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Greece Luxury Travel Market to Capture a CAGR of 11.5% Between 2021 and 2030 While Touching Approximately USD $2,736.7 Million by 2030
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Greece is a popular luxury travel destination, known for its stunning beaches, ancient history, and vibrant culture. In recent years, the trend in luxury travel in Greece has shifted towards more sustainable and experiential options. Here are some of the current luxury travel trends in Greece:
Eco-luxury: Many luxury travelers are looking for environmentally friendly options, and Greece has responded with a growing number of eco-luxury hotels and resorts that offer sustainable experiences while still providing top-notch amenities and service.
Private villas: Private villas have become increasingly popular among luxury travelers in Greece, who appreciate the privacy and exclusivity they offer. These villas often come with private pools, gardens, and spectacular views of the Aegean or Ionian Sea.
Yacht charters: Greece is famous for its stunning coastline and pristine islands, and what better way to experience it than by sailing on a private yacht? Yacht charters are becoming more popular among luxury travelers, offering the ultimate in privacy and flexibility.
Island hopping: Island hopping is a popular activity among luxury travelers in Greece, allowing them to explore several islands in one trip and experience the unique cultures, landscapes, and cuisine of each destination.
Spa and wellness: The focus on wellness and rejuvenation continues to be a key trend in luxury travel, and Greece offers a range of spa and wellness experiences, from traditional Greek therapies to modern wellness programs.
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In recent years, the luxury travel market in Greece has been characterized by the following trends:
Increased demand for experiential travel:
Luxury travelers are seeking unique, personalized experiences that allow them to immerse themselves in local culture and traditions. Greece offers many opportunities for experiential travel, such as cooking classes, guided cultural tours, and wine tastings.
Growth of sustainable tourism:
There is a growing demand for eco-friendly and sustainable tourism experiences, and Greece has responded with luxury hotels and resorts that prioritize sustainability and environmental protection.
Focus on wellness:
The luxury travel market in Greece is seeing an increased focus on wellness, with travelers seeking out experiences that promote physical and mental well-being, such as yoga and meditation classes, spa treatments, and healthy dining options.
Growing popularity of the Greek Islands:
The Greek Islands continue to be a popular destination for luxury travel, with their stunning beaches, crystal-clear waters, and picturesque villages attracting high-end travelers from around the world.
Expansion of luxury accommodations:
The luxury accommodation sector in Greece is growing, with an increasing number of five-star hotels, luxury villas, and private island resorts being developed to meet the demands of the market.
Overall, the luxury travel market in Greece is poised for continued growth in the coming years, as the country continues to attract high-end travelers with its rich history, beautiful landscapes, and unique cultural experiences.
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By type of tour, the adventure & safari segment was the highest revenue contributor in 2020, owing to the increased interest of people to explore new and exciting experiences while traveling. By type of traveler, the absolute luxury segment was the highest revenue contributor in 2020 and is expected to be the dominant segment during the forecast period. By age group, the baby boomer segment held the largest market Greece luxury travel market share in 2020.
Surge in high net-worth individuals (HNIs) and rise in aspirations of young and rich millennial are expected to majorly foster the market growth in Greece. Baby boomer and generation X are the major contributors in the Greece luxury travel market.
The surge in interest of people to explore new places and to have unique travel experiences have encouraged the market players to offer trips that connect the travelers to the local culture of the destination and explore the unknown acquaintance of the place and its people. However, changing socio-economic conditions threatens the growth of the market.
Market players are coming up with new customized trips and travel plans, which cater to the need of the travelers. Major companies such as Abercrombie & Kent Ltd., and Cox & Kings Ltd., have a strong team of experts, who have knowledge about the tourist places and assist the travelers in opting for the best trip
Business expansion, acquisition, partnership, product launch, merger, and agreement are the primary strategies employed by market players. The key players in the Greece luxury travel industry 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.
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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.
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