Press release
Luxury Tourism Market is Projected to Grow up to USD 2033.3 billion by 2032, Driven by an Increase in the Number of Domestic and International Travellers | TUI Group, Jet2 Holidays, G Adventures, Backroads
The worldwide luxury travel market involves going to a certain location or having a travel experience that is distinguished by first-rate lodging and transportation options, delectable cuisine, knowledgeable staff, a personalized travel itinerary, unique travel experiences, and tours, etc. In essence, the market is branded by the exclusivity, singularity, and personalization of the travel experiences it offers. Customers in this sector are those who prioritize added value over trip package cost. Access to genuine experiences, locations, and people, as well as an immersion in the local culture, can also be included in luxury travel.
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Market Trends and Drivers
The worldwide luxury travel market is primarily driven by an increase in the number of domestic and international travellers with high disposable income levels. The expansion of this market is anticipated to be supported by the present trends of destination weddings, business retreats, travel blogging, destination shopping, cultural immersion, etc. This Luxury Travel Market has grown as working people, particularly millennials, seek opulent respites from their demanding work schedules.
User-generated travel content has resulted in more successful luxury travel market promotion than traditional approaches in the age of the ubiquitous internet and social media, significantly boosting this sector. The expansion of the luxury travel market is significantly influenced by travel blogging in and of itself.
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Global Luxury Tourism Market Segmentation
By Type
• Customized & Private Vacations
• Celebration Journeys
• Adventure & Sport Travel
• Safari
• Cruised Yachting & Small Ship
• Others
By Tour Type
• Solo
• Group
By Generation
• Millennial
• Generation X
• Baby Boomers
• Others
By Region
• North America
o The U.S.
o Canada
o Mexico
• Europe
o The UK
o Germany
o France
o Spain
o Rest of Europe
• The Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia-Pacific
• Rest of the World
o Latin America
o The Middle East
o Africa
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Major Players in the Global Luxury Tourism Market
The key players studied in the report are Abercrombie & Kent USA, LLC., Silversea Cruises, Thomas Cook (India) Ltd., TUI Group, Jet2 Holidays, G Adventures, Backroads, Travelopia, and Audley Travel among others.
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