Luxury Travel Market to Reach $1,154 Billion by 2022 | Top Key Players bercrombie & Kent, Cox & Kings, Macato Safaris, Ker & Downey, Tauck, Thomas Cook, Scott Dunn , Kensington Tours , Butterfield & Robinson

According to a new report published by Allied Market Research, titled, Luxury Travel Market - Global Opportunity Analysis and Industry Forecast, 2014-2022, the global luxury travel market is expected to generate $1,154 billion by 2022, growing at a CAGR of 6.4% during 2016-2022. In 2015, North America and Europe collectively accounted for around 66% of the overall market revenue.

Access Full Summary at: https://www.alliedmarketresearch.com/luxury-travel-market?utm_source=OpenPR

Growing inclination of people towards unique and exotic holiday experiences, rise in middle and upper middle class spending and the increasing impact of social media on travel industry are the key factors that drive the market growth. Emerging new destinations coupled with rising service standards in the travel industry, is anticipated to further drive the demand for luxury travel, globally.

The adventure and safari segment accounted for about 44% of the overall luxury travel market revenue, by tour type in 2015, as this is identified as the most popular vacation option among young and middle age group travelers. In addition, tours aimed at culinary and shopping experience, would witness the fastest growth, registering a CAGR of 7.8% during the forecast period. An increasing number of luxury travelers are indulging in these tours as they enable these travelers to experience the finest local delicacies and also buy some of the most exquisite handicrafts. These trips are getting popular among travelers of all age groups, especially the millennials (21 - 30 years). In 2015, approximately 70% of millennials took a trip based on culinary interest.

Baby boomers segment is projected to hold the highest market share in the overall luxury travel market, by age group, as they have been identified as the highest travel spenders. As per industry sources, about 68% of the disposable income in the U.S. is controlled by Baby boomers and are estimated to inherit $15 trillion in the next 20 years. However, it has been identified that only 5-10% marketing is targeted at this traveler segment. Among the other age groups considered in our study, the segment of millennials; would exhibit the highest growth during the forecast period.

High spending power and search for exclusivity with high comfort and first class facilities are the major factors that promote the demand for luxury travel by absolute luxury travelers. It has been identified that the absolute luxury travelers take at least three to four luxury trips in a year. Among the three luxury traveler types, the absolute luxury traveler segment is projected to grow at a CAGR of 6.5% during the forecast period (2016-2022).

Regionally, Asia Pacifics luxury travel market would exhibit the fastest growth owing to the rise in number of middle income groups. Within Asia-Pacific luxury travel market, India is estimated to register CAGR of 12.3% from 2016 - 2022. Europe and Caribbean would continue to be the most preferred luxury travel destinations. The most popular luxury travel destinations in Europe are identified as Germany and Italy. Whereas, Paris is the global leading metropolitan destination, which witnesses nearly 18.8 million international arrivals yearly. In LAMEA, Brazil continues to show a promising potential and is predicted to become one of the top-five global economies by the middle of this century. As per the tourism statistics, tourist arrival in Latin America has observed an increase of 50% in the past decade.

Enquiry Report: https://www.alliedmarketresearch.com/purchase-enquiry/1662?utm_source=OpenPR

Key Findings of the Luxury Travel Market:
•In the year 2015, adventure and safari segment led the overall luxury travel market revenue, and is projected to grow at a CAGR of 5.8% during the forecast period.
•Adventure and safari is the most sought after tour type, with travelers from Europe, Latin America, and North America, comprising 78% of overall international departures in this segment in 2015.
•The millennials age group segment is expected to grow at a CAGR of 8.1%, owing to rising popularity of travel among this generation and the fact that they travel more often than the other generations.
•Absolute luxury traveler segment is projected to generate largest revenue in the luxury travel market.
•Asia-Pacific is estimated to witness significant growth during the forecast period (2016 to 2022), with China being the major stakeholder.

Key players profiled in this report are Abercrombie & Kent Ltd, Cox & Kings Ltd, Macato Safaris, Ker & Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc. Other players in the value chain include TUI Group, Zicasso, Inc., Black Tomato, Backroads, Lindblad Expeditions, and Exodus travels.

Download Sample Copy: https://www.alliedmarketresearch.com/request-sample/1662?utm_source=OpenPR

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1⟨855⟩550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

This release was published on openPR.