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
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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
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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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