The luxury travel market will reach 1,230 billion dollars between 2020 and 2025 | Evolving Opportunities with Abercrombie & Kent USA LLC, Absolute Travel Inc., Butterfield & Robinson Inc. | More than 17,000 Technavio reports

  1. Market Growth 2020-2025: $10.23 trillion
  2. Growth momentum and CAGR: slowdown to a CAGR of 26%
  3. Annual growth (%): 45.30%
  4. Contribution to successful market: Europe at 30%
  5. Main consumer countries: United States, Germany, China, France, and the UK

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Regional Market Analysis
With 30% of growth coming from Europe, this region will register a rapid growth rate from 2020 to 2025.

the the increase in disposable income and the trend of sports tourism are is expected to drive the growth of the luxury travel market

Apart from this, the other major reasons for the increasing growth of the luxury travel market in Europe are:

  • The increasing number of baby boomers, the presence of many exotic destinations, the growing demand for personalized vacations, the availability of easy transportation, the rapid increase in the number of food festivals and the presence of large vendors will be crucial.
  • Growth in the market share of luxury travel by adventure component will be important for revenue generation

For additional regional market information: Request a free sample report.

Top Vendors and Vendor Strategies

Abercrombie & Kent USA LLC, Absolute Travel Inc., Butterfield & Robinson Inc., Classic Journeys, Cox & Kings Ltd., Indigenous Tourism BC, Odyssey World, Responsible Travel, Scott Dunn, and Travelopia are some of the major providers of the luxury travel market.

Vendors in the market are constantly focusing on expanding their product portfolio by expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.

For example:

  • Abercrombie & Kent USA LLC -In January 2019, the company launched new wellness-inspired luxury small-group trips in India, South East Asia, Kenya, and Peru.

Download our free sample report to get a brief understanding of various other vendors and vendor strategies.

Key market driver

Our analysts have detailed insights into the main driver of the luxury travel market –

  • Increase disposable income:
    • The increase in disposable income is one of the main growth factors in the luxury travel market. Factors such as the increase in dual household income, per capita income and rapid growth in the employment rate have led to the increase in disposable income around the world. Growth in disposable income should increase consumer spending and purchasing power. The boom in the tourism industry has also encouraged consumers to spend on travel and leisure activities with exotic vacation experiences. Hence, the increase in disposable income is driving the demand for luxury travel to different destinations across the globe, which, in turn, is driving the growth of the global luxury travel market.

To know some other market drivers, trends and challenges –Download our free sample report

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Scope of the luxury travel market

Report cover

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth momentum and CAGR

Decelerate at a CAGR of 26%

Market Growth 2021-2025

$1.23 trillion

Market structure

Fragmented

Annual growth (%)

45.30

Regional analysis

Europe, North America, APAC, MEA and South America

Successful market contribution

Europe at 30%

Main consumer countries

United States, Germany, China, France and United Kingdom

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

Abercrombie & Kent USA LLC, Absolute Travel Inc., Butterfield & Robinson Inc., Classic Journeys, Cox & Kings Ltd., Indigenous Tourism BC, Odyssey World, Responsible Travel, Scott Dunn and Travelopia

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, Impact of COVID-19 and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

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