The luxury travel market will grow by 2027 to exceed
According to a new report published by Allied Market Research titled, “Luxury Travel Market by Tour Type, Age Group, and Traveler Types: Opportunity Analysis and Industry Forecast, 2021-2027,”
The global luxury travel market has been growing rapidly over the past few years due to people’s growing interest in unique and exotic vacation destinations. Luxury travel is a niche market; however, it is gradually gaining market share in the overall travel industry, owing to the growth in disposable income and rising living standards of people. The rise in the number of high net worth individual HNIs in emerging markets is further propelling the growth of luxury travel trends. The global luxury travel market is expected to reach $1,198,380.7 million by 2027, growing at a CAGR of 11.1%, from 2021 to 2027.
The global market is fragmented with the presence of several market players in various regions. The strong presence of private labels gives tough competition to global players. Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck, Thomas Cook Group PLC, Scott Dunn Ltd, Kensington Tours and Butterfield & Robinson Inc.
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The growth of the luxury travel industry is attributable to the large number of luxury travel agencies that are turning to new age technologies. This is to reinforce the status of luxury travel and provide guests with state-of-the-art facilities. The Oculus Rift virtual reality device, Amazon eco-artificial intelligence, Go Pro wearable technology and DaVinci 3D printing are some of the advanced technologies launched for customers to enhance their travel experience.
The luxury travel market is segmented on the basis of tour types, age group, traveler type and region. In 2019, the adventure and safari segment holds around 44% of the global luxury travel market share. The segment is expected to maintain its leading position in the market over the forecast period owing to the increased interest of people to explore new and exciting experiences while traveling. Based on age group, the market is categorized into millennial, generation x, baby boomer, and silver hair. The silver hair segment is estimated to be the fastest growing market in the overall luxury travel market forecast. Based on traveler type, the market is divided into absolute luxury, aspiring luxury and accessible luxury.
Absolute luxury is the largest and fastest growing segment in the luxury travel market. It is estimated to reach the market size of $668,530.0 million by 2027, registering a CAGR of 11.3% from 2021 to 2027.
Regionally, Asia-Pacific is the fastest growing market with a CAGR of 14.2% over the forecast period. LAMEA is expected to be the second fastest growing market, due to the developing economies in the region.
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Emerging Asia-Pacific and LAMEA countries are expected to drive the market growth over the forecast period. Asia-Pacific is the major revenue contributor to the market.
Growing number of HNI population and rising aspirations of young and affluent millennials are expected to significantly drive the growth of the market in the region. Baby boomers and Generation X are the major contributors to the Asia-Pacific market.
People’s renewed interest in exploring new places and having unique travel experiences has encouraged market players to offer trips that connect travelers to the local culture of the destination and explore the unknown knowledge of the place and its inhabitants. However, changing socio-economic conditions threaten the growth of the market.
Market players are coming up with new trips and personalized travel plans, which cater to the needs of travelers. Large companies such as Abercrombie & Kent Ltd. and Cox & Kings Ltd. have a strong team of experts, who know the tourist spots and help travelers choose the best trip.
Main results of the study
The adventure and safari tours segment is expected to grow at a CAGR of 10.7% during the forecast period.
The Gen X segment is expected to grow at a CAGR of 11.5% during the forecast period.
Baby boomers expected to lead luxury travel market growth, registering a CAGR of 10.7%
The absolute luxury travel segment is expected to contribute with the highest market share during the forecast period, with around 55% market share in 2027 and a CAGR of 11.3%
The culinary travel and shopping segment is expected to lead the growth of the global action camera market with a CAGR of 12.8% during the forecast period.
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Allied Market Research, a market research and consulting firm of Allied Analytics LLP, provides market intelligence and market research reports to large, small and medium-sized businesses. The company helps its clients to develop business strategies and achieve sustainable growth in their respective market area.
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