Luxury Travel Market to Reach $1,154 Billion, Globally, by 2022
Growing inclination of people towards unique and exotic holiday experiences, rise in middle and upper middle class spending and the increasing impact of social media on travel industry are the key factors that drive the market growth. Emerging new destinations coupled with rising service standards in the travel industry, is anticipated to further drive the demand for luxury travel, globally.
Get access to detailed report at: https://www.alliedmarketresearch.com/luxury-travel-market
The adventure and safari segment accounted for about 44% of the overall luxury travel market revenue, by tour type in 2015, as this is identified as the most popular vacation option among young and middle age group travelers. In addition, tours aimed at culinary and shopping experience, would witness the fastest growth, registering a CAGR of 7.8% during the forecast period. An increasing number of luxury travelers are indulging in these tours as they enable these travelers to experience the finest local delicacies and also buy some of the most exquisite handicrafts. These trips are getting popular among travelers of all age groups, especially the millennials (21 - 30 years). In 2015, approximately 70% of millennials took a trip based on culinary interest.
Baby boomers segment is projected to hold the highest market share in the overall luxury travel market, by age group, as they have been identified as the highest travel spenders. As per industry sources, about 68% of the disposable income in the U.S. is controlled by Baby boomers and are estimated to inherit $15 trillion in the next 20 years. However, it has been identified that only 5-10% marketing is targeted at this traveler segment. Among the other age groups considered in our study, the segment of millennials; would exhibit the highest growth during the forecast period.
High spending power and search for exclusivity with high comfort and first class facilities are the major factors that promote the demand for luxury travel by absolute luxury travelers. It has been identified that the absolute luxury travelers take at least three to four luxury trips in a year. Among the three luxury traveler types, the absolute luxury traveler segment is projected to grow at a CAGR of 6.5% during the forecast period (2016-2022).
Regionally, Asia Pacifics luxury travel market would exhibit the fastest growth owing to the rise in number of middle income groups. Within Asia-Pacific luxury travel market, India is estimated to register CAGR of 12.3% from 2016 - 2022. Europe and Caribbean would continue to be the most preferred luxury travel destinations. The most popular luxury travel destinations in Europe are identified as Germany and Italy. Whereas, Paris is the global leading metropolitan destination, which witnesses nearly 18.8 million international arrivals yearly. In LAMEA, Brazil continues to show a promising potential and is predicted to become one of the top-five global economies by the middle of this century. As per the tourism statistics, tourist arrival in Latin America has observed an increase of 50% in the past decade.
Get Free Sample of This Report at: https://www.alliedmarketresearch.com/request-free-sample/1662
Key Findings of the Luxury Travel Market:
• In the year 2015, adventure and safari segment led the overall luxury travel market revenue, and is projected to grow at a CAGR of 5.8% during the forecast period.
• Adventure and safari is the most sought after tour type, with travelers from Europe, Latin America, and North America, comprising 78% of overall international departures in this segment in 2015.
• The millennials age group segment is expected to grow at a CAGR of 8.1%, owing to rising popularity of travel among this generation and the fact that they travel more often than the other generations.
• Absolute luxury traveler segment is projected to generate largest revenue in the luxury travel market.
• Asia-Pacific is estimated to witness significant growth during the forecast period (2016 to 2022), with China being the major stakeholder.
Key players profiled in this report are Abercrombie & Kent Ltd, Cox & Kings Ltd, Macato Safaris, Ker & Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc. Other players in the value chain include TUI Group, Zicasso, Inc., Black Tomato, Backroads, Lindblad Expeditions, and Exodus travels.
Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
5933 NE Win Sivers Drive,
#205, Portland, OR 97220,
Toll Free: +1-800-792-5285
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Luxury Travel Market to Reach $1,154 Billion, Globally, by 2022 here
News-ID: 397857 • Views: 2629
More Releases from Allied Market Research
Proximity and Displacement Sensors Market - 2020: COVID-19 Scenario, Growth Oppo …
The report titled, “Proximity and Displacement Sensors Market By Type (Inductive, Photoelectric, Capacitive, Ultrasonic, Magnetic & LVDT sensors) and Application (Parking Sensor Systems, Ground Proximity Warning System, Anti-aircraft warfare, Assembly line automation, Vibration monitoring system, Roller coasters, Conveyor systems) - Global Opportunity Analysis and Industry Forecast, 2020-2027” published by Allied Market Research, says that proximity and displacement sensors market is expected to grow sustainably by 2027. The report offers an
Asia-Pacific ATM Market - 2020: COVID-19 Impact, Growth Opportunities and Busine …
The report titled, “Asia-Pacific ATM Market By Solutions (ON site ATMs, Off site ATMs, Work site ATMs, Mobile ATMs, Managed services) and by Type (Conventional ATM, Brown label ATM, White label ATM, Smart ATM, Cash dispenser) - Opportunity Analysis and Industry Forecast, 2020-2027” published by Allied Market Research, says that Asia-Pacific ATM market is expected to grow sustainably by 2027. The report offers an extensive market analysis focusing on key
Travel Insurance Market - 2020: COVID-19 Scenario, Market Share, Growth Opportun …
The report titled, “Travel Insurance Market By Insurance Cover (SingleTrip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance), Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators), and End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027” published by Allied Market Research, says that travel insurance market is expected to grow sustainably by 2027. The
Crystal Oscillator Market – 2020: COVID-19 Impact, Market Share, Growth Opport …
The report titled, “Crystal Oscillator Market By Technology (AT Cut, BT Cut, and SC Cut), Type (Voltage-Controlled Crystal Oscillator, Temperature-Compensated Crystal Oscillator, Oven-Controlled Crystal Oscillator, and Others), Mounting Scheme (Surface Mount and Thru-Hole), and Industry Vertical (Electronics, IT & Telecommunication, Military & Defense, Automotive & Transport, and Others) - Global Opportunity Analysis and Industry Forecast, 2020-2027” published by Allied Market Research, says that crystal oscillator market is expected to grow
More Releases for CAGR
Wireless Charging Industry Climbing Towards CAGR 45.5%
According to a recent report published by Allied Market Research, titled, Global Wireless Charging Market by Technology and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2025, The global wireless charging market was valued at $5,220.0 million in 2017, and is projected to reach $71,213.0 million by 2025, registering a CAGR of 38.7% from 2018 to 2025. At present, Asia-Pacific dominates the market, followed by North America. In 2017, the U.S.
Xanthates Market CAGR to Grow at 4.7%
Persistence Market Research in its latest report projects that the global xanthates market will grow at a CAGR of 6.1% over the forecast period (2017-2025). Owing to Xanthates’ excellent mineral ore processing capabilities, its global sales have witnessed a significant rise in recent years. Mining complexity and declining ore quality have led to a major increase in demand for specialty chemicals to process ores. Towards the end of 2025, around
Global Serious Games Market Show 19.2% CAGR
A new report added by Allied Market Research, forecast that the global serious games market was valued at $2,731 million in 2016, and is projected to reach $9,167 million by 2023, growing at a CAGR of 19.2% from 2017 to 2023. The consumers segment is anticipated to grow at the highest rate during the forecast period. Asia-Pacific generated the highest revenue in the global serious games market in 2016 due to
Biogas Market CAGR to Grow at 6.5%
Global demand for biogas has witnessed a spike in demand, owing to mounting concerns over depleting fossil reserves and environmental impact of conventional fuels. According to Future Market Insights, global biogas market revenues totalled nearly US$ 24.5 Bn in 2015. During the forecast period 2016-2026, global biogas revenues are estimated to reach US$ 48, 761.2 million, growing at a steady 6.5% CAGR. Between 2016 and 2026, the global biogas revenues
Bioinsecticides market expecting CAGR 5.4%
Reports And Markets Publish a New Market Research Report On –"Bioinsecticides market- Growth, Trends, Forecast for the period (2017 - 2022)" Access Full Report With Table Of Contents @ https://www.reportsandmarkets.com/reports/1071910-global-bioinsecticides-market-growth-trends-forecast-for-the-period-2017-2022 Pesticides constitute the largest category within the market for crop protection chemicals, with biopesticides accounting for a comparatively minute share. Global consumption of synthetic insecticides is projected to reach 833.32 thousand tons by volume and USD 19.6 billion by value by 2020
Biofertilizers Market witnessing a CAGR of 13.3%
Reports And Markets Publish a New Market Research Report On –"Biofertilizers Market - By Microorganism, Application and Geography - Trends and Forecasts (2016 -2021)" Access Full Report With Table Of Contents @ https://www.reportsandmarkets.com/reports/1071907-global-biofertilizers-market-by-microorganism-application-forecasts-2016-2021 Market Insights The global biofertilizers market, estimated at USD 590.9 million in 2015, is projected to reach USD 1.23 billion by 2021, witnessing a CAGR of 13.3% during the forecast period. The biofertilizers market is highly fragmented, with many small