The global luxury travel market to generate revenue

New York, USA, April 27, 2022 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global luxury travel market should collect a revenues of $1,369,103.8 million by 2028growing exponentially at a 8.8% CAGR during the forecast period 2021-2028. The inclusive report provides a brief overview of the current market scenario including important aspects of the market such as the growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all market figures which makes it easy and helpful for new entrants to understand the market.

Luxury travel market segments

The report has divided the market into different segments based on type of tour, type of traveler, age group and region.

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Type of tour: most profitable adventure and safari segment

The adventure and safari segment of the global luxury travel market is expected to have a dominant market share during the forecast period. This sub-segment generated revenue of $189,843.8 million in 2020 and is further expected to register revenue of $543,892.0 million during the forecast period. The safari allows people to enjoy a distinctive, magnificent and unforgettable experience containing an immaculate blend of wildlife adventures, cultural encounters, impeccable landscapes and more. Adventure travel lets you engage in many productive activities like trekking, rafting, skydiving, hiking, bungee jumping, etc. significantly improve the physical and mental well-being of an individual. These factors are expected to support the growth of this luxury travel sub-segment over the forecast period.

Other sub-segments include custom and private cruises, boat expeditions, small group travel, celebrations and special events, culinary travel and shopping. The cruise/shipping sub-segment is expected to experience the fastest growth rate and generate revenue of $115,479.0 million during the forecast period.

Type of traveler: the absolute luxury sub-segment will be the most advantageous

The absolute luxury sub-segment is expected to occupy a dominant market share and is also expected to witness the fastest growth rate during the forecast period. This sub-segment generated revenue of $253,468.1 million in 2020 and is further expected to register revenue of $757,089.2 million during the forecast period 2021-2028. This is mainly due to the various benefits offered by the sub-segment such as premium priority check-ins, majestic hotels, delicious dining services, enhanced entertainment like 24/7 on-demand service, dinner cruise , VIP access to the disco, etc. . These services provide a unique and memorable experience for customers. These factors are expected to drive the growth of this sub-segment of the luxury travel market over the forecast period. Other sub-segments include aspiring luxury and accessible luxury.

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Age group: the baby boomer sub-segment will be the most lucrative

The baby boomer sub-segment is expected to generate revenue of $517,801.8 million during the forecast period. The flexible schedules of baby boomers, allowing them to choose longer vacations, are expected to support the growth of the sub-segment over the forecast period.

Region: Europe region will dominate the global market

The Europe region is expected to record revenue of $452,216.8 million during the forecast period. The growing popularity of this region due to the availability of reliable transportation, personalized service, professional staff, luscious quality of food and wine, political stability and others is expected to drive the growth of the market. Furthermore, the prevalence of major luxury travel destinations in this region like Italy, Spain, Germany, Portugal and others is expected to further accelerate the growth of the regional luxury travel market during the forecast period.

Dynamics of the luxury travel market

Drivers: Rising demand for unique, personalized and exotic travel experiences among customers across the globe is expected to sustain the market growth over the forecast period. In addition, luxury travel contributes significantly to improving physical and mental health, thereby reducing the stress of individuals. This factor is further expected to drive the growth of the luxury travel market over the forecast period.

Constraints: Varying socio-economic conditions across the globe are expected to hamper the market growth over the forecast period.

Opportunities: The increasing prevalence of high-speed internet along with innovative applications, allowing people to seamlessly book flights, hotels, launch online check-in and check-out facilities, etc. are expected to create numerous opportunities for the growth of the luxury travel market over the forecast period.

Impact of COVID-19 on the luxury travel market

The COVID-19 outbreak has negatively impacted the growth of the global luxury travel market, due to the prevalence of lockdowns in various countries around the world. Governments in various countries around the world have imposed strict travel restrictions to curb the spread of the virus during the pandemic. This has subsequently led to inauspicious dwindling revenue and losses for many travel and tourism businesses around the world as various domestic and international tours have been canceled amid the pandemic scare. Moreover, various people around the world have suddenly suffered financial crisis during the pandemic, which has consequently limited their spending on expensive or non-essential goods. However, many companies, with the help of their persistent technological advancements and initiatives, are providing the necessary assistance to society to recover from the unprecedented crisis.

The post COVID-19 pandemic has a lucrative growth for the luxury travel market. Connect with our expert analyst and get the full report – $2999 (read only)

Main market players

Key players in the luxury travel market include

  1. Micato safaris
  2. Thomas Cook Ltd.
  3. Meredith Corporation, LLC
  4. Abercrombie & Kent USA, LLC.
  5. Cox & Kings Ltd.
  6. Butterfield & Robinson Inc.
  7. Scott Dunn Ltd.
  8. Kensington Tours Ltd.
  9. Travcoa Corporation
  10. TUI AG, and many more.

These players are working on strategizing such as product development, mergers and acquisitions, partnerships, and collaborations to sustain the growth of the market. – Inquire [email protected] https://www.researchdive.com/purchase-enquiry/8410

For example, in May 2021, International trips to Froscha travel agency, based in the United States, with offices around the world, providing business travel management and luxury vacation planning, has acquired Valerie Wilson Travel Inc., an innovative travel consulting company based in New York, to strengthen Frosch’s presence in the global luxury travel market.

The report also summarizes many important aspects including financial performance of key players, SWOT analysis, product portfolio and latest strategic developments.

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Willie R. Golden