As per the latest report by IMARC Group, titled “Luxury Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global luxury travel market is expected to grow at a CAGR of 4.97% during 2022-2027. Luxury travel involves an elevated travel experience with minimum hassle and maximum amenities and comfort. Several companies offer luxury travel services to deliver exclusive, personalized and premium facilities to individuals to enhance the overall experience during their stay. These services comprise exotic destinations, reliable transport, plush beds, in-room dining, gourmet meals, and complimentary Wi-Fi. Nowadays, leading players are also providing authentic holiday packages with unusual activities, off-the-beaten-track destinations, and 24x7 services to attract more luxury travelers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Luxury Travel Market Trends:
The rising consumer expenditure capacities and increasing willingness to spend on leisure activities and exotic holiday destinations represent the primary factors driving the global market. Moreover, consumers are increasingly shifting toward unique trips with cruising, adventure sports, and cultural visits, which is creating a positive market outlook. Additionally, the growing awareness regarding eco-friendly travel solutions, coupled with the rising trend of modern campsites or innovative glamping accommodations, is catalyzing the demand for luxury travel. Besides this, several travel companies are rapidly adopting advanced technologies, such as artificial intelligence (AI), allowing travelers to book trips online, compare reservation options and get better access to travel data while saving time and effort. They are also taking various measures to prevent the spread of coronavirus disease (COVID-19), thereby propelling the market growth. Furthermore, the concept of Bleisure travel that combines business with pleasure elements, such as recreational activities, to improve work efficiency and relieve stress is gaining popularity among enterprises. This, in confluence with rapid globalization, improving transport facilities, and the increasing number of multinational companies (MNCs), is augmenting the demand for luxury business travel.
- Based on the type of tour, the market has been classified into customized and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, and culinary travel and shopping.
- The market has been divided based on the age group into millennials (21-30), generation X (31-40), baby boomers (41-60), and silver hair (60 and above).
- Based on the type of traveller, the market has been segregated into absolute, aspiring, and accessible luxury travellers.
- On the geographical front, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Abercrombie & Kent USA LLC., Butterfield & Robinson Inc., Cox & Kings Ltd., Exodus Travels Limited (Travelopia), Kensington Tours Ltd., Micato Safaris, Scott Dunn Ltd., Tauck, Thomascook.in (Fairbridge Capital (Mauritius) Limited) and TUI Group.
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