Luxury Travel Market Size - 2023, Industry Share Analysis, Segmentation, Production, Consumption, and Forecast to 2030 | Abercrombie & Kent USA, Absolute Travel

Global luxury travel market was valued at US$ 241.4 Billion in 2022, and is expected to exhibit a CAGR of 7.80% in terms of revenue, over the forecast period (2023-2030), to reach US$ 440.4 Billion by 2030.

Market Overview:

The luxury travel market caters to high-end travelers seeking unique and memorable experiences through exclusive accommodations, bespoke tours and activities, and first-class amenities. Products in this market include luxury cruise trips, bespoke tours to global destinations and stays in five-star hotels and resorts.

Market Dynamics:

The luxury travel market is expected to witness significant growth over the forecast period owing to two main drivers - surging spending power of millennials and increasing promotions of exotic destinations by travel companies. Millennials, especially in developing nations, are spending more on premium travel experiences and exotic trips as their disposable incomes rise. Additionally, major travel companies are promoting less explored global destinations through luxury travel packages and customized trip arrangements, fueling market growth. With high spending levels expected to sustain among young travelers coupled with extensive promotion of new destinations, the luxury travel market is poised to experience substantial expansion through 2030.

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Major market players included in this report are:

★ Abercrombie & Kent USA
★ Absolute Travel
★ Inspiring Travel Company
★ TCS World Travel
★ TÜ ELITE
★ Cox & Kings Ltd.
★ Travcoa
★ Micato Safaris
★ Scott Dunn Ltd.
★ Kensington Tours Ltd.
★ Butterfield & Robinson Inc. and others

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Category:
✦ Adventure & Safari
✦ Cruise
✦ Rail Journey
✦ Culinary Travelling & Shopping
✦ Customized & Private Vacations
✦ Celebration

By Age Group:
✦ Millennials
✦ Generation X
✦ Baby Boomers
✦ Silver hair

By Type:
✦ Domestic
✦ International

Regional Analysis:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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✤ Luxury Travel Market Drivers

• Rising Global Middle Class Population seeking Luxury Experiences

The global middle class population has been rapidly expanding over the past decade. More people now have higher disposable incomes to spend on luxury goods and experiences. According to a report by Brookings, the global middle class population grew from 1.8 billion people in 2009 to an estimated 3.2 billion people in 2015 and is projected to reach 4.9 billion people by 2030. As people's incomes rise, their priorities shift towards spending on luxury items and premium experiences like luxury travel. Many in the growing middle classes in countries like China, India and other emerging markets are taking their first luxury trips abroad. This rising global middle class is a major driver of growing demand in the luxury travel market.

• High Net Worth Individuals spending more on differentiated Luxury Travel

The population of high net worth individuals around the world has also grown substantially in recent years. According to data by Capgemini, the number of high net worth individuals globally grew by 6.4% in 2019 to reach 21.9 million. These wealthy individuals have high disposable incomes and are willing to spend big money on highly luxurious and differentiated travel experiences. Luxury hotels, villas, cruises and bespoke tours catering exclusively to the wealthy are flourishing. Many luxury travel companies focus their marketing exclusively on high net worth clients who can afford the most premium offerings. The growing wealthy demographic is driving higher spending on luxury elements like ultra-high-end accommodations, private jets, yachts and personalized luxury services.

✤ Luxury Travel Market Restrain

• Political and Economic Instability deterring Travel to some Destinations

While many parts of the world have become more accessible for travel, political and economic instability in certain countries pose challenges for the luxury travel industry. Ongoing conflicts, wars, terrorism threats and unrest make destinations risky for visits. The luxury segment is particularly sensitive to disruptions as wealthy travelers prioritize safety and security on vacation. Issues like the conflict in Ukraine, protests in some Latin American countries and periodic tensions in the Middle East have negatively impacted inbound luxury travel to some destinations in recent times. Concerns about economic troubles in regions like mainland Europe also raise doubts among potential high-spending international travelers. Such uncertainties in different parts of the world at different points in time restrain overall growth prospects of the global luxury travel domain.

✤ Luxury Travel Market Opportunity

• Rise of Destination Weddings and Luxury Family Travel

Destination weddings and luxury family vacations have emerged as growing opportunities within the luxury travel space in recent years. More couples are choosing to get married at exclusive resorts, villas or other charming international locations rather than traditional venues at home. This is driving demand for high-end wedding planning services, lavish ceremonies and luxury honeymoon getaways. Similarly, wealthy families with young children are opting for multi-generational luxury trips together rather than separate vacations. Tailored family experiences with private villas, guided fun activities, kid-friendly luxury services etc. allow families to bond during lavish getaways. Both destination weddings and luxury family trips require higher spends on lavish accommodations, fine dining, activities and services - creating new profitable avenues for luxury travel brands.

✤ Luxury Travel Market Trends

• Increased Adoption of Personalized and Customized Travel

Travelers are increasingly seeking unique, tailored and highly customized travel experiences rather than generic packaged tours. The luxury segment, in particular, demands a high degree of personalization as affluent clients expect bespoke itineraries and highly individualized services. Leading luxury travel companies are responding by offering customized travel planning services where clients can pick their preferred destinations, dates, accommodations and activities. Concierge services arranging private tours, activities, meals and transfers based on clients' specific interests are becoming more popular. Personalization extends to hyper-customized amenities as well - like stocking villas with guests' favorite foods, arranging their favorite books or setting up private chefs. This rising demand for highly personalized travel will drive greater spending on bespoke services going forward.

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Key Questions

• How much revenue will the global Luxury Travel Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall Luxury Travel Market?

• What are the indicators expected to drive the global Luxury Travel Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Luxury Travel Market to expand their geographical presence?

• What are the major advancements witnessed in the global Luxury Travel Market?

• This report answers these questions and more about the global Luxury Travel Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakeholders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Luxury Travel Market, 2018 - 2022 (US$ Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID-19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle East and Africa

Chapter No. 4: Company Profiles

4.1 Company Overview
4.2 Financial elements
4.3 Product Landscape
4.4 SWOT Analysis
4.5 Systematic Outlook

Chapter No. 5: Assumptions and Acronyms

Chapter No. 6: Research Methodology

Chapter No. 7: Contact (Continue . . .)

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