Luxury Travel Market Growth 2021 to 2027 | TUI Group, Thomas Cook Group, Jet2 Holidays, Cox & Kings Ltd, Lindblad Expeditions, Travcoa, Scott Dunn, Abercrombie & Kent Ltd, Micato Safaris, Tauck, Al Tayyar, Backroads, Zicasso
The research analysts in their primary research observed that the rapid growth of the global Luxury Travel market over the forecast period is expected to open potential opportunities for the Luxury Travel manufacturers in the global market. The global Luxury Travel markets are segmented on the basis of the product, end-user, and the geographical region
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Luxury travel today is defined less by thread count and Michelin stars and more by access to the people, places, and experiences that represent all that is authentic about a destination. There's no denying that comfort factors still apply and high standards of accommodation and dining will always feature on the luxury traveler's wish list. However, today's luxury traveler seeks more depth of understanding and immersion into the local culture than ever before. People don't just want to see - they want to participate. The sales process is also critical and whilst the online proposition can be an asset in terms of booking more simple arrangements, clients looking for luxury experiential travel require a deep level of sophisticated knowledge and confidence during the sales process.
Scope of the Report:
The 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 the travel industry are the key factors that drive the market growth. Emerging new destinations coupled with rising service standards in the travel industry are anticipated to further drive the demand for luxury travel, globally.
The Small Group Journey 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, Customized and Private Vacation aimed at culinary and shopping, would witness the fastest growth, registering a CAGR of 9.1% 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 45% of millennials took a trip based on culinary interest.
The global Luxury Travel market is valued at 5200 million USD in 2018 and is expected to reach 9460 million USD by the end of 2027, growing at a CAGR of 9.5% between 2021 and 2027.
The Asia-Pacific will occupy more market share in the following years, especially in China, also fast growing India and Southeast Asia regions.
North America, especially The United States, will still play an important role that cannot be ignored. Any changes from the United States might affect the development trend of Luxury Travel.
Europe also play important role in the global market, with a market size of xx million USD in 2021 and will be xx million USD in 2027, with a CAGR of xx%.
This report studies the Luxury Travel market status and outlook of Global and major regions, from angles of players, countries, product types, and end industries; this report analyzes the top players in the global market and splits the Luxury Travel market by product type and applications/end industries.
Market Segment by Companies, this report covers
Thomas Cook Group
Cox & Kings Ltd
Abercrombie & Kent Ltd
Butterfield & Robinson
Market Segment by Regions, regional analysis covers
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
Market Segment by Type, covers
Customized and Private Vacation
Adventure and Safari
Celebration and Special Event
Market Segment by Applications can be divided into
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