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The global luxury travel market reached a value of around US$ 1,605 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 9.1% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Luxury travel services deliver premium, exclusive, and personalized facilities to enhance the overall experience of individuals during their stay. These services include in-room dining, plush beds, reliable transport, complimentary Wi-Fi, gourmet meals, and innovative destinations. Nowadays, several travel companies are offering authentic holiday packages with unusual activities, off-the-beaten-track destinations, and 24 hours per day support to attract a broad consumer base and maintain a competitive edge. Moreover, the growing focus on unique trips with cultural visits, cruising, and adventurous sports is catalyzing the demand for luxury travel services across the globe.
The growing willingness among individuals to spend on leisure activities with exotic holiday experiences on account of inflating disposable incomes and improving transport facilities represents one of the significant factors fueling the market growth. In addition, the emerging trend of modern campsites or innovative glamping accommodations, coupled with the rising awareness among people about eco-friendly travel solutions, is positively influencing the demand for luxury travel worldwide. Apart from this, numerous travel companies are adopting advanced technologies, such as artificial intelligence (AI), to allow travelers to book their trips online, get better access to travel data, compare reservation options, and reduce time and effort. These companies are also focusing on the adoption of various measures to prevent the spread of the coronavirus disease (COVID-19) pandemic, which is impelling the market growth. Moreover, several enterprises are adopting Bleisure travel, which incorporates business with pleasure elements as well as offers recreational activities to relieve stress and improve work efficiency. In line with this, rapid globalization and the increasing number of multinational companies (MNCs) are encouraging the demand for luxury business travel around the world.
IMARC Group provides an analysis of the key trends in each sub-segment of the global luxury travel market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on type of tour, age group and type of traveller.
Breakup by Type of Tour:
Breakup by Age Group:
Breakup by Type of Traveller:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles 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.
|Base Year of the Analysis||2020|
|Segment Coverage||Type Of Tour, Age Group, Type Of Traveller, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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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