Global Luxury Travel Market Overview
It is estimated for the global luxury travel market to witness growth at a CAGR of 7.1% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 5.9% during the previous forecast period of 2018 to 2021. The term luxury travel denotes travelling with a great deal of comfort and quality, without any stress or hassle whatsoever. It involves an elevated travel experience with minimum vexation and maximum amenities.
Global Luxury Travel Market Growth Factors
The market for outbound tourism is witnessing growth at a decent rate owing to the increasing disposable income of the people around the globe. The market is also witnessing a boom owing to the decreasing rate of the aircrafts for travel and also owing to the easier visa facilities around the globe. Various countries offer on arrival visa and this factor is attracting a lot of tourism to those countries and this factor is estimated to boost the growth of the market during the forecast period. Apart from this, various countries are attracting tourists from all over the globe by indentifying various attractive schemes for the international tourists and this factor is also estimated to boost the growth of the market during the forecast period. However, some disturbing factors such as the war scenarios are estimated to hamper the growth of the market during the forecast period.
Global Luxury Travel Market Market Trends
The market is witnessing a boom owing to the decreasing rate of the aircrafts for travel and also owing to the easier visa facilities around the globe.
Various countries offer on arrival visa and this factor is attracting a lot of tourism to those countries and this factor is estimated to boost the growth of the market during the forecast period.
Apart from this, various countries are attracting tourists from all over the globe by indentifying various attractive schemes for the international tourists and this factor is also estimated to boost the growth of the market during the forecast period.
Global Luxury Travel Market Segmentation
The Global Luxury Travel Market is segmented based on tour outlook and age group.
Based on the tour outlook, the market is segmented by
Customized & Private Vacations
Safari & Adventure
Cruises, Yachting & Small Ship Expeditions
Celebration Journeys
Culinary Travel & Shopping
Others
Based on the age group, the market is segmented by
Millennial
Generation X
Baby Boomers
Silver Hair
Global Luxury Travel Market Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Luxury Travel Market Key Market players
Some key players operating in the luxury travel market include TUI Group, Butterfield & Robinson Inc., Cox & Kings Ltd., Scott Dunn Ltd., Abercrombie & Kent USA, LLC, Lindblad Expeditions, Geographic Expeditions, Inc., Micato Safaris, Exodus Travels Limited, and Travel Edge (Canada) Inc.
