The global luxury travel market will witness significant growth due to travelers’ increasing desire for exclusive and exciting travel experiences
Increasing technical advancements and customization in luxury travel is driving the growth of the global luxury travel market. The COVID-19 pandemic has negatively affected the market. of Asia Pacific the region is likely to lead the market in the future.
NEW YORK, August 18, 2022 /PRNewswire/ — Research Dive has added a new report to its offerings titled, “Luxury Travel Market by Tour Type (Custom & Private, Adventure & Safari, Cruise/Ship Expedition, Small Group Travel, Celebrations & Special Events, Culinary & Shopping Travel), Age Group (Millennials, Gen X, Bosnian Kids and silver hair ), traveler type (absolute luxury, aspirational luxury and accessible luxury) and regional analysis (North America, Europe, Asia-Pacificand LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028“.
of the global luxury travel market expected to gather 1369.1 billion dollars until 2028growing into one CAGR of 8.8% from 2021 to 2028. The report provides comprehensive insights into the current market situation and future potential by examining market drivers and restraints, opportunities, key segments, and regions.
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Key findings of the segment Luxury travel mARkETS
The market is segmented on the basis of type of tour, age group, type of traveler and region.
- The adventure and safari sub-segment of the tour type segment is estimated to witness leading growth by surpassing $543,892.0 million in the anticipated period. This growth is mainly due to the increased demand for adventure travel and safaris, as they offer travelers extraordinary and unforgettable experiences such as extraordinary landscapes, wildlife adventures and unusual cultural encounters.
- The baby boomer sub-segment of the age group segment is projected to witness the highest growth and overshoot 517,801.8 million dollars in the anticipated period. This increase is mainly because baby boomers generally have flexible schedules, which allows them to travel and go on longer trips.
- The absolute luxury sub-segment of the commuter segment is projected to witness maximum growth and garner revenue of $757,089.2 million in the anticipated period. This growth is mainly due to the increasing adoption of luxury travel among travelers as these trips offer admirable hotels, priority check-in, good food services and better entertainment options such as night clubs, cruise dining, services on demand and others. .
- Regionally, Asia Pacific the luxury travel market is projected to observe increased growth at a CAGR of 14.5% in the estimated period. The growth of this market in the region is mainly due to increasing economic development, increasing desire of people to explore multiple places, increasing popularity for adventure travel, increasing demand for boat tours/cruising among the youth in this region. .
Broader insights related to (get 10% OFF) specific segments or regions of the luxury travel market
Luxury travel Market Dynamics
The major factor driving the growth of the global luxury travel market is a significant increase in demand for exclusive and interesting travel experiences that help people combat stress. Furthermore, increasing technical advancements and customization in luxury travel is anticipated to open doors for innovative opportunities for market growth over the forecast period. However, frequent changes in the socio-economic conditions of various regions due to incidents such as terrorist attacks, riots, political turbulence, natural calamities, and others are anticipated to hamper the market growth during the forecast period.
The impact of the COVID-19 pandemic on the luxury travel market
The COVID-19 pandemic has adversely affected the growth of the global luxury travel market in 2020. The implementation of the lockdown has halted the work of the travel and tourism industry worldwide. As a result, demand for luxury travel has been severely hampered. All these factors are hindering the growth of the market in the middle of the pandemic period. However, as the pandemic subsides since the end of 2021, some travel and tourism companies have resumed their normal processing; which is steeply helping the global luxury travel market to move forward.
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The best players Luxury travel mARkETS
The leading global market players are Kensington
- Tours Ltd.
- Abercrombie & Kent USA, LLC.
- Cox & Kings Ltd.
- YOU WE
- Scott Dunn Ltd.
- Micato Safaris
- Thomas Cook Ltd.
- Meredith Corporation, LLC
- Travcoa Corporation
- Butterfield & Robinson Inc., et al.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments and much more, are implemented by these players to achieve a strong position in the global market. – Consider purchasing the full report Click here! (Began in 2999 dollars)
For example, IN June 2022Titan Travela leading provider of escorted coach travel, ocean cruises and singles vacations, launched one of the most luxurious vacations, ‘Captivating Cultures: A Grand Tour from Rome to Rajasthan by private jet. With this launch, Titan Travel aims to establish a strong foothold in the global luxury travel market.
Additionally, the report provides other key details such as business tactics, financial performance and product/service range of key players along with Porter’s five forces analysis and SWOT analysis.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm offers the services that are based only on its exclusive data model, forced by the 360-degree research methodology, which guarantees a comprehensive and accurate analysis. With unprecedented access to several paid data sources, team of expert researchers and strict work ethics, the firm provides insights that are extremely accurate and reliable. By reviewing relevant news releases, government publications, decades of trade data, and technical and white papers, Dive Research provides its clients with the required services within the required timeframe. Her expertise is focused on examining specific markets, targeting its key drivers and identifying threatening barriers. Complementarily, she also has an ongoing collaboration with industry leading enthusiasts that further gives her research an edge.
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