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Luxury Travel Market Analysis by Tour (Customized & Private Vacations, Safari & Adventure, Cruises, Yachting & Small Ship Expeditions, Celebration Journeys, Culinary Travel & Shopping), By Age Group (Millennial, Generation X, Baby Boomers, Silver Hair) and by Region: Global Forecast, 2024 - 2034.

  • PUBLISHED ON
  • 2024-06-12
  • NO OF PAGES
  • 232
  • CATEGORY
  • Automotive & Transportation

Market Overview

The Luxury Travel market is predicted to develop at a compound annual growth rate (CAGR) of 7.3%from 2024 to 2034, when it is projected to reach USD 2.77 Trillion, based on an average growth pattern. The market is estimated to reach a value of USD 1.37 Trillion in 2024.

 

SOURCE: We Market Research

Luxury travel provides high-end, exclusive experiences that prioritise great quality and personalised service. It comprises five-star hotels and private villas, private jets and yachts, and customised activities based on individual interests. Luxury travellers seek out one-of-a-kind, immersive experiences, gourmet cuisine, and wellness-oriented services. The emphasis is on exclusivity, seclusion, and attention to detail, resulting in a smooth and unforgettable journey. This form of travel caters to affluent customers who seek unrivalled comfort, authenticity, and first-rate service in their vacation experiences.

Rising disposable incomes, particularly in emerging nations, fuel the global luxury travel market, as does the demand for distinctive, personalised experiences. Technological developments improve planning and the travel experience, while the emphasis on wellness and sustainable travel appeals to environmentally concerned clients. The expansion of luxury travel offerings, enhanced infrastructure, and the influence of social media and celebrity endorsements all help to boost the market. Increased investments in tourism infrastructure, as well as the trend of multigenerational travel, contribute to its rise. Enhanced safety precautions following the epidemic have reassured travellers, cementing luxury travel as an enticing and profitable market niche.

Market Scope

Report Attributes

Description

Market Size in 2024

USD 1.37 Trillion

Market Forecast in 2034

USD 2.77 Trillion

CAGR % 2024-2034

7.3%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2034

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Tour, By Age Group and By Region

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

 

Luxury Travel Industry: Dynamics & Restrains

 

Market opportunity:

 

We Market Research: Luxury Travel Dashboard

Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.


Luxury Travel Segmentation

Market- By Tour Analysis

By Tour, the Luxury Travel Market is Categories into Customized & Private Vacations, Safari & Adventure, Cruises, Yachting & Small Ship Expeditions, Celebration Journeys, Culinary Travel & Shopping. The Customized & Private Vacations segment accounts for the largest share of around 48% in 2024.


Drivers of the customized and private vacations segment in the global luxury travel market include personalized experiences, exclusivity, privacy, flexible itineraries, and tailored services, appealing to affluent travelers seeking unique, bespoke adventures with high levels of comfort and individual attention.

The following segments are part of an in-depth analysis of the global Luxury Travel market:

Market Segments

 

By   Age Group

·       Millennial

·       Generation X

·       Baby Boomers

·       Silver Hair

 Luxury Travel Industry: Regional Analysis

North America Market Forecast

North America dominate the Luxury Travel Market with the highest revenue generating market with share of more than 49%. The luxury travel market in North America thrives due to high disposable incomes and a strong inclination toward exclusive experiences. Travelers seek personalized services, private tours, and high-end amenities. The region's well-developed infrastructure and diverse luxury offerings, from urban escapes to high-end resorts, cater to these preferences, fueling sustained market growth.


Europe Market Statistics

Europe's luxury travel market benefits from its rich cultural heritage, renowned for gourmet dining, historic sites, and upscale shopping. There's increasing demand for eco-luxury and sustainable travel options, reflecting a shift toward environmentally conscious tourism. This region's emphasis on unique cultural experiences and refined elegance continues to attract affluent travelers.

Asia Pacific Market Forecasts

Asia Pacific is expected to be the fastest-growing regional segment of the Luxury Travel market during the forecast period. Rapid economic growth and rising affluence in Asia-Pacific countries are major drivers of the luxury travel market. High-net-worth individuals seek wellness retreats, adventure travel, and luxury experiences. Countries like China and India are significant contributors, with an expanding interest in both domestic and international high-end travel, propelling regional market growth.

Key Market Players 

The Luxury Travel Market is dominated by a few large companies, such as

·       Abercrombie & Kent Usa, LLC

·       Kensington Tours

·       Micato Safaris

·       Scott Dunn

·       Backroads

·       Black Tomato

·       Ker & Downey

·       Lindblad Expeditions

·       Travcoa

·       Thomas Cook Group PLC

·       Others


1.      Global Luxury Travel Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Luxury Travel Market Scope and Market Estimation

1.2.1.Global Luxury Travel Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2034)

1.2.2.Global Luxury Travel Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034

1.3.    Market Segmentation

1.3.1.Tour of Global Luxury Travel Market

1.3.2.Age Group of Global Luxury Travel Market

1.3.3.Region of Global Luxury Travel Market

2.      Executive Summary

2.1.    Market Dynamics

2.1.1.Drivers

2.1.2.Limitations

2.1.3.Opportunities

2.1.4.Impact Analysis of Drivers and Restraints

2.2.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.3.    Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.4.    Porter’s Five Forces Analysis

2.4.1.Bargaining Power of Suppliers

2.4.2.Bargaining Power of Buyers

2.4.3.Threat of Substitutes

2.4.4.Threat of New Entrants

2.4.5.Competitive Rivalry

2.5.      Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.      Global Luxury Travel Market Estimates & Historical Trend Analysis (2019 - 2023)

4.      Global Luxury Travel Market Estimates & Forecast Trend Analysis, by Tour

4.1.    Global Luxury Travel Market Revenue (US$ Mn) Estimates and Forecasts, by TYPE, 2019 to 2034

4.1.1.Customized & Private Vacations

4.1.2.Safari & Adventure

4.1.3.Cruises

4.1.4.Yachting & Small Ship Expeditions

4.1.5.Celebration Journeys

4.1.6.Culinary Travel & Shopping

5.      Global Luxury Travel Market Estimates & Forecast Trend Analysis, by Age Group

5.1.    Global Luxury Travel Market Revenue (US$ Mn) Estimates and Forecasts, by End-user, 2019 to 2034

5.1.1.Millennial

5.1.2.Generation X

5.1.3.Baby Boomers

5.1.4.Silver Hair

6.      Global Luxury Travel Market Estimates & Forecast Trend Analysis, by Region

6.1.    Global Luxury Travel Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2034

6.1.1.North America

6.1.2.Europe

6.1.3.Asia Pacific

6.1.4.Middle East & Africa

6.1.5.South America

7.      North America Luxury Travel Market: Estimates & Forecast Trend Analysis

7.1.    North America Luxury Travel Market Assessments & Key Findings

7.1.1.North America Luxury Travel Market Introduction

7.1.2.North America Luxury Travel Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

7.1.2.1.   By Tour

7.1.2.2.   By Age Group

7.1.2.3.   By Country

7.1.2.3.1.     The U.S.

7.1.2.3.2.     Canada

7.1.2.3.3.     Mexico

8.      Europe Luxury Travel Market: Estimates & Forecast Trend Analysis

8.1.    Europe Luxury Travel Market Assessments & Key Findings

8.1.1.Europe Luxury Travel Market Introduction

8.1.2.Europe Luxury Travel Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

8.1.2.1.   By Tour

8.1.2.2.   By Age Group

8.1.2.3.        By Country

8.1.2.3.1.     Germany

8.1.2.3.2.     U.K.

8.1.2.3.3.     France

8.1.2.3.4.     Italy

8.1.2.3.5.     Spain

8.1.2.3.6.     Russia

8.1.2.3.7.     Rest of Europe

9.      Asia Pacific Luxury Travel Market: Estimates & Forecast Trend Analysis

9.1.    Asia Pacific Market Assessments & Key Findings

9.1.1.Asia Pacific Luxury Travel Market Introduction

9.1.2.Asia Pacific Luxury Travel Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

9.1.2.1.   By Tour

9.1.2.2.   By Age Group

9.1.2.3.        By Country

9.1.2.3.1.     China

9.1.2.3.2.     Japan

9.1.2.3.3.     India

9.1.2.3.4.     Australia

9.1.2.3.5.     South Korea

9.1.2.3.6.     ASEAN

9.1.2.3.7.     Rest of Asia Pacific

10.  Middle East & Africa Luxury Travel Market: Estimates & Forecast Trend Analysis

10.1. Middle East & Africa Market Assessments & Key Findings

10.1.1.   Middle East & Africa Luxury Travel Market Introduction

10.1.2.   Middle East & Africa Luxury Travel Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

10.1.2.1.    By Tour

10.1.2.2.    By Age Group

10.1.2.3.    By Country

10.1.2.3.1. U.A.E.

10.1.2.3.2. Saudi Arabia

10.1.2.3.3. Egypt

10.1.2.3.4. South Africa

10.1.2.3.5. Rest of Middle East & Africa

11.  South America Luxury Travel Market: Estimates & Forecast Trend Analysis

11.1. South America Market Assessments & Key Findings

11.1.1.   South America Luxury Travel Market Introduction

11.1.2.   South America Luxury Travel Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

11.1.2.1.    By Tour

11.1.2.2.    By Age Group

11.1.2.3.    By Country

11.1.2.3.1. Brazil

11.1.2.3.2. Argentina

11.1.2.3.3. Colombia

11.1.2.3.4. Rest of South America

12.  Competition Landscape

12.1. Global Luxury Travel Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

12.2. Global Luxury Travel Market Competition White Space Analysis, By End-user

12.3. Global Luxury Travel Market Competition Heat Map Analysis, By End-user

12.4. Global Luxury Travel Market Concentration & Company Market Shares (%) Analysis, 2022

13.  Company Profiles

13.1.                     Abercrombie & Kent Usa, LLC.

13.1.1.    Company Overview & Key Stats

13.1.2.    Financial Performance & KPIs

13.1.3.    Product Portfolio

13.1.4.    Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

13.2.      Kensington Tours

13.3.      Micato Safaris

13.4.      Scott Dunn

13.5.      Backroads

13.6.      Black Tomato

13.7.      Ker & Downey

13.8.      Lindblad Expeditions

13.9.      Travcoa

13.10.  Thomas Cook Group PLC

13.11.  Others

14.  Research Methodology

14.1. External Transportations / Databases

14.2. Internal Proprietary Database

14.3. Primary Research

14.4. Secondary Research

14.5. Assumptions

14.6. Limitations

14.7. Report FAQs

15.  Research Findings & Conclusion 

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Luxury Travel Market in 2024?

Luxury Travel Market was valued at USD 1.37 Trillion in 2024.

What is the growth rate for the Luxury Travel Market?

Luxury Travel Market size will increase at approximate CAGR of 7.3%during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the Luxury Travel Market Are Abercrombie & Kent Usa, LLC, Kensington Tours, Micato Safaris, Scott Dunn, Backroads, Black Tomato, Ker & Downey, Lindblad Expeditions, Travcoa, Thomas Cook Group PLC and Others.

Which region dominates the Luxury Travel Market?

North America dominates the market with an active share of 49%.

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