The luxury travel market size will reach USD 39,300 million by 2028 at a CAGR of 8.4%
BANGALORE, India, February 23, 2022 /PRNewswire/ — The luxury travel market is segmented by type (Custom & Private Vacations, Adventure & Safari, Boat Cruise/Expedition, Small Group Travel, Celebration & Special Event, Others), age range (Millennials, Generation X, Baby Boomers). The report covers global opportunity analysis and industry forecast from 2022 to 2028.
The size of the luxury travel market has been estimated at $22200 million in 2021, and it is expected to reach $39,300 million by 2028, registering a CAGR of around 8.4% during the forecast period (2022-2028).
Major Factors Driving the Growth of Luxury Travel Market:
The luxury travel market is expected to be driven by rising middle and upper class disposable income and consumer spending, growing demand for hoarded travel souvenirs and an increase in micro travel. Additionally, the growing use of internet and the presence of social media are driving the market forward.
The main benchmark for the luxury travel market is the growing preference of travelers for personalized service, reliable transport, exclusivity and positive and professional interactions with staff.
Additionally, increasing political stability around the world in terms of gender, ethnicity, sexual orientation, human rights, racism, citizenship and visa availability is propelling the luxury travel market to the upside. ‘before.
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Trends influencing the growth of the luxury travel market:
The luxury travel market will likely be driven by an increase in the number of people who prefer solo luxury tourism to achieve their travel goals without distractions or interruptions.
Consumer spending, rising millennial spending, and expanding tourism sector are all contributing to the growth of the luxury travel market. Growing middle class populations are significant contributors to the market expansion. Consumers are rapidly increasing their travel spending due to increased disposable income and celebrations and special events. Also, growing wealth and government easing of visa restrictions on travelers are driving the market forward at a rapid pace.
Consumer spending on travel is increasing as the labor force grows, with more women in the labor force. As a result, the market has witnessed an increase in the number of female travelers, which is driving the growth of the market. According to statistics, luxury travel has become popular and a top priority for most people in terms of future spending options. Market leaders are devising unique strategies to target the growing middle class segment to capitalize and attract more customers.
The growing use of the internet and the presence of social media are propelling the luxury travel market forward. Traditional advertising is less effective than user-generated travel content. Additionally, travel storytelling on social media platforms such as Instagram, Facebook, and blogging sites has exploded.
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Luxury travel market share analysis
Based on the region, Asia Pacific held the largest luxury travel market share of around 33%. Europe is second, accounting for around 30% market share.
Based on age group, the Millennial segment is expected to be the most lucrative segment. Luxury and sensible consumption are more important to Millennials than owning things. They are more religiously and politically independent, more enterprising, less likely to marry, distrustful of authority, better educated, and more travel-oriented than any previous generation.
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Leading Companies in the Luxury Travel Market:
The major companies discussed in this report are TUI Group, Thomas Cook Group, Jet2 Holidays, Cox & Kings Ltd, Lindblad Expeditions, Travcoa, Scott DunnAbercrombie & Kent Ltd, Micato Safaris, Tauck, Al TayyarBackroads, Zicasso, Exodus Travels, Butterfield & Robinson, etc.
“The top 5 companies are expected to hold around 14% market share”.
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