Luxury Travel Market Size To Hit US$ 2,683.9 Billion By 2028

According to the latest report by IMARC Group, titled,"Luxury Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global luxury travel market size reached US$ 2,049.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,683.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028. 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. Presently, numerous travel companies offer 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.

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Luxury Travel Market Growth:

The increasing willingness among the masses to spend on leisure activities with exotic holiday experiences, on account of inflating disposable income levels and improving transport facilities, is among the key factors stimulating the luxury travel market. Moreover, the emerging trend of modern campsites or innovative glamping accommodations and the rising awareness among people about eco-friendly travel solutions are acting as significant growth-inducing factors. Besides this, the widespread adoption of advanced technologies, such as artificial intelligence (AI), by several travel companies to allow travelers to book their trips online, get better access to travel data, compare reservation options, and reduce time and effort is positively influencing the global market. Furthermore, the inflating focus of these companies on using various measures to prevent the spread of the COVID-19 pandemic is also propelling the market growth. Apart from this, the growing popularity of Bleisure travel among enterprises that incorporates business with pleasure elements and offers recreational activities to relieve stress and improve work efficiency is further fueling the global market. Additionally, the escalating demand for luxury business travel across the globe, owing to globalization and the increasing number of multinational companies (MNCs), is anticipated to fuel the luxury travel market over the forecasted period.
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Competitive Landscape with Key Players:

• 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)
• TUI Group

Breakup 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

Breakup by Age Group:

• Millennial (21-30)
• Generation X (31-40)
• Baby Boomers (41-60)
• Silver Hair (60 and above)

Breakup by Type of Traveller:

• Absolute Luxury
• Aspiring Luxury
• Accessible Luxury

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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