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- Global Luxury Travel Market
Global Luxury Travel Market to Grow at 4% During 2024-2032, Propelled by Rising Consumer Expenditure Capacities
November 29, 2021
| Transportation and Logistics
As per the latest report by IMARC Group, titled “Luxury Travel Market Report by Type of Tour (Customized and Private Vacation, Adventure and Safari, Cruise and Ship Expedition, Small Group Journey, Celebration and Special Event, Culinary Travel and Shopping), Age Group (Millennial (21-30), Generation X (31-40), Baby Boomers (41-60), Silver Hair (60 and above)), Type of Traveller (Absolute Luxury, Aspiring Luxury, Accessible Luxury), and Region 2024-2032,” the global luxury travel market size reached US$ 2,143.5 Billion in 2023. 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.
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. Looking forward, IMARC Group expects the market to reach US$ 3,088.0 Billion by 2032, exhibiting a CAGR of 4% during the forecast period (2024-2032).
Market Summary:
- 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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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