Press release
Greece Luxury Travel Market Size Exceed USD $ 2,736.7 Mn during 2022-2031, Accelerating at a CAGR of 11.5% | Key Player - Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc
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The luxury travel market represents the most desirable destinations, luxurious accommodations, convenient transportation, and an authentic travel experience. The goal of luxury travel is to provide its guests with exotic experiences. Some of the unique services offered to luxury travelers include private jet planes, spas, special menus, private island rentals, and private yachts.
Travelers nowadays prefer to try out new destinations to gain an in-depth experience and to learn about new cultures, such as those found in Greece. People are increasingly choosing one-of-a-kind trips that include cultural visits, cruising, and adventure activities to gain a valuable and unforgettable experience. People spend a lot of money on luxury travel to get the best level of comfort and personalized service.
Some of the factors driving the growth of the Greece luxury travel market include increase in people's desire for unique and exotic vacation experiences, rise in middle- and upper-class expenditure, and surge in people's desire to spend more time with family. People choose exotic foreign vacations and adventure trips to gain valuable experiences. Business travel has also evolved over time, and people now travel excessively for business trips.
According to the insights of CXOs from leading companies, the Greece luxury travel market is anticipated to witness robust growth in cities such as Athens and Thessaloniki. The growth in the number of high net-worth individuals (HNIs) population and easy availability of on-arrival visa propel the growth of the Greece luxury travel market.
According to industry experts, the international tourists from France, Germany, Spain, and Australia opt for adventure and safari trips. Culinary tours also experience significant growth in the travel market. There is an increase in the number of private and culinary trips in Rhodes town, owing to growth in interest of people in local culture and their aspiration to have a better understanding of local cuisines and people.
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The Central Macedonia in northern Greece region and countries such as Pella, Halkidiki, and Mount Olympus are the most visited regions of Greece. The number of arrivals, during pre-pandemic were highest as compared to other European countries.
The Greek National Tourism Organization (GNTO) is a tourism organization in Greece. It is the governmental board for the promotion of tourism in Greece. It also runs advertisement campaigns for the promotion of travel and tourism in the country. This type of organizations play a vital role for the growth of the Greece luxury travel market. The key market players are adopting various growth strategies such as product launch (tour packages) and acquisition to sustain in the competitive market.
The Greece luxury travel market is segmented into type of tour, type of traveler, and age group. By type of tour, the market is classified into customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special event, and culinary travel & shopping. By type of traveler, the market is fragmented into absolute luxury, aspiring luxury, and accessible luxury. By age group, the market is categorized into millennial (21-30), generation x (31-40), baby boomers (41-60), and silver hair (60 and above).
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The economy of Greece depends on the tourism and travel industry. The country offers different tourist attraction places such as beach resorts, hotels & facilities, marinas, spas & thermal springs, museums, archaeological sites, and cities.
The key players profiled in the Greece luxury travel market include Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.
Key findings of the study
The Greece luxury travel market was valued at $767.8 million in 2020, and is projected to reach $2,736.7 million by 2030, registering a CAGR of 11.5% from 2021 to 2030.
By type of tour, the adventure & safari segment was the highest contributor to the market, with $341.4 million in 2020, and is estimated to reach $1,153.8 million by 2030, at a CAGR of 10.9% during the forecast period.
By type of traveler, the absolute luxury segment was the highest contributor to the market, with $474.2 million in 2020, and is estimated to reach $1,716.5 million by 2030, at a CAGR of 11.6% during the forecast period.
By age group, the baby boomer segment was the highest contributor to the market, with $286.2 million in 2020, and is estimated to reach $1,003.3 million by 2030, at a CAGR of 11.3% during the forecast period.
KEY MARKET SEGMENTS
By Type of Tour
Customized & Private Vacations
Adventure & Safari
Cruise/Ship Expedition
Small Group Journey
Celebration & Special Events
Culinary Travel & Shopping
By Type of Traveler
Absolute Luxury
Aspiring Luxury
Accessible Luxury
By Age Group
Millennial
Generation X
Baby Boomer
Silver Hair
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