Press release
Luxury Travel Market Expected to Reach $1,154 Billion, By Leading Industry Players Abercrombie & Kent Ltd, Cox & Kings Ltd, Macato Safaris, Ker & Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.
Luxury Travel Market
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.
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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).
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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.
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.
LIST OF FIGURES
FIG. 1 LUXURY TRAVEL NEEDS
FIG. 2 TOP IMPACTING FACTORS
FIG. 3 TOP INVESTMENT POCKETS
FIG. 4 TOP WINNING STRATEGIES
FIG. 5 VALUE CHAIN ANALYSIS
FIG. 6 PORTERS FIVE FORCES MODEL
FIG. 7 MARKET POSITIONING, 2015
FIG. 8 GROWING MIDDLE CLASS SPENDING, 2009-2030, ($ TRILLION)
FIG. 9 ONLINE TRAVEL BOOKING, BY COUNTRIES (MILLIONS), 2010
FIG.10 EXPECTATIONS OF LUXURY TRAVELER
FIG. 11 WORLD LUXURY TRAVEL MARKET, BY TYPES OF TOUR, 2014 & 2022, (%)
FIG. 12 WORLD LUXURY CUSTOMIZED AND PRIVATE TOUR MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2014 & 2022 (%)
FIG. 13 WORLD LUXURY CUSTOMIZED AND PRIVATE TOUR MARKET, REVENUE, 2014-2022, ($MILLION)
FIG. 14 WORLD LUXURY CUSTOMIZED AND PRIVATE TOUR MARKET, SHARE ANALYSIS, BY REGION, 2014-2022 (%)
FIG. 15 WORLD LUXURY ADVENTURE AND SAFARI TOUR MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2014 & 2022 (%)
FIG. 16 WORLD LUXURY ADVENTURE AND SAFARI TOUR MARKET, REVENUE, 2014-2022, ($MILLION)
FIG. 17 WORLD LUXURY ADVENTURE AND SAFARI TOUR MARKET, SHARE ANALYSIS, BY REGION, 2014-2022 (%)
FIG. 18 WORLD LUXURY CRUISE/SHIP EXPEDITION TOUR MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2014 & 2022 (%)
FIG. 19 WORLD LUXURY CRUISE/SHIP EXPEDITION TOUR MARKET, REVENUE, 2014-2022, ($MILLION)
FIG. 20 WORLD LUXURY CRUISE/SHIP EXPEDITION TOUR MARKET, SHARE ANALYSIS, BY REGION, 2014-2022 (%)
FIG. 21 WORLD LUXURY SMALL GROUP JOURNEY MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2014 & 2022 (%)
FIG. 22 WORLD LUXURY SMALL GROUP JOURNEY MARKET, REVENUE, 2014-2022, ($MILLION)
FIG. 23 WORLD LUXURY SMALL GROUP JOURNEY MARKET, SHARE ANALYSIS, BY REGION, 2014-2022 (%)
FIG. 24 WORLD LUXURY CELEBRATION AND SPECIAL EVENTS TOUR MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2014 & 2022 (%)
FIG. 25 WORLD LUXURY CELEBRATION AND SPECIAL EVENTS TOUR MARKET, REVENUE, 2014-2022, ($MILLION)
FIG. 26 WORLD LUXURY CELEBRATION AND SPECIAL EVENTS TOUR MARKET, SHARE ANALYSIS, BY REGION, 2014-2022 (%)
FIG. 27 WORLD LUXURY CULINARY TRAVEL AND SHOPPING TOUR MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2014 & 2022 (%)
FIG. 28 WORLD LUXURY CULINARY TRAVEL AND SHOPPING TOUR MARKET, REVENUE, 2014-2022, ($MILLION)
FIG. 29 WORLD LUXURY CULINARY TRAVEL AND SHOPPING TOUR MARKET, SHARE ANALYSIS, BY REGION, 2014-2022 (%)
FIG. 30 ANNUAL SPENDING PER TRIP ON LUXURY TRAVEL BY VARIOUS AGE GROUPS, 2015, ($)
FIG. 31 WORLD LUXURY TRAVEL MARKET, COMPARATIVE MARKET SHARE ANALYSIS, BY AGE GROUP, 2014 AND 2022 (%)
FIG. 32 WORLD MINNENIAL LUXURY TRAVEL MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2014 & 2022 (%)
FIG. 33 WORLD MINNENIAL LUXURY TRAVEL MARKET, REVENUE, 2014-2022, ($MILLION)
FIG. 34 WORLD MINNENIAL LUXURY TRAVEL MARKET, SHARE ANALYSIS, BY REGION, 2014-2022 (%)
FIG. 35 WORLD GENERATION X LUXURY TRAVEL MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2014 & 2022 (%)
FIG. 36 WORLD GENERATION X LUXURY TRAVEL MARKET, REVENUE, 2014-2022, ($MILLION)
FIG. 37 WORLD GENERATION X LUXURY TRAVEL MARKET, SHARE ANALYSIS, BY REGION, 2014-2022 (%)
FIG. 38 WORLD BABY BOOMER LUXURY TRAVEL MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2014 & 2022 (%)
FIG. 39 WORLD BABY BOOMER LUXURY TRAVEL MARKET, REVENUE, 2014-2022, ($MILLION)
FIG. 40 WORLD BABY BOOMER LUXURY TRAVEL MARKET, SHARE ANALYSIS, BY REGION, 2014-2022 (%)
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