to remote locations with as much freedom and flexibility as possible. By 2029, Europe is expected to become an important center for the luxury travel industry. This can be attributed to actions taken by major regional companies to increase their market share.

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For example, high-end tourism company White Desert launched Echo in November 2021, allowing guests access to the Antarctic continent for exquisite experiences and rarely seen views of its interior. Similarly, a special-edition voyage with astronomy specialists, including the first woman to walk in space, was announced by Abercrombie & Kent USA, LLC in November 2019. Antarctica & the Total Solar Eclipse cruise from the company is designed to offer a privileged encounter with celestial views, in collaboration with specialists.

Contents:

1. Introduction

2. Research methodology

3. Market Outlook

4. Luxury Travel Market by Type, 2022-2029 (USD Billion)

o Personalized and Privet

o Adventure and Safari

o Boat Cruise/Expedition

o Small group travel

o Celebrations and special events

o Culinary and shopping trips

5. Luxury travel by distribution channel, 2022-2029 (USD billion)

on line

Offline

6. Luxury Travel by Region 2022-2029 (USD Billion)

7. Competitive landscape

9. Company Profiles

10. Appendix

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