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Luxury Travel Market Size, Share, Competitive Landscape and Trend Analysis Report by Types of Tour, by Age Group, by Types of Traveler : Global Opportunity Analysis and Industry Forecast, 2021-2031

CG : Sports, Fitness and Leisure

Report Code: A01337

Tables: 122

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The global luxury travel market size was valued at $638.2 billion in 2021, and is projected to reach $1650.5 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.Luxury travel services cover most desirable and premium experience in terms of luxurious accommodations, convenient transport facilities, and authentic travel experience. The service providers aim to provide outstanding services to its travelers. Private jet planes, spas, special menus, private island rentals, and private yacht are some of the unique services offered by the stakeholders to the travelers. Travelers, nowadays, focus on experimenting with destinations to gain experience in terms of cultures, foods, and other experiences. To gain a valuable and unforgettable experience, people increasingly opt for unique trips, which include cultural visit, cruising, and adventure activities. The luxury travel industry has emerged as one of the fastest growing sectors to contribute significantly to the global economic growth and development. Growth in disposable income and increase in upper middle class expenditure has raised the demand for higher service standards. To capitalize the same, market players formulate unique strategies to target the growth in middle class segment; for instance, hiring qualified individuals who can speak international language and communicate easily with travelers. This rise in demand for unique travel experiences offers tremendous opportunities for the market players to remain competitive.

The luxury travel market size is projected to be the fastest growing segment of the travel industry worldwide during the forecast period. The key drivers of rising luxury travel trend include inclination of people toward unique and exotic holiday experiences, increase in the middle- & upper-class disposable income & related expenditure, and growth in need and interest of people to spend more time with family. The growth luxury travel market is attributed to the increase in disposable income and growth in middle class population in countries such as China, Hong Kong, India, and Malaysia. As per recent statistics, Asia-Pacific millionaires now control more wealth than their peers in North America. In terms of future spending options, travel has been recognized as the top priority with greater focus on unique luxury experiences and adventure activities. Although the key developed countries such as the U.S. hold a highest revenue share of the luxury travel market, there has been a rise in demand for international luxury travel in developing countries such as China and India. This drift is due to the increase in the per capita income of middle-class travelers in the developing countries.

COVID-19 pandemic has impacted all industries globally. The tourism industry has been hit hard all over the world, impacting its associated sectors such as travel agencies, hospitality, tour operators, all kinds of transportation services. Around 90% of the global population was adjusted to their lifestyle under several travel restrictions and remaining population stayed home in fear of the virus itself. Thus, the tourism sector came to a near standstill. According to the article published by the World Travel and Tourism Council (WTCC) in August 2020, the COVID-19 pandemic is likely to cost the tourism industry revenue loss of almost $25 billion and a loss of almost 100 million jobs worldwide. Furthermore, owing to the implementation of lockdown and social distancing norms in almost every country of the world, flights were grounded, trains stopped running, and almost all public transport services were halted. With social distancing becoming the new lifestyle in public places and masks & gloves turning to be daily wear accessories, people prefer to remain safe at homes, thereby declining the number of travelers.

According to the market analysis, the luxury travel market is segmented into types of tour, age group, types of travelers, and region. As per types of tour, the market is categorized into customized and private vacations, adventure and safari, cruise/ship expedition, small group journey, celebration and special events and culinary travel and shopping. By age group, it is segregated into millennial, generation x, baby boomer and silver hair. Depending on types of travelers, it is segmented into absolute luxury, aspiring luxury and accessible luxury. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy and Rest of Europe), Asia-Pacific (China, India, Singapore and Rest of Asia-Pacific), and LAMEA (Middle East, Latin America and Africa).

On the basis of type of tour, the cruise/ship expedition segment accounted for around 4.6% of global luxury travel market share in 2021, and is expected to sustain its share throughout luxury travel market forecast period.  Luxury cruising is gaining attraction and is expected to get tripled by the next decade. From the growth perspective, Asia-Pacific and LAMEA are the two potential markets, expected to witness considerably higher growth rates during the forecast period. Introduction of innovative cruise design concepts, new ship lengths, new and more exotic destinations around the globe, and new on-board and on-shore activities and themes drive the growth of the market for cruise/ship expedition. Luxury cruising is mostly opted by silver hair group since it is much more convenient, relaxing, and more glorious mode of traveling. With the advent of Crystal Cruises’ luxury travel portfolio has expanded into the luxury river cruise market and yachting & air market. Thus, aforementioned factors are likely to supplement for the growth of the luxury travel market through cruise/ship expedition segment during forecast period.

On the basis of age group, the millennial segment was valued at $83,842.5 million in 2021, and is expected to reach $242,050.1 million by 2031, with a CAGR of 10.1%. North America and Europe together accounted for about 67.4% of the millennial luxury travel market revenue in 2021, with the former constituting around 28%. From a growth perspective, Asia-Pacific and LAMEA are the two potential markets, expected to witness considerably higher growth rates over the forecast period. Millennial’s are avid travelers comprising of maximum number of population of traveling, on an average, millennial’s spend $527 a day on a trip which is 62% less than their older counterparts. They generally look for cultural and leisure breaks. Millennial’s are driven by wanderlust and breaking life’s monotony, these group of youngsters prefer short trips to culturally rich and different countries, also local shopping is a major factor of their traveling. Honeymoons and romantic gateways are also some important factors driving this category. Thus, above factors collectively increase luxury travel market demand through the millennial segment.

According to the luxury travel market trends, depending on types of travelers, the aspiring luxury segment was valued at $202,139.7 million in 2021, and is expected to reach $513,454.9 million by 2031, with a CAGR of 8.7%. Aspiring luxury class majorly comprises the millennial generation who prefer short, luxury trips, as they are moderately wealthy. This segment also comprise of ‘newly rich’, which are willing to pour money into the luxury travel industry and are the front-runner of this segment. Aspiring luxury travelers take an average of five business and leisure trips per year, owing to their high spending power and the potential to afford luxury traveling. Mid-income and aspirational shoppers are fostering the growth of upper premium brands and the second-hand market. Destinations such as Dubai have initiated programs to encourage investments in midmarket hotels such as releasing government land plots for three and four star hotel projects. Aspiring luxury prefer exclusive and unique destinations for their shopping which are specifically abroad destinations, while they have ample resources to spend, they are comparative don’t go all out for luxury services. This segment includes young, aspirational individuals who earn significantly and have limited family responsibilities. Increasing aspiring luxury travelers are likely to supplement the luxury travel market growth during forecast period.

Region wise, the North America was valued at $152,531.4 million in 2021, and is expected to reach $354,846.3 million by 2031, with a CAGR of 7.8%. The U.S. is driving the luxury travel market in North American region, with wealthiest of population and most outbound trips. Canada and Mexico’s luxury travel market also show a hike in the number of people opting for luxury travel owing to serene winter destinations in Canada and glittering white Caribbean beaches and private luxury resorts in Mexico. The luxury travelers are attracted to Mexico due to its established and highly exclusive resorts like Four Seasons and St. Regis in Punta Mita and high-end resorts in Los Cabos. Luxury travel is also expected to see vigorous growth across North America due to increasing income trends, strong dollar, and growing middle class segment. Thus, above mentioned factors are likely to support the North America luxury travel market during forecast period.

The players operating in the global luxury travel market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck, Thomas Cook Group PLC, Scott Dunn Ltd., Kensington Tours, Butterfield & Robinson Inc., TUI Group, Zicasso, Inc., Black Tomato, Backroads, Lindblad Expeditions and Exodus travels.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury travel market analysis from 2021 to 2031 to identify the prevailing luxury travel market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the luxury travel market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global luxury travel market trends, key players, market segments, application areas, and market growth strategies.

  Luxury Travel Market Report Highlights

Analyst Review

The global luxury travel market is anticipated to witness robust growth in regions such as Asia-Pacific and LAMEA. The growth in the number of HNI’s global population and easy availability of on-arrival visa propel the growth of the overall luxury travel market.

According to industry experts, French, Germans, Spaniards, and Australians opt for adventure and safari trips. In addition, Russian travelers opt for places like Goa in India, where they can relax and enjoy the tropical weather as they spend most of their time in a cold region. Culinary tours are also witnessing significant growth in the travel market. There is an increase in the number of private and culinary trips in Europe, owing to growth in interest of people in local culture and their aspiration to have a better understanding of local cuisines and people.

Countries such as China and India have huge growth potential and are the major investment pockets in the luxury travel market. Affluent Arabs prefer to spend their holidays in the most luxurious way like visiting London and splurging on high-end shopping. In addition, they opt for destinations, where they can spend huge amount on shopping. Affluent Chinese millennial travelers prefer to have quality travel experience, thus they opt for high-end accommodation and luxurious ways of traveling, thus propelling the growth of the overall luxury travel market. Key market players are adopting various growth strategies such as product launch (tour packages) and acquisition to sustain in the competitive market.

• Outdoor Adventures
• Leisure Activities
• Outdoor Activities

The global luxury travel market size was valued at $638,206.8 million in 2021, and is estimated to reach $1,650,447.7 million by 2031.

8.9% is the CAGR of luxury travel market.

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2021 is the base year calculated in the luxury travel market report.

Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck and Thomas Cook Group PLC are some of the top companies in the luxury travel market report.

The luxury travel market is segmented into types of tour, age group, types of travellers and region.

The inclination of people toward unique and exotic holiday experiences, increase in the middle- & upper-class disposable income & related expenditure, and growth in need and interest of people to spend more time with family are the latest trends in the luxury travel market.

Europe region holds the maximum market share of the luxury travel market.

Outbreak of COVID-19 was negatively impacted the growth of the luxury travel market in 2020.

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Luxury Travel Market

Global Opportunity Analysis and Industry Forecast, 2021-2031

• Transportation and Logistics

Luxury Travel Market

Luxury travel market report by type of tour (customized and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, culinary travel and shopping), age group (millennial (21-30), generation x (31-40), baby boomers (41-60), silver hair (60 and above)), type of traveller (absolute luxury, aspiring luxury, accessible luxury), and region 2024-2032.

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• Table of Contents
• Methodology
• Request Sample

Market Overview:

The global luxury travel market size reached US$ 2,143.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,088.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.  The rising demand for exclusive and personalized travel experiences, expanding high-net-worth individual (HNWI) population seeking luxury travel options, and increasing focus on wellness and sustainability in luxury travel offerings are some of the major factors propelling the market.

Luxury travel represents a premium and exclusive segment of the tourism industry that caters to discerning travelers seeking exceptional and opulent experiences. It goes beyond basic amenities and comfort, offering personalized services, exquisite accommodations, gourmet dining, and unique, immersive activities. Luxury travel often includes stays in luxurious hotels, private villas, or upscale resorts in picturesque destinations. Travelers can indulge in spa treatments, fine dining at Michelin-starred restaurants, private yacht charters, and cultural excursions tailored to their interests. Luxury travel is characterized by a focus on exclusivity, attention to detail, and a commitment to delivering the utmost in comfort and satisfaction, making it a sought-after choice for those seeking the pinnacle of travel experiences.

The increasing affluence of high-net-worth individuals (HNWIs) and affluent consumers around the world that expands the clientele seeking exclusive and opulent travel experiences, will stimulate the growth of the luxury travel market during the forecast period. These travelers seek to indulge in lavish accommodations, personalized services, and unique adventures. Moreover, the rising desire for experiential and transformative travel is propelling the luxury market, as travelers prioritize immersive cultural experiences, wellness retreats, and eco-conscious journeys. Apart from this, the enhanced convenience and accessibility of private jet and yacht charters has augmented the appeal of luxury travel, offering exclusivity and flexibility, thereby driving the market growth. Furthermore, the rise of remote working and digital nomadism that enables travelers to explore luxury destinations while maintaining their professional lives, contributing to the growth of extended-stay luxury experiences.

Luxury Travel Market Trends/Drivers:

Growing affluence of high-net-worth individuals (HNAWIs)

The increasing affluence of high-net-worth individuals (HNWIs) and affluent consumers is a primary driving force behind the luxury travel market's expansion. As economies grow and prosperity spreads globally, more individuals are gaining access to higher disposable incomes, enabling them to indulge in luxury travel experiences. This demographic seeks exclusivity, comfort, and premium services when exploring the world. They are willing to invest in opulent accommodations, private transportation, and curated itineraries that cater to their preferences. The luxury travel industry capitalizes on this trend by continuously innovating and offering top-notch services to meet the discerning tastes of affluent travelers. This growing affluence fuels demand for luxury travel and encourages the development of new destinations and experiences that cater to the evolving desires of this segment.

Rising desire for unique experiences

Luxury travelers today are not satisfied with mere comfort; they seek meaningful and distinctive experiences that set their journeys apart. This driver has led to the rise of experiential luxury travel, where travelers immerse themselves in local cultures, traditions, and landscapes. They opt for bespoke itineraries that cater to their interests, from culinary adventures and private art tours to wildlife safaris and wellness retreats. The desire for unique experiences has given rise to a trend where luxury travel becomes a form of self-expression, allowing travelers to collect memories and stories that differentiate them from conventional tourists. The luxury travel industry responds by providing exclusive access to hidden gems, private guides, and off-the-beaten-path adventures, ensuring that each journey is a one-of-a-kind experience tailored to individual preferences.

Increasing sustainability and wellness consciousness

Sustainability and wellness have emerged as crucial drivers in the luxury travel market. As travelers become more socially and environmentally conscious, they seek accommodations and experiences that align with their values. Luxury travelers now expect eco-friendly practices, responsible tourism, and sustainable accommodations, which include everything from eco-lodges in remote natural settings to sustainable cruises that minimize environmental impact. Additionally, the wellness aspect of luxury travel emphasizes physical and mental well-being, with travelers seeking spas, fitness centers, meditation retreats, and nutrition-focused experiences during their trips. The luxury travel industry recognizes these trends and is incorporating sustainable and wellness-focused offerings into its portfolio, ensuring that travelers can enjoy guilt-free luxury experiences that promote both personal well-being and environmental responsibility. This shift is an ethical choice and a competitive advantage for luxury travel providers, as it meets the evolving preferences of a socially conscious and health-focused clientele.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Luxury Travel Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global luxury travel market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type of tour, age group, and type of traveller.

Breakup by Type of Tour:

• Customized and Private Vacation
• Adventure and Safari
• Cruise and Ship Expedition
• Small Group Journey
• Celebration and Special Event
• Culinary Travel and Shopping  

Adventure and safari hold the largest market share

The report has provided a detailed breakup and analysis of the market based on the type of tour. This includes customized and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, and culinary travel and shopping. According to the report, adventure and safari represented the largest segment.

Adventure and safari experiences are key drivers in the luxury travel market, attracting travelers seeking unique and exhilarating journeys. Adventure travel offers activities such as trekking, mountain climbing, scuba diving, and wildlife encounters in remote and often challenging environments. Safari adventures, on the other hand, focus on wildlife observation in natural habitats, with opportunities to see iconic species like lions, elephants, and rhinos. These experiences drive the luxury travel market by offering exclusivity and personalized adventures that cater to the desires of affluent travelers.

Furthermore, luxury adventure and safari providers offer private guided tours, high-end accommodations in pristine locations, and customized itineraries that combine adventure with comfort. They ensure travelers can enjoy thrilling experiences while maintaining the highest standards of safety and comfort. Moreover, the demand for sustainability in adventure and safari experiences is rising, with eco-friendly practices and conservation efforts playing a significant role, attracting travelers who value responsible and immersive encounters with nature.

Breakup by Age Group:

• Millennial (21-30)
• Generation X (31-40)
• Baby Boomers (41-60)
• Silver Hair (60 and above)  

Baby boomers (41-60) represents the leading age group segment

A detailed breakup and analysis of the market based on the age group has also been provided in the report. This includes millennial (21-30), generation X (31-40), baby boomers (41-60), and silver hair (60 and above). According to the report, baby boomers (41-60) accounted for the largest market share.

Baby boomers, typically aged between 41 and 60, represent a generation known for its significant impact on various industries, including luxury travel. This demographic is characterized by its strong work ethic, higher disposable income, and a desire for fulfilling experiences during their retirement years. Baby boomers are fueling the luxury travel market by seeking personalized and experiential journeys that cater to their interests and preferences. They value comfort, quality, and authenticity, often opting for upscale accommodations, premium cruise experiences, and immersive cultural encounters. Many baby boomers are avid travelers, using their retirement years to explore the world and fulfill their travel bucket lists. Their influence extends to the rise of wellness-focused luxury travel, as they prioritize health and well-being in their journeys.

Moreover, baby boomers are early adopters of travel technology, embracing digital tools for booking, research, and staying connected while on the road. Their significant presence in the luxury travel market continues to shape the industry, catalyzing the demand for tailored, high-end experiences that align with their desires for exploration and relaxation in their golden years.

Breakup by Type of Traveller:

• Absolute Luxury
• Aspiring Luxury
• Accessible Luxury  

Absolute luxury is the most popular type of traveler

A detailed breakup and analysis of the market based on the type of traveler has also been provided in the report. This includes absolute, aspiring and accessible luxury. According to the report, absolute luxury accounted for the largest market share.

The absolute luxury traveler is characterized by an unwavering pursuit of the finest experiences and the highest level of exclusivity. These travelers seek unparalleled opulence, from stays in ultra-luxurious accommodations like private villas on secluded islands or boutique hotels in historic city centers to bespoke itineraries that include private yacht charters, exclusive access to cultural events, and Michelin-starred dining experiences.

Moreover, absolute luxury travelers are the trendsetters and taste-makers in the luxury travel industry, fueling demand for innovation and pushing the boundaries of what constitutes a lavish travel experience. Their influence extends to the development of new, extraordinary destinations and the creation of entirely customized journeys that cater to their unique preferences. Their commitment to luxury and their willingness to invest in once-in-a-lifetime adventures shape the luxury travel market by inspiring providers to continuously elevate their offerings, ensuring that the absolute luxury traveler's appetite for the extraordinary is consistently met.

Breakup by Region:

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United States

• South Korea

United Kingdom

• Middle East and Africa  

Europe exhibits a clear dominance in the market

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share.

Europe held the biggest share in the market since the region is home to an array of iconic and culturally rich destinations, from the historical cities of Rome, Paris, and Prague to the scenic beauty of the Swiss Alps and the Mediterranean coast, offering a diverse range of luxury experiences. Apart from this, Europe boasts a long history of luxury hospitality, with its heritage luxury hotels and boutique properties, providing travelers with opulent accommodations and impeccable service.

Moreover, rising emphasis of the region on gastronomy and fine dining attracts luxury travelers seeking culinary excellence, with numerous Michelin-starred restaurants and local gourmet experiences. Furthermore, Europe's efficient transportation infrastructure and access to exclusive cultural events, from fashion shows to art exhibitions, enhance its appeal to luxury travelers. Additionally, Europe's commitment to sustainability and responsible tourism aligns with the values of eco-conscious luxury travelers, ensuring that the region continues to lead the way in delivering high-end, sustainable travel experiences that resonate with the evolving preferences of affluent global travelers.

Competitive Landscape:

The market is experiencing steady growth as key players are continually innovating to meet the evolving preferences of discerning travelers. Recent innovations include the integration of advanced technology to enhance the booking and travel experience, with virtual reality (VR) and augmented reality (AR) being used to provide immersive previews of accommodations and destinations. Additionally, there is a growing focus on sustainability, with luxury hotels and resorts adopting eco-friendly practices and designing carbon-neutral properties to cater to environmentally conscious travelers. Personalization remains a key trend, with luxury travel providers leveraging data analytics and artificial intelligence (AI) to curate bespoke itineraries and offer highly tailored services. Furthermore, luxury cruise lines are introducing cutting-edge amenities such as underwater lounges and sustainable ship designs. These innovations collectively aim to elevate the luxury travel experience, providing travelers with unique, sustainable, and personalized journeys that align with their values and preferences.

The market research report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Abercrombie & Kent USA LLC.
• Butterfield & Robinson Inc.
• Cox & Kings Ltd.
• Exodus Travels Limited (Travelopia)
• Kensington Tours Ltd.
• Micato Safaris
• Scott Dunn Ltd.
• Thomascook.in (Fairbridge Capital (Mauritius) Limited)

Recent Developments:

• In August 2023, Abercrombie & Kent introduced a new private jet journey to meet increased demand for wildlife experiences. This exclusive adventure is designed to captivate the hearts of discerning travelers who seek to explore the world's most breathtaking natural wonders while indulging in unparalleled luxury and comfort. This unique expedition takes travelers on a globe-spanning odyssey, whisking them away on a meticulously planned itinerary that delves deep into some of the planet's most pristine and wildlife-rich regions.
• In February 2020, Kensington Tours, a leading luxury travel company, introduced new itineraries that showcase the natural wonders and cultural richness of Iceland and Wales. These meticulously crafted journeys promise travelers unforgettable experiences in two distinct yet equally captivating destinations. The Iceland itinerary invites adventurers to explore the land of fire and ice, where dramatic landscapes meet geothermal wonders. It offers a perfect blend of outdoor exploration and relaxation in Iceland's geothermal baths.
• In February 2023, Tauck, a renowned leader in guided travel experiences, announced the expansio of its small group land departures by an impressive 35%, catering to the growing demand for intimate and immersive travel adventures. This increase in small group departures signifies Tauck's dedication to providing travelers with the chance to delve deeper into the destinations they visit.

Luxury Travel Market Report Scope:

Key benefits for stakeholders:.

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the luxury travel market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global luxury travel market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the luxury travel industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global luxury travel market was valued at US$ 2,143.5 Billion in 2023.

We expect the global luxury travel market to exhibit a CAGR of 4% during 2024-2032.

The growing consumer inclination towards leisure activities and exotic holiday destinations is primarily driving the global luxury travel market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary restrictions on intra- and inter-national travel activities, thereby negatively impacting the global market for luxury travel.

Based on the type of tour, the global luxury travel market can be categorized into customized and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, and culinary travel and shopping. Currently, adventure and safari accounts for the majority of the global market share.

Based on the age group, the global luxury travel market has been segregated into millennial (21-30), generation X (31-40), baby boomers (41-60), and silver hair (60 and above). Among these, baby boomers (41-60) currently exhibit a clear dominance in the market.

Based on the type of traveler, the global luxury travel market can be bifurcated into absolute luxury, aspiring luxury, and accessible luxury. Currently, absolute luxury holds the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global luxury travel market include Abercrombie & Kent USA LLC., Butterfield & Robinson Inc., Cox & Kings Ltd., Exodus Travels Limited (Travelopia), Kensington Tours Ltd., Micato Safaris, Scott Dunn Ltd., Tauck, Thomascook.in (Fairbridge Capital (Mauritius) Limited), and TUI Group.

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Luxury Travel Market

Global Luxury Travel Market Size, Share, Trends, Forecast: By Tour Type: Customised and Private Vacation, Adventure and Safari, Cruise and Ship Expedition, Small Group Journey, Celebration and Special Event, Culinary Travel and Shopping; By Age Group: Millennial (21-30 Years), Others; Regional Analysis; Competitive Landscape; 2024-2032

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Global Luxury Travel Market Outlook

The global luxury travel market size reached approximately USD 2.07 trillion in 2023. The market is assessed to grow at a CAGR of 5.5% between 2024 and 2032 to attain a value of around USD 3.38 trillion by 2032.

Key Trends in the Market

Luxury travel refers to a type of tourism that is associated with exclusive, personalised, and unique experiences. Luxury travellers typically choose high-end accommodations such as international hotels and exclusive boutique travel.

• One of the major factors aiding the luxury travel market growth is the increasing disposable incomes of the middle-class population. Although luxury travel has been traditionally associated with high-net-worth individuals, celebrities, influencers, and business tycoons, a growing young population with rising income levels and a knack for adventure and unique experiences is fuelling the market.
• The luxury travel market demand is being propelled by the growing demand for rejuvenating and relaxing travel experiences by affluent individuals amid the rising trend of self-care and the growing focus on overall well-being. With the affluent population prioritising their mental, physical, and spiritual health, the interest in luxury wellness travel, especially in countries like India, Thailand, Switzerland, and Japan, is increasing.
• The rising demand for personalised services and offerings is one of the key luxury travel market trends. Luxury travellers value tailored and unique experiences that can cater to their specific interests. To capitalise on this trend, luxury travel operators and agents are leveraging innovative technologies such as data analytics to analyse the preferences, interests, social media activities, and travel history of affluent travellers to provide them with exclusive and personalised luxury travel experiences.

High-end travellers are also demanding authentic, meaningful, and unique experiences, hence choosing offbeat destinations not frequented by the masses with personalised tours and exclusive services.

• The increasing trend of sustainable travel is significantly driving the luxury travel market development. Luxury travellers are willing to spend more on travelling responsibly, preserving local culture and biodiversity, and contributing to the local economy. Moreover, they are choosing low-carbon emission modes of transportation and eco-friendly luxury accommodations that use sustainable practices, renewable energy, and eco-friendly and responsibly sourced materials.

Market Analysis

Based on tour type, the luxury travel market segmentation includes customised and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, and culinary travel and shopping.

On the basis of age group, the market can be divided into millennial (21-30 years), Generation X (31-40 Years), baby boomers (41-60 years), and silver hair (60 years and above). The major regional markets for luxury travel include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global luxury travel market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Abercrombie & Kent Ltd. 
• Scott Dunn Ltd. 
• TUI Group 
• Tauck, Inc. 
• Lindblad Expeditions, LLC 
• Taicoa Corporation (Micato Safaris, Inc.)
• Exodus Travels Limited 
• Travelopia Holdings Limited 
• Butterfield & Robinson Inc. 
• Globus Travel Kft. 

Market Share by Age Group

As per the luxury travel market analysis, millennials prefer luxury immersive and experimental travel that can provide them with spiritual awareness, physical enrichment, and intellectual nourishment. Moreover, luxury tours with a focus on culture, art, history, and music are gaining popularity among millennials seeking authentic and unique experiences.

Market Share by Region

The Asia Pacific accounts for a substantial portion of the luxury travel market share. Countries such as Thailand, India, Japan, Singapore, and Vietnam have emerged as leading destinations for travellers seeking a blend of comfort, luxury, natural beauty, and culture. The increasing number of luxury hotels, coupled with exceptional customer services and diverse locations in the region, is further aiding the market growth.

Besides, the surging number of high-net-worth-individuals (HNWI) and ultra-high-net-worth individuals (UHNWI), especially in countries like China, Japan, Singapore, and Hong Kong, are expected to positively impact the luxury travel market expansion in the coming years.

Competitive Landscape

Abercrombie & Kent Ltd. , established in 1962, has been a pioneer in the luxury adventure travel sector. It is recognised as one of the premier travel companies in the world and offers its services in over 100 countries. The company offers different types of travel services, ranging from private jet journeys to small group journeys, and luxury expedition cruises.

Scott Dunn Ltd. is a leading travel operator that is headquartered in London, the United Kingdom. The company offers high-end adventurous holidays across the globe, from Antarctica to the Alps. It aims to use its expansive knowledge to create customised, personalised, immersive, and memorable travel experiences.

TUI Group has established its position as a reputed tourism platform company that offers services in prominent holiday destinations across the globe. With its focus on social, economic, and environmental sustainability, the company has created memorable trips for more than 21 million travellers.

Other luxury travel market players include Tauck, Inc., Lindblad Expeditions, LLC, Taicoa Corporation (Micato Safaris, Inc.), Exodus Travels Limited, Travelopia Holdings Limited, Butterfield & Robinson Inc., and Globus Travel Kft., among others.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 2    Report Coverage – Key Segmentation and Scope 3    Report Description        3.1    Market Definition and Outlook     3.2    Properties and Applications     3.3    Market Analysis     3.4    Key Players 4    Key Assumptions 5    Executive Summary     5.1    Overview     5.2    Key Drivers     5.3    Key Developments     5.4    Competitive Structure     5.5    Key Industrial Trends 6    Market Snapshot     6.1    Global     6.2    Regional 7    Opportunities and Challenges in the Market 8    Global Luxury Travel Market Analysis     8.1    Key Industry Highlights     8.2    Global Luxury Travel Historical Market (2018-2023)      8.3    Global Luxury Travel Market Forecast (2024-2032)     8.4    Global Luxury Travel Market by Tour Type         8.4.1    Customised and Private Vacation             8.4.1.1    Historical Trend (2018-2023)             8.4.1.2    Forecast Trend (2024-2032)         8.4.2    Adventure and Safari             8.4.2.1    Historical Trend (2018-2023)             8.4.2.2    Forecast Trend (2024-2032)         8.4.3    Cruise and Ship Expedition             8.4.3.1    Historical Trend (2018-2023)             8.4.3.2    Forecast Trend (2024-2032)         8.4.4    Small Group Journey             8.4.4.1    Historical Trend (2018-2023)             8.4.4.2    Forecast Trend (2024-2032)         8.4.5    Celebration and Special Event             8.4.5.1    Historical Trend (2018-2023)             8.4.5.2    Forecast Trend (2024-2032)         8.4.6    Culinary Travel and Shopping             8.4.6.1    Historical Trend (2018-2023)             8.4.6.2    Forecast Trend (2024-2032)     8.5    Global Luxury Travel Market by Age Group         8.5.1    Millennial (21-30 Years)             8.5.1.1    Historical Trend (2018-2023)             8.5.1.2    Forecast Trend (2024-2032)         8.5.2    Generation X (31-40 Years)             8.5.2.1    Historical Trend (2018-2023)             8.5.2.2    Forecast Trend (2024-2032)         8.5.3    Baby Boomers (41-60 Years)             8.5.3.1    Historical Trend (2018-2023)             8.5.3.2    Forecast Trend (2024-2032)         8.5.4    Silver Hair (60 Years and Above)             8.5.4.1    Historical Trend (2018-2023)             8.5.4.2    Forecast Trend (2024-2032)     8.6    Global Luxury Travel Market by Region         8.6.1    North America             8.6.1.1    Historical Trend (2018-2023)             8.6.1.2    Forecast Trend (2024-2032)         8.6.2    Europe             8.6.2.1    Historical Trend (2018-2023)             8.6.2.2    Forecast Trend (2024-2032)         8.6.3    Asia Pacific             8.6.3.1    Historical Trend (2018-2023)             8.6.3.2    Forecast Trend (2024-2032)         8.6.4    Latin America             8.6.4.1    Historical Trend (2018-2023)             8.6.4.2    Forecast Trend (2024-2032)         8.6.5    Middle East and Africa             8.6.5.1    Historical Trend (2018-2023)             8.6.5.2    Forecast Trend (2024-2032) 9    North America Luxury Travel Market Analysis     9.1    United States of America          9.1.1    Historical Trend (2018-2023)         9.1.2    Forecast Trend (2024-2032)     9.2    Canada         9.2.1    Historical Trend (2018-2023)         9.2.2    Forecast Trend (2024-2032) 10    Europe Luxury Travel Market Analysis     10.1    United Kingdom         10.1.1    Historical Trend (2018-2023)         10.1.2    Forecast Trend (2024-2032)     10.2    Germany         10.2.1    Historical Trend (2018-2023)         10.2.2    Forecast Trend (2024-2032)     10.3    France         10.3.1    Historical Trend (2018-2023)         10.3.2    Forecast Trend (2024-2032)     10.4    Italy         10.4.1    Historical Trend (2018-2023)         10.4.2    Forecast Trend (2024-2032)     10.5    Others 11    Asia Pacific Luxury Travel Market Analysis     11.1    China         11.1.1    Historical Trend (2018-2023)         11.1.2    Forecast Trend (2024-2032)     11.2    Japan         11.2.1    Historical Trend (2018-2023)         11.2.2    Forecast Trend (2024-2032)     11.3    India         11.3.1    Historical Trend (2018-2023)         11.3.2    Forecast Trend (2024-2032)     11.4    ASEAN         11.4.1    Historical Trend (2018-2023)         11.4.2    Forecast Trend (2024-2032)     11.5    Australia         11.5.1    Historical Trend (2018-2023)         11.5.2    Forecast Trend (2024-2032)     11.6    Others 12    Latin America Luxury Travel Market Analysis     12.1    Brazil         12.1.1    Historical Trend (2018-2023)         12.1.2    Forecast Trend (2024-2032)     12.2    Argentina         12.2.1    Historical Trend (2018-2023)         12.2.2    Forecast Trend (2024-2032)     12.3    Mexico         12.3.1    Historical Trend (2018-2023)         12.3.2    Forecast Trend (2024-2032)     12.4    Others 13    Middle East and Africa Luxury Travel Market Analysis     13.1    Saudi Arabia         13.1.1    Historical Trend (2018-2023)         13.1.2    Forecast Trend (2024-2032)     13.2    United Arab Emirates         13.2.1    Historical Trend (2018-2023)         13.2.2    Forecast Trend (2024-2032)     13.3    Nigeria         13.3.1    Historical Trend (2018-2023)         13.3.2    Forecast Trend (2024-2032)     13.4    South Africa         13.4.1    Historical Trend (2018-2023)         13.4.2    Forecast Trend (2024-2032)     13.5    Others 14    Market Dynamics     14.1    SWOT Analysis         14.1.1    Strengths         14.1.2    Weaknesses         14.1.3    Opportunities         14.1.4    Threats     14.2    Porter’s Five Forces Analysis         14.2.1    Supplier’s Power         14.2.2    Buyer’s Power         14.2.3    Threat of New Entrants         14.2.4    Degree of Rivalry         14.2.5    Threat of Substitutes     14.3    Key Indicators for Demand     14.4    Key Indicators for Price   15    Competitive Landscape     15.1    Market Structure     15.2    Company Profiles         15.2.1    Abercrombie & Kent Ltd.              15.2.1.1    Company Overview             15.2.1.2    Product Portfolio             15.2.1.3    Demographic Reach and Achievements             15.2.1.4    Certifications         15.2.2    Scott Dunn Ltd.              15.2.2.1    Company Overview             15.2.2.2    Product Portfolio             15.2.2.3    Demographic Reach and Achievements             15.2.2.4    Certifications         15.2.3    TUI Group              15.2.3.1    Company Overview             15.2.3.2    Product Portfolio             15.2.3.3    Demographic Reach and Achievements             15.2.3.4    Certifications         15.2.4    Tauck, Inc.              15.2.4.1    Company Overview             15.2.4.2    Product Portfolio             15.2.4.3    Demographic Reach and Achievements             15.2.4.4    Certifications         15.2.5    Lindblad Expeditions, LLC              15.2.5.1    Company Overview             15.2.5.2    Product Portfolio             15.2.5.3    Demographic Reach and Achievements             15.2.5.4    Certifications         15.2.6    Taicoa Corporation (Micato Safaris, Inc.)             15.2.6.1    Company Overview             15.2.6.2    Product Portfolio             15.2.6.3    Demographic Reach and Achievements             15.2.6.4    Certifications         15.2.7    Exodus Travels Limited              15.2.7.1    Company Overview             15.2.7.2    Product Portfolio             15.2.7.3    Demographic Reach and Achievements             15.2.7.4    Certifications         15.2.8    Travelopia Holdings Limited              15.2.8.1    Company Overview             15.2.8.2    Product Portfolio             15.2.8.3    Demographic Reach and Achievements             15.2.8.4    Certifications         15.2.9    Butterfield & Robinson Inc.              15.2.9.1    Company Overview             15.2.9.2    Product Portfolio             15.2.9.3    Demographic Reach and Achievements             15.2.9.4    Certifications         15.2.10    Globus Travel Kft.              15.2.10.1    Company Overview             15.2.10.2    Product Portfolio             15.2.10.3    Demographic Reach and Achievements             15.2.10.4    Certifications         15.2.11    Others 16    Key Trends and Developments in the Market

List of Key Figures and Tables

1.    Global Luxury Travel Market: Key Industry Highlights, 2018 and 2032 2.    Global Luxury Travel Historical Market: Breakup by Tour Type (USD Trillion), 2018-2023 3.    Global Luxury Travel Market Forecast: Breakup by Tour Type (USD Trillion), 2024-2032 4.    Global Luxury Travel Historical Market: Breakup by Age Group (USD Trillion), 2018-2023 5.    Global Luxury Travel Market Forecast: Breakup by Age Group (USD Trillion), 2024-2032 6.    Global Luxury Travel Historical Market: Breakup by Region (USD Trillion), 2018-2023 7.    Global Luxury Travel Market Forecast: Breakup by Region (USD Trillion), 2024-2032 8.    North America Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023 9.    North America Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032 10.    Europe Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023 11.    Europe Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032 12.    Asia Pacific Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023 13.    Asia Pacific Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032 14.    Latin America Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023 15.    Latin America Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032 16.    Middle East and Africa Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023 17.    Middle East and Africa Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032 18.    Global Luxury Travel Market Structure

What was the global luxury travel market value in 2023?

In 2023, the market attained a value of nearly USD 2.07 trillion.

What is the growth rate of the global luxury travel market?

The market is assessed to grow at a CAGR of 5.5% between 2024 and 2032.

What is the forecast outlook of the global luxury travel market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 3.38 trillion by 2032.

What are the major market drivers?

The major market drivers are the rising disposable incomes of the young population, the increasing spending on travelling by millennials, and the surging demand for relaxing and rejuvenating luxury travel.

What are the key trends of the market?

The rising demand for personalised offerings, the growing preference for sustainable and socially responsible luxury travel, and the surging preference for offbeat high-end destinations among affluent individuals are the key trends aiding the market expansion.

What are the major regional markets of luxury travel, according to the EMR report?

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the different age groups of luxury travel?

The different age groups of luxury travel are millennial (21-30 years), Generation X (31-40 Years), baby boomers (41-60 years), and silver hair (60 years and above).

Who are the key players, according to the luxury travel market report?

The major players in the market are Abercrombie & Kent Ltd., Scott Dunn Ltd., TUI Group, Tauck, Inc., Lindblad Expeditions, LLC, Taicoa Corporation (Micato Safaris, Inc.), Exodus Travels Limited, Travelopia Holdings Limited, Butterfield & Robinson Inc., and Globus Travel Kft., among others.

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• Five Trends Shaping the Market (779 KB PDF)
• The Sustainability Imperative (832 KB PDF)
• Hyperpersonalization (712 KB PDF)

Future of luxury travel

The latest trends shaping the luxury travel industry.

Luxury travel providers are striving to offer the most extravagant experiences money can buy, using descriptors such as "ultra-premium," "rare," "authentic," and "exotic" to entice travelers with offerings such as private villas and private islands, as well as special chef-inspired menus and exclusive members-only options. The luxury travel industry has rebounded to pre-pandemic levels and is currently thriving, with a global market value of US$1.2 trillion in 2021 and a projected Compound Annual Growth Rate (CAGR) of 7.6% until 2030, according to market research surveys ¹ . Changing consumer preferences, influenced by social media, have heightened demand for destinations that are deemed "Instagram-worthy," increasing awareness and interest in more remote and unique locations. This three-part article series explores the most significant trends that are currently shaping the luxury travel industry. We’ll examine how sustainability and hyperpersonalization strategies may disrupt the industry, and present new opportunities for growth.

Five Trends Shaping the Market

Despite the rise of online research and travel bookings, high-end travelers are turning to luxury travel agents for unique and hassle-free travel experiences. They offer invaluable advice with knowledge of travel restrictions and health and safety guidelines, along with easy, secure payment and on-call troubleshooting before, during, and after a trip. Luxury travelers are also showing a strong preference for tech-enabled planning, booking, and post-travel experiences. To meet this rising demand, luxury travel brands need to focus on digital innovation, including virtual reality experiences, IoT-enabled in-room preferences, etc. Customer demand for one stop solutions is also leading to cross-brand alliances, enabling luxury travelers to provide unique and comprehensive experiences. By monitoring and capitalizing on emerging hospitality trends, luxury travel brands can enhance customer engagement and foster brand loyalty, while also improving their online reputation through positive reviews and word-of-mouth recommendations, leading to potential revenue growth.

Download the PDF

The Sustainability Imperative

As per a recent survey, 80% of luxury travelers said they want to travel more responsibly, with 75% willing to pay more to do so, especially if it's clear how the money will be used ² . This can be made possible by doing something as simple as booking an ecofriendly or green hotel, or as intentional as volunteering with an immersive conservation project. Efforts need to be directed to deliver true luxury while making a tangible positive difference for the local people, cultures, and environment. It’s important that luxury travel brands take conscious steps to build sustainability into their development and operations to capitalize on this opportunity.

Hyperpersonalization

In a recent survey 3 , 68% of luxury travel advisors reported that travelers are opting for experiences tailored to what they value most: longer vacations, increased privacy, and premium and high-end amenities. This has led to a surge in popularity for luxury yacht, train, and cruise options. Luxury travelers want their journey to be just as exclusive and luxurious as their destination. Many travelers are also showing a keen interest in adventure or extreme sports combined with in-depth cultural touring. In addition, experiential and high-end wellness focus tourism is gaining traction. This trend towards hyperpersonalization is transforming the luxury travel industry, as travelers seek unique and memorable experiences that are tailored to their individual preferences and desires. 

Reference 1. Grand View Research, " Luxury Travel Market Size, Share & Trends Analysis Report And Segment Forecasts, 2022-2030 ," accessed March 12, 2023.

2. Virtuoso® Travel Week 2022, “ The Future of Luxury Travel ” October 20, 2022.

3. Luxury Travel Advisor, " Affluent Sentiment Study " survey of 288 luxury travel advisors, April 2022

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A world in motion.

Frontline Workers in the Transportation, Hospitality & Services Sector | Deloitte Global

Scott A. Rosenberger

Global Luxury Travel Market Size, By Traveler (Absolute luxury, Aspiring Luxury, Accessible Luxury), By Tour (Customized & Private Vacations, Safari & Adventure, Cruises, Yachting & Small Ship Expeditions, Celebration Journeys, Culinary Travel & Shopping, Others), By Age Group (Millennials [21 – 30], Generation X [31 – 40], Baby Boomers [41 – 60], Silver Hair [60 +]), By Geographic Scope and Forecast 2022 – 2032

Global Luxury Travel Market Insights Forecasts to 2032

• The Global Luxury Travel Market Size was valued at USD 1.67 Trillion in 2022.
• The Market Size is Growing at a CAGR of 8.2% from 2022 to 2032
• The Worldwide Luxury Travel Market Size is expected to reach USD 3.7 Trillion by 2032
• Asia Pacific Market is expected to grow the fastest during the forecast period

Get more details on this report -

The Global Luxury Travel Market Size is expected to reach USD 3.7 Trillion by 2032, at a CAGR of 8.2% during the forecast period of 2022–2032.

Luxury travel is a luxurious and exclusive niche of the tourist business that offers discerning travelers who demand extraordinary and extravagant interactions. Private aircraft, luxury hotel stays, and exclusive excursions are all examples of luxury travel, as are private yacht charters, bespoke itineraries, and VIP access to cultural events. The vendors of services strive to give exceptional services to their customers. Nowadays, travelers focus on exploring destinations in order to get cultural, culinary, and other experiences. Numerous individuals are becoming more inclined toward one-of-a-kind excursions that involve cultural visits, sailing, and thrilling adventures to acquire a valuable and lasting experience. The luxury travel business has emerged as one of the fastest-expanding sectors, greatly contributing to global financial expansion and development. Increased disposable income and upper-middle-class spending have increased demand for improved service standards. Furthermore, the increasing popularity of remote employment and freelance work allows tourists to explore luxury destinations without disrupting their day-to-day jobs, which contributes to the expansion of extended-stay luxury experiences.

Market Outlook

Luxury Travel Market Price Analysis

The luxury travel market's price analysis revolves around the distinctive pricing dynamics of high-end travel experiences. Luxury travelers demand exceptional quality, personalized services, and exclusive access. Pricing factors in this segment encompass luxury accommodations, private transportation, gourmet dining, and tailored experiences. Seasonality, destination, and demand fluctuations play a crucial role in determining prices. Luxury travel providers must balance opulence with value to cater to discerning clientele while ensuring profitability. Ensuring transparent pricing and delivering an unparalleled experience is key to success in the luxury travel market, where clients expect nothing short of the extraordinary.

Luxury Travel Market Distribution Analysis

The worldwide luxury travel industry distribution analysis indicates a complex network that caters to discerning tourists seeking exclusive and high-end experiences. Typically, luxury travel is distributed through specialized channels such as luxury travel agencies, tour operators, and high-end concierge services. These middlemen create customized itineraries and offer tailored services to fulfill the specific needs of affluent guests. Luxury travel offerings are also distributed through online platforms, particularly upmarket travel websites and apps. Hotels, airlines, and cruise companies frequently work with travel agencies to ensure that their premium services are distributed seamlessly. Overall, luxury travel distribution focuses on producing unique, bespoke vacations for the world's elite passengers.

Global Luxury Travel Market Report Coverage

Market Dynamics

Luxury Travel Market Dynamics

Growing affluence and aspirational travel

The increasing global affluence, especially in emerging economies, has given rise to a burgeoning segment of travelers seeking luxury experiences. As disposable incomes rise, so does the aspiration for exclusive and high-end travel. This driver propels the luxury travel market as more travelers have the means and desire to indulge in premium experiences. It creates a larger customer base, leading to the development of new luxury destinations, accommodations, and services to cater to this demand.

Customization and experiential travel

Modern luxury travelers are increasingly seeking unique and personalized experiences. They prioritize authenticity, cultural immersion, and tailor-made itineraries over standardized packages. This shift drives the industry towards offering highly customized and experiential travel. Luxury providers must adapt by curating authentic and exclusive experiences, from boutique hotels to cultural tours, to meet the demands of this discerning clientele. This trend not only attracts more customers but also fosters brand loyalty and positive word-of-mouth recommendations, further stimulating market growth.

Restraints & Challenges

Economic and geopolitical uncertainties

The luxury travel market is sensitive to economic fluctuations and geopolitical uncertainties. Economic downturns or political instability in key source markets can affect travelers' disposable income and willingness to spend on luxury experiences. During such periods, luxury travel may witness reduced demand as consumers prioritize essentials over indulgent travel. Luxury providers need to adapt by offering value-added services or diversifying their target markets to mitigate the impact of economic and geopolitical uncertainties.

Regional Forecasts

Europe Market Statistics

Europe is anticipated to dominate the luxury travel market from 2023 to 2032. Europe is a prominent destination for luxury travel, renowned for its rich history, diverse cultures, and opulent experiences. Major European cities like Paris, Rome, London, and Barcelona offer luxury travelers a wealth of historical sites, fine dining, and high-end shopping. Luxury resorts in the Mediterranean, alpine ski destinations, and exclusive spas are also popular choices for affluent travelers. The region's well-preserved heritage, world-class services, and accessibility make it a top choice for luxury tourism.

Asia Pacific Market Statistics

Asia Pacific is witnessing the fastest market growth between 2023 to 2032. Asia Pacific is increasingly becoming a sought-after region for luxury travel. Countries like Japan offer a blend of ancient traditions and modern luxury, while destinations in Southeast Asia, such as Bali, Thailand, and the Maldives, provide tropical paradises with upscale resorts. The rising affluence in countries like China and India has led to a growing demand for premium travel experiences. Additionally, Asian destinations are known for their unique cultural experiences and exquisite cuisine, making the region appealing to luxury travelers.

Segmentation Analysis

Insights by Travel

The safari and adventure segment accounted for the largest market share over the forecast period 2023 to 2032. The aspiring luxury class primarily consists of the millennial age, who opt for short, luxury travel due to their moderate money. This sector also includes the 'newly rich,' who are eager to invest in the luxury travel business and are the market leaders in this segment. While they have a lot of money to spend, they don't go all out for luxury services. Aspiring luxury prefers rare and distinctive shopping destinations, especially those in foreign countries. This group consists of young, aspiring people who make a lot of money and have little obligations to their families. Increasing numbers of aspiring luxury travelers are expected to augment the expansion of the luxury travel industry throughout the predicted time frame.

Insights by Tour

The aspiring luxury segment accounted for the largest market share over the forecast period 2023 to 2032. This is because luxury travelers aspire to acquire more about the local culture and experience a sense of adventure, the environment, historical infrastructure, and a less congested atmosphere. Luxury tents, sometimes known as "Glamping" accommodations, are typically utilized for excursion groups such as safaris or outdoor-focused excursions. These tents are often outfitted with modern conveniences such as private toilets and showers, as well as gorgeous teak floors. Luxury safari tours typically include an on-site personal guide for the duration of the journey.

Insights by Age Group

The baby boomers (41 – 60) segment accounted for the largest market share over the forecast period 2023 to 2032, driven by growing preference of baby boomers to travel with family and friends. This demographic tends to spend more on luxury vacations in order to stay healthy, relax, and socialize. This generation is wealthier, has greater freedom than previous generations, and is more likely to spend money on leisure. They travel four to five times per year on average, which is an important factor for the luxury travel market growth.

Competitive Landscape

Major players in the market

• TCS World Travel
• Butterfield & Robinson Inc.
• Cox & Kings Ltd.
• Scott Dunn Ltd.
• Kensington Tours
• Zicasso, Inc.
• Abercrombie & Kent USA, LLC
• Lindblad Expeditions
• Geographic Expeditions, Inc.
• Micato Safaris
• Exodus Travels Limited
• Travelopia Holdings Limited
• Travel Edge (Canada) Inc.

Recent Market Developments

• On October 2023, TJH announced a strategic alliance with Inspirato Incorporated, the unique luxury travel subscription company. As part of the agreement, Inspirato will provide TJH clients with a complimentary 12-month Inspirato Travel Membership. This membership permits clients to book travel within Inspirato's handpicked collection of 750+ luxury vacation options in 100+ locations worldwide at members-only rates.
• On August 2023, VOMOS, a forerunner in the luxury travel industry, has announced its latest collaboration with Summit Black Car, a leading provider of elite transportation services. This collaboration intends to reimagine premium travel experiences for Colorado residents and visitors. This strategic placement assures that passengers, no matter where they are, may enjoy the unrivaled ease of quick and elegant transportation, even for last-minute reservations.
• On December 2022, Marriott International, Inc. has announced plans to open more than 35 luxury hotels by 2023, providing the unique and profound experiences that today's premium traveler seeks. Marriott International continues to push the boundaries, reimagining travel with a globally inspired perspective that defines the future of luxury, with a portfolio of luxury brands that includes The Ritz-Carlton, Ritz-Carlton Reserve, St. Regis, W Hotels, The Luxury Collection, EDITION, JW Marriott, and Bulgari Hotels & Resorts.
• Market Segmentation

This study forecasts revenue at global, regional, and country levels from 2023 to 2032.

Luxury Travel Market, Traveler Analysis

• Absolute luxury
• Aspiring Luxury
• Accessible Luxury

Luxury Travel Market, Tour Analysis

• Customized & Private Vacations
• Safari & Adventure
• Yachting & Small Ship Expeditions
• Celebration Journeys
• Culinary Travel & Shopping

Luxury Travel Market, Age Group Analysis

• Millennials [21 – 30]
• Generation X [31 – 40]
• Baby Boomers [41 – 60]
• Silver Hair [60 +]

Luxury Travel Market, Regional Analysis

• North America
• Rest of Europe
• Asia Pacific
• South Korea
• Rest of Asia Pacific
• South America
• Middle East & Africa
• Saudi Arabia
• South Africa

Frequently Asked Questions (FAQ)

• 1. What is the market size of the luxury travel market? The global luxury travel market is expected to grow from USD 1.67 Trillion in 2023 to USD 3.7 Trillion by 2032, at a CAGR of 32.5% during the forecast period 2023-2032.
• 2. Who are the key market players of the luxury travel market? TUI Group, TCS World Travel, Butterfield & Robinson Inc., Cox & Kings Ltd., Scott Dunn Ltd., Kensington Tours, Zicasso, Inc., Abercrombie & Kent USA, LLC, Lindblad Expeditions, Geographic Expeditions, Inc., Micato Safaris, Exodus Travels Limited, Travelopia Holdings Limited, Travel Edge (Canada) Inc.
• 3. Which segment holds the largest market share? Aspiring Luxury segment holds the largest market share and is going to continue its dominance.
• 4. Which region is dominating the luxury travel market? Europe is dominating the luxury travel market with the highest market share.
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Luxury Travel Market Size By Type Of Tour (Adventure & Safari, Customized & Private, Celebration & Special Events, Cruise/Ship Expedition, Others), Age Group (Millennial, Generation X, Baby Boomers) And Region Global Market Analysis And Forecast, 2023-2030

• Report ID : 16465
• Category : Public Transport
• No Of Pages : 218
• Published on : November 2022
• Status : Published

• Table Of Content
• Table of Figures
• Segmentation
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Global Luxury Travel Market Overview

The Global Luxury Travel Market size is expected to grow from USD 1.57 billion in 2022 to USD 3.29 billion by 2030, at a CAGR of 9.7% during the forecast period (2023-2030).

Luxury travel is an exclusive and unique experience and more personalized service. Luxury travel provides comfort, quality stress-free, without haste, or routine experience. The growing demand for luxury travels owing to rising the trend of trekking, adventure, and safari tour. Luxury travel improves physical as well as mental well-being by reducing the stress of a hectic lifestyle. People are living a continuously busy life schedule, they need breaks for their mental and physical health. Thus, they can go to the destination places for relaxation and enjoinment. Moreover, luxury hotels provide expensive services to tourists which can attract to people. They offer welcome drinks on arrival, butler service, flowers in your rooms, beautiful rooms, car parking service, and other services. The number of destination places is also increasing that also attracts people and they like to visit such places. For instance, according to UNESCO, in 2021, there were 104 thousand total museums present around the world. Thus, increasing the number of tourists and to Statista the number of international tourists worldwide was 446.2 million worldwide in 2021. These factors boost the market of luxury travel.

Market Dynamics And Factors For Luxury Travel Market

Rising Demand For Personalized, Unique, and Exotic Travel Experience

The rapidly growing demand for unique, personalized, and exotic travel experiences is the key factor that supports the market growth. Several luxury hotels provide a unique experience, quality of accommodation, and quality of other services to travelers. Security is also offered during luxury travels by hotels with cameras and special card access to rooms while using elevators to your floor. In the world growing number of luxury hotels. For instance, according to Condor Ferries report, an operator of passenger and freight ferry services in the United Kingdom, Bailiwick of Guernsey, Bailiwick of Jersey, and France, there are more than 4,400 four and five-star hotels present around the world. Due to the excellent facility of the hotel, peoples are more attracted to such luxury hotels which increase the number of luxury travelers. Moreover, the growing hectic lifestyle and the number of people demanding luxury travel improve mental as well as physical health by reducing stress, and restoring mental health which increases the luxury travel market.

Restraints:

The Changing Socio-Economic Conditions

Varying socio-economic conditions is the key factor that restricts the growth of the luxury travel market. Several factors can change social and economic conditions such as political unrest, terrorist attacks, and natural disasters including floods, tsunamis, and others. In addition to this prevalence of the chronic diseases like Covid-19. This affected the travel program due to various restrictions and regulations on traveling. These natural disasters spread the financial crisis and luxury traveling is expensive. Thus, such type of socio-economic changes decreases the demand for luxury traveling which hampers the growth of the luxury travel market.

Opportunity:

Opportunity in Emerging Destinations and Advanced Technology

The advanced technologies people can use to travel provide a lucrative opportunity for the luxury travel market during the forecast period. The advanced technology includes high-speed internet with innovative applications that help with the online booking of tickets for flights, and hotels. Due to this people can search online reviews of any hotel or destination, online check the facility provided by hotels, and also people can easily cancel the travel booking. For instance, Airbnb is a luxury travel company that explores various destination places and digitalization helps to collect more information about such destination places. In addition to this, the luxury traveling industries installed Artificial based voice search and voice control with help of the smartphones and speakers that provide the opportunity for the market. Moreover, the rising number of the luxury travel destinations like Tanzania, Seychelles, Peru, Mirihi Island in the Maldives, Aguas Calientes, and others provide a profitable opportunity for the luxury travel market in the projected timeframe.

Segmentation Analysis Of Luxury Travel Market

By Type of Tours, adventure & safari are expected to have dominated the luxury travel market during the forecast period. The tourism company provides adventure and safari activities that contain zoo-like commercial drive-in tourism attractions where travelers can drive their vehicle or the company’s provided vehicle to freely observe roaming animals. In the new generation, there is a trend of watching roaming wild animals in their natural environment. The adventure travels contain activities like climbing expeditions, cycling along rural back roads, trekking into the mountains, and others. These types of adventure and safari tours provide mental and physical well-being by reducing stress. A number of people and also children like to spend time in nature. This type of tour helps tourists in learning new skills and also helps to build new friendships. Thus, adventure and safari tours become more popular in all age groups which supports the growth of the luxury travel market.

By Age Group, baby boomers are anticipated to have the highest market share in the luxury travel market in the analysis time. This age group has sufficient time, and budget to travel and visit several destination places. They want to live physically and mentally fit, so they prefer traveling with partners or friends for changing environments. For instance, according to AARP 2021 Travel Trends,’ there were 54% of the baby boomers planned to travel in the United State. The luxury travel industry provides a number of the facility for baby boomers which also helps to rise the number of tourists in baby boomers that support the growth of the luxury travel market over the forecast period.

Regional Analysis Of Luxury Travel Market

Europe is the dominating country in the luxury travel market owing to the well-financially developed condition of the people. Thus, people more spend on traveling to feel relaxed, restoring their mental health from their daily hectic lifestyle. In addition to this, the growing travel connectivity, and rapid penetration of the high-speed internet this can helps to increase the number of tourists. Personalized service, excellent quality food & wine, health & safety measures, reliable transport, professional staff, leisure luxury, and political stability are the various factors that fuel the luxury travel market. In Europe, very popular destination places are available such as museums, Eifel Tower, castles, enormous palaces, cathedrals, and others. The following figure shows the number of museums in the country in Europe region as of 2021.

These all factors increase the number of tourists in the Europe region. For instance, according to Statista Europe have the largest volume of inbound travelers in 2021 with 303 million arrivals. Thus, the market of luxury travel in the Europe region is anticipated to grow during the forecast period.

The Asia Pacific is the second dominating region in the luxury travel market due to the largest spending on adventure tourism and food tourism. The young population of the APAC region is more and growing interest in trekking, adventure is among them. In the APAC region highest number of the destination places like historical places, museums, and others. For instance, Statista stated the number of museums in Japan was 5738 and in China was 5535 as of March 2021. Japan is one of the luxury travel destinations in the APAC region that provides high-class experience, accommodation, the best gourmet experience, and excellent hospitality. The peoples in Japan are more interested to attend cultural events like maiko or geisha. In addition to this, the highest number of five-star hotels which providing excellent services to tourism. According to Statista, in Indonesia, there were 220 five-star hotels in 2021. Thus, the rising number of tourists. Statista stated that more than 40.5 thousand Airbnb bookings were in Beijing during the first or second week of January 2020.  This number is less as compared to before the prevalence of the covid-19 but after the pandemic, the booking for traveling rapidly increased will provide an opportunity for the luxury travel market of the APAC region in the forecast period.

North America is the second dominating region in the luxury travel market. North America is a financially well-developed region so people in this region can more spend on traveling. The North American peoples are more interested in the visit of the destination places like museums, historical places, and others. For instance, according to Statista, the number of museums in the United States and Canada were 33082 and 2245 respectively as of March 2021. Additionally, in North America highest number of luxury travel industries, luxury hotels, and destination places. This helps to increase the number of people employed as tour and travel guides. For instance, nearly 31 thousand people were employed as tour and travel guides as of May 2021 in the United States. These all factors boost the growth of the luxury travel market in the North American region.

Covid-19 Impact Analysis On Luxury Travel Market

COVID-19 began in Wuhan (China) in December 2019 and has since rapidly grown around the globe. In terms of confirmed cases and reported deaths, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the countries that have been most severely impacted. Because of the lockdowns, and business closures, COVID-19 has had an impact on the businesses and industries of numerous nations.  The government of various countries around the world-imposed travels restrictions to avoid the spread of the coronavirus. During the pandemic hotels, and entry into the destination places were closed that are hugely impacted the travel market. Moreover, people across the globe were suffering from the financial crisis due to covid-19 lockdowns and business closures.  Owing to the spread of the virus, peoples are more concerned about the Covid infection. They avoid spending time outdoors and they prefer to live at home. Thus, the demand for luxury travel is decreased during the pandemic. However, after the pandemic opening the luxury travel industry with advanced technology will provide an opportunity for the luxury travel market.

Top Key Players Covered In Luxury Travel Market

• Abercrombie & Kent USA, LLC. (USA)
• Cox & Kings Ltd. (India)
• Butterfield & Robinson Inc. (Canada)
• Scott Dunn Ltd. (UK)
• Kensington Tours Ltd. (US)
• Micato Safaris (India)
• Thomas Cook Ltd. (India)
• Meredith Corporation, LLC (US)
• Travcoa Corporation (California)
• TUI AG, (Germany), and other major players.

Key Industry Development In The Luxury Travel Market

In September 2022, Kensington Tours developed a new online portal that allows travel professionals to complete FIT quotes to more than 80 countries in record time.

In November 2021, a luxury travel provider company, White Desert launched Echo which provides access to the Antarctica continent for rarely-seen interior views and luxurious experiences.

Chapter 1: Introduction  1.1 Research Objectives  1.2 Research Methodology  1.3 Research Process  1.4 Scope and Coverage   1.4.1 Market Definition   1.4.2 Key Questions Answered  1.5 Market Segmentation Chapter 2:Executive Summary Chapter 3:Growth Opportunities By Segment  3.1 By Type Of Tour  3.2 By Age Group Chapter 4: Market Landscape  4.1 Porter's Five Forces Analysis   4.1.1 Bargaining Power of Supplier   4.1.2 Threat of New Entrants   4.1.3 Threat of Substitutes   4.1.4 Competitive Rivalry   4.1.5 Bargaining Power Among Buyers  4.2 Industry Value Chain Analysis  4.3 Market Dynamics   4.3.1 Drivers   4.3.2 Restraints   4.3.3 Opportunities   4.5.4 Challenges  4.4 Pestle Analysis  4.5 Technological Roadmap  4.6 Regulatory Landscape  4.7 SWOT Analysis  4.8 Price Trend Analysis  4.9 Patent Analysis  4.10 Analysis of the Impact of Covid-19   4.10.1 Impact on the Overall Market   4.10.2 Impact on the Supply Chain   4.10.3 Impact on the Key Manufacturers   4.10.4 Impact on the Pricing Chapter 5: Luxury Travel Market by Type Of Tour  5.1 Luxury Travel Market Overview Snapshot and Growth Engine  5.2 Luxury Travel Market Overview  5.3 Adventure & Safari   5.3.1 Introduction and Market Overview   5.3.2 Historic and Forecasted Market Size (2016-2028F)   5.3.3 Key Market Trends, Growth Factors and Opportunities   5.3.4 Adventure & Safari: Geographic Segmentation  5.4 Customized & Private   5.4.1 Introduction and Market Overview   5.4.2 Historic and Forecasted Market Size (2016-2028F)   5.4.3 Key Market Trends, Growth Factors and Opportunities   5.4.4 Customized & Private: Geographic Segmentation  5.5 Celebration & Special Events   5.5.1 Introduction and Market Overview   5.5.2 Historic and Forecasted Market Size (2016-2028F)   5.5.3 Key Market Trends, Growth Factors and Opportunities   5.5.4 Celebration & Special Events: Geographic Segmentation  5.6 Cruise/Ship Expedition   5.6.1 Introduction and Market Overview   5.6.2 Historic and Forecasted Market Size (2016-2028F)   5.6.3 Key Market Trends, Growth Factors and Opportunities   5.6.4 Cruise/Ship Expedition: Geographic Segmentation  5.7 Others   5.7.1 Introduction and Market Overview   5.7.2 Historic and Forecasted Market Size (2016-2028F)   5.7.3 Key Market Trends, Growth Factors and Opportunities   5.7.4 Others: Geographic Segmentation Chapter 6: Luxury Travel Market by Age Group  6.1 Luxury Travel Market Overview Snapshot and Growth Engine  6.2 Luxury Travel Market Overview  6.3 Millennial   6.3.1 Introduction and Market Overview   6.3.2 Historic and Forecasted Market Size (2016-2028F)   6.3.3 Key Market Trends, Growth Factors and Opportunities   6.3.4 Millennial: Geographic Segmentation  6.4 Generation X   6.4.1 Introduction and Market Overview   6.4.2 Historic and Forecasted Market Size (2016-2028F)   6.4.3 Key Market Trends, Growth Factors and Opportunities   6.4.4 Generation X: Geographic Segmentation  6.5 Baby Boomers   6.5.1 Introduction and Market Overview   6.5.2 Historic and Forecasted Market Size (2016-2028F)   6.5.3 Key Market Trends, Growth Factors and Opportunities   6.5.4 Baby Boomers: Geographic Segmentation Chapter 7: Company Profiles and Competitive Analysis  7.1 Competitive Landscape   7.1.1 Competitive Positioning   7.1.2 Luxury Travel Sales and Market Share By Players   7.1.3 Industry BCG Matrix   7.1.4 Heat Map Analysis   7.1.5 Luxury Travel Industry Concentration Ratio (CR5 and HHI)   7.1.6 Top 5 Luxury Travel Players Market Share   7.1.7 Mergers and Acquisitions   7.1.8 Business Strategies By Top Players  7.2 ABERCROMBIE & KENT USA   7.2.1 Company Overview   7.2.2 Key Executives   7.2.3 Company Snapshot   7.2.4 Operating Business Segments   7.2.5 Product Portfolio   7.2.6 Business Performance   7.2.7 Key Strategic Moves and Recent Developments   7.2.8 SWOT Analysis  7.3 LLC.  7.4 COX & KINGS LTD.  7.5 BUTTERFIELD & ROBINSON INC.  7.6 SCOTT DUNN LTD.  7.7 KENSINGTON TOURS LTD.  7.8 MICATO SAFARIS  7.9 THOMAS COOK LTD.  7.10 MEREDITH CORPORATION  7.11 LLC  7.12 TRAVCOA CORPORATION  7.13 TUI AG  7.14 OTHER MAJOR PLAYERS Chapter 8: Global Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  8.1 Market Overview  8.2 Historic and Forecasted Market Size By Type Of Tour   8.2.1 Adventure & Safari   8.2.2 Customized & Private   8.2.3 Celebration & Special Events   8.2.4 Cruise/Ship Expedition   8.2.5 Others  8.3 Historic and Forecasted Market Size By Age Group   8.3.1 Millennial   8.3.2 Generation X   8.3.3 Baby Boomers Chapter 9: North America Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  9.1 Key Market Trends, Growth Factors and Opportunities  9.2 Impact of Covid-19  9.3 Key Players  9.4 Key Market Trends, Growth Factors and Opportunities  9.4 Historic and Forecasted Market Size By Type Of Tour   9.4.1 Adventure & Safari   9.4.2 Customized & Private   9.4.3 Celebration & Special Events   9.4.4 Cruise/Ship Expedition   9.4.5 Others  9.5 Historic and Forecasted Market Size By Age Group   9.5.1 Millennial   9.5.2 Generation X   9.5.3 Baby Boomers  9.6 Historic and Forecast Market Size by Country   9.6.1 U.S.   9.6.2 Canada   9.6.3 Mexico Chapter 10: Europe Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  10.1 Key Market Trends, Growth Factors and Opportunities  10.2 Impact of Covid-19  10.3 Key Players  10.4 Key Market Trends, Growth Factors and Opportunities  10.4 Historic and Forecasted Market Size By Type Of Tour   10.4.1 Adventure & Safari   10.4.2 Customized & Private   10.4.3 Celebration & Special Events   10.4.4 Cruise/Ship Expedition   10.4.5 Others  10.5 Historic and Forecasted Market Size By Age Group   10.5.1 Millennial   10.5.2 Generation X   10.5.3 Baby Boomers  10.6 Historic and Forecast Market Size by Country   10.6.1 Germany   10.6.2 U.K.   10.6.3 France   10.6.4 Italy   10.6.5 Russia   10.6.6 Spain   10.6.7 Rest of Europe Chapter 11: Asia-Pacific Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  11.1 Key Market Trends, Growth Factors and Opportunities  11.2 Impact of Covid-19  11.3 Key Players  11.4 Key Market Trends, Growth Factors and Opportunities  11.4 Historic and Forecasted Market Size By Type Of Tour   11.4.1 Adventure & Safari   11.4.2 Customized & Private   11.4.3 Celebration & Special Events   11.4.4 Cruise/Ship Expedition   11.4.5 Others  11.5 Historic and Forecasted Market Size By Age Group   11.5.1 Millennial   11.5.2 Generation X   11.5.3 Baby Boomers  11.6 Historic and Forecast Market Size by Country   11.6.1 China   11.6.2 India   11.6.3 Japan   11.6.4 Singapore   11.6.5 Australia   11.6.6 New Zealand   11.6.7 Rest of APAC Chapter 12: Middle East & Africa Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  12.1 Key Market Trends, Growth Factors and Opportunities  12.2 Impact of Covid-19  12.3 Key Players  12.4 Key Market Trends, Growth Factors and Opportunities  12.4 Historic and Forecasted Market Size By Type Of Tour   12.4.1 Adventure & Safari   12.4.2 Customized & Private   12.4.3 Celebration & Special Events   12.4.4 Cruise/Ship Expedition   12.4.5 Others  12.5 Historic and Forecasted Market Size By Age Group   12.5.1 Millennial   12.5.2 Generation X   12.5.3 Baby Boomers  12.6 Historic and Forecast Market Size by Country   12.6.1 Turkey   12.6.2 Saudi Arabia   12.6.3 Iran   12.6.4 UAE   12.6.5 Africa   12.6.6 Rest of MEA Chapter 13: South America Luxury Travel Market Analysis, Insights and Forecast, 2016-2028  13.1 Key Market Trends, Growth Factors and Opportunities  13.2 Impact of Covid-19  13.3 Key Players  13.4 Key Market Trends, Growth Factors and Opportunities  13.4 Historic and Forecasted Market Size By Type Of Tour   13.4.1 Adventure & Safari   13.4.2 Customized & Private   13.4.3 Celebration & Special Events   13.4.4 Cruise/Ship Expedition   13.4.5 Others  13.5 Historic and Forecasted Market Size By Age Group   13.5.1 Millennial   13.5.2 Generation X   13.5.3 Baby Boomers  13.6 Historic and Forecast Market Size by Country   13.6.1 Brazil   13.6.2 Argentina   13.6.3 Rest of SA Chapter 14 Investment Analysis Chapter 15 Analyst Viewpoint and Conclusion

LIST OF TABLES TABLE 001. EXECUTIVE SUMMARY TABLE 002. LUXURY TRAVEL MARKET BARGAINING POWER OF SUPPLIERS TABLE 003. LUXURY TRAVEL MARKET BARGAINING POWER OF CUSTOMERS TABLE 004. LUXURY TRAVEL MARKET COMPETITIVE RIVALRY TABLE 005. LUXURY TRAVEL MARKET THREAT OF NEW ENTRANTS TABLE 006. LUXURY TRAVEL MARKET THREAT OF SUBSTITUTES TABLE 007. LUXURY TRAVEL MARKET BY TYPE OF TOUR TABLE 008. ADVENTURE & SAFARI MARKET OVERVIEW (2016-2028) TABLE 009. CUSTOMIZED & PRIVATE MARKET OVERVIEW (2016-2028) TABLE 010. CELEBRATION & SPECIAL EVENTS MARKET OVERVIEW (2016-2028) TABLE 011. CRUISE/SHIP EXPEDITION MARKET OVERVIEW (2016-2028) TABLE 012. OTHERS MARKET OVERVIEW (2016-2028) TABLE 013. LUXURY TRAVEL MARKET BY AGE GROUP TABLE 014. MILLENNIAL MARKET OVERVIEW (2016-2028) TABLE 015. GENERATION X MARKET OVERVIEW (2016-2028) TABLE 016. BABY BOOMERS MARKET OVERVIEW (2016-2028) TABLE 017. NORTH AMERICA LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 018. NORTH AMERICA LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 019. N LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 020. EUROPE LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 021. EUROPE LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 022. LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 023. ASIA PACIFIC LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 024. ASIA PACIFIC LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 025. LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 026. MIDDLE EAST & AFRICA LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 027. MIDDLE EAST & AFRICA LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 028. LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 029. SOUTH AMERICA LUXURY TRAVEL MARKET, BY TYPE OF TOUR (2016-2028) TABLE 030. SOUTH AMERICA LUXURY TRAVEL MARKET, BY AGE GROUP (2016-2028) TABLE 031. LUXURY TRAVEL MARKET, BY COUNTRY (2016-2028) TABLE 032. ABERCROMBIE & KENT USA: SNAPSHOT TABLE 033. ABERCROMBIE & KENT USA: BUSINESS PERFORMANCE TABLE 034. ABERCROMBIE & KENT USA: PRODUCT PORTFOLIO TABLE 035. ABERCROMBIE & KENT USA: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 035. LLC.: SNAPSHOT TABLE 036. LLC.: BUSINESS PERFORMANCE TABLE 037. LLC.: PRODUCT PORTFOLIO TABLE 038. LLC.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 038. COX & KINGS LTD.: SNAPSHOT TABLE 039. COX & KINGS LTD.: BUSINESS PERFORMANCE TABLE 040. COX & KINGS LTD.: PRODUCT PORTFOLIO TABLE 041. COX & KINGS LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 041. BUTTERFIELD & ROBINSON INC.: SNAPSHOT TABLE 042. BUTTERFIELD & ROBINSON INC.: BUSINESS PERFORMANCE TABLE 043. BUTTERFIELD & ROBINSON INC.: PRODUCT PORTFOLIO TABLE 044. BUTTERFIELD & ROBINSON INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 044. SCOTT DUNN LTD.: SNAPSHOT TABLE 045. SCOTT DUNN LTD.: BUSINESS PERFORMANCE TABLE 046. SCOTT DUNN LTD.: PRODUCT PORTFOLIO TABLE 047. SCOTT DUNN LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 047. KENSINGTON TOURS LTD.: SNAPSHOT TABLE 048. KENSINGTON TOURS LTD.: BUSINESS PERFORMANCE TABLE 049. KENSINGTON TOURS LTD.: PRODUCT PORTFOLIO TABLE 050. KENSINGTON TOURS LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 050. MICATO SAFARIS: SNAPSHOT TABLE 051. MICATO SAFARIS: BUSINESS PERFORMANCE TABLE 052. MICATO SAFARIS: PRODUCT PORTFOLIO TABLE 053. MICATO SAFARIS: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 053. THOMAS COOK LTD.: SNAPSHOT TABLE 054. THOMAS COOK LTD.: BUSINESS PERFORMANCE TABLE 055. THOMAS COOK LTD.: PRODUCT PORTFOLIO TABLE 056. THOMAS COOK LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 056. MEREDITH CORPORATION: SNAPSHOT TABLE 057. MEREDITH CORPORATION: BUSINESS PERFORMANCE TABLE 058. MEREDITH CORPORATION: PRODUCT PORTFOLIO TABLE 059. MEREDITH CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 059. LLC: SNAPSHOT TABLE 060. LLC: BUSINESS PERFORMANCE TABLE 061. LLC: PRODUCT PORTFOLIO TABLE 062. LLC: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 062. TRAVCOA CORPORATION: SNAPSHOT TABLE 063. TRAVCOA CORPORATION: BUSINESS PERFORMANCE TABLE 064. TRAVCOA CORPORATION: PRODUCT PORTFOLIO TABLE 065. TRAVCOA CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 065. TUI AG: SNAPSHOT TABLE 066. TUI AG: BUSINESS PERFORMANCE TABLE 067. TUI AG: PRODUCT PORTFOLIO TABLE 068. TUI AG: KEY STRATEGIC MOVES AND DEVELOPMENTS TABLE 068. OTHER MAJOR PLAYERS: SNAPSHOT TABLE 069. OTHER MAJOR PLAYERS: BUSINESS PERFORMANCE TABLE 070. OTHER MAJOR PLAYERS: PRODUCT PORTFOLIO TABLE 071. OTHER MAJOR PLAYERS: KEY STRATEGIC MOVES AND DEVELOPMENTS LIST OF FIGURES FIGURE 001. YEARS CONSIDERED FOR ANALYSIS FIGURE 002. SCOPE OF THE STUDY FIGURE 003. LUXURY TRAVEL MARKET OVERVIEW BY REGIONS FIGURE 004. PORTER'S FIVE FORCES ANALYSIS FIGURE 005. BARGAINING POWER OF SUPPLIERS FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS FIGURE 008. THREAT OF SUBSTITUTES FIGURE 009. VALUE CHAIN ANALYSIS FIGURE 010. PESTLE ANALYSIS FIGURE 011. LUXURY TRAVEL MARKET OVERVIEW BY TYPE OF TOUR FIGURE 012. ADVENTURE & SAFARI MARKET OVERVIEW (2016-2028) FIGURE 013. CUSTOMIZED & PRIVATE MARKET OVERVIEW (2016-2028) FIGURE 014. CELEBRATION & SPECIAL EVENTS MARKET OVERVIEW (2016-2028) FIGURE 015. CRUISE/SHIP EXPEDITION MARKET OVERVIEW (2016-2028) FIGURE 016. OTHERS MARKET OVERVIEW (2016-2028) FIGURE 017. LUXURY TRAVEL MARKET OVERVIEW BY AGE GROUP FIGURE 018. MILLENNIAL MARKET OVERVIEW (2016-2028) FIGURE 019. GENERATION X MARKET OVERVIEW (2016-2028) FIGURE 020. BABY BOOMERS MARKET OVERVIEW (2016-2028) FIGURE 021. NORTH AMERICA LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028) FIGURE 022. EUROPE LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028) FIGURE 023. ASIA PACIFIC LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028) FIGURE 024. MIDDLE EAST & AFRICA LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028) FIGURE 025. SOUTH AMERICA LUXURY TRAVEL MARKET OVERVIEW BY COUNTRY (2016-2028)

Frequently Asked Questions :

The forecast period in the Luxury Travel Market research report is 2023-2030.

Abercrombie & Kent USA, LLC. (USA), Cox & Kings Ltd. (India), Butterfield & Robinson Inc. (Canada), Scott Dunn Ltd. (UK), Kensington Tours Ltd. (US), Micato Safaris (India), Thomas Cook Ltd. (India), Meredith Corporation, LLC (US), Travcoa Corporation (California), TUI AG, (Germany), and other major players.

The Luxury Travel Market is segmented into Type Of Tour, Age Group, and region. By Type Of Tour the market is categorized into Adventure & Safari, Customized & Private, Celebration & Special Events, Cruise/Ship Expedition, and Others. By Age Group, the market is categorized into Millennial, Generation X, and Baby Boomers. By region, it is analysed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain etc.), Asia-Pacific (China; India; Japan; Southeast Asia etc.), South America (Brazil; Argentina etc.), Middle East & Africa (Saudi Arabia; South Africa etc.).

Luxury travel is an exclusive and unique experience and more personalized service. Luxury travel provides comfort, quality stress-free, without haste, or routine experience. The growing demand for luxury travels owing to rising the trend of trekking, adventure, and safari tour. Luxury travel improves physical as well as mental well-being by reducing the stress of a hectic lifestyle.

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Luxury Travel Market

Luxury Travel Market Analysis by Phone Booking, Online Booking, and In Person Booking from 2024 to 2034

Introducing the Opulent Odyssey where Luxury Travel Soars, Offering Affluent Travelers Exquisite Experiences and Unforgettable Journeys.

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Luxury Travel Market Overview

Embark on a journey through the opulent realm of luxury travel , where every experience is a masterpiece crafted to indulge the senses. Future Market Insights presents an alluring forecast. In 2024, the current valuation of the market is US$ 2.26 trillion. By 2034, this market is forecasted to burgeon into a blazing inferno, with a valuation of US$ 4.24 trillion, fostering a moderate CAGR of 6.5%.

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Historical Insights into the Luxury Travel Market's Performance

The historical CAGR of the luxury travel market stands at 5.80%, reflecting steady expansion propelled by the allure of bespoke experiences and unparalleled indulgence.

From exclusive retreats to tailor-made adventures, the market has evolved to cater to the discerning tastes of affluent travelers seeking nothing short of perfection.

The forecasted CAGR of 6.50% paints a picture of continued growth and prosperity in the luxury travel sector. As consumer expectations evolve and demand for immersive, authentic experiences surges, the market is thus poised for further expansion.

With a blend of tradition and innovation, luxury travel providers are primed to unlock new vistas of luxury, captivating travelers with unforgettable journeys and elevating the art of travel to new heights of sophistication and indulgence.

Reasons to Guide the Luxury Travel Market Forward

• From private yacht cruises to immersive culinary tours, luxury travel providers elevate experiences to new heights, cater to the evolving tastes of discerning travelers, and seek authenticity and meaning in their journeys.
• As awareness of environmental and social issues grows, luxury travelers are widely seeking destinations and experiences that prioritize sustainability and responsible tourism practices.
• Luxury travel providers are embracing eco-friendly practices, from offering carbon-neutral trips to partnering with conservation organizations to meet the demand for sustainable luxury experiences.

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Key Factors Hindering the Luxury Travel Market

• Geopolitical tensions, natural disasters, and global health crises can significantly impact the luxury travel market by disrupting travel patterns, deterring affluent travelers from visiting certain destinations, and imposing travel restrictions.
• Uncertainty surrounding safety and security dampens demand for luxury travel experiences, leading to reduced bookings and revenue losses for luxury travel providers.
• Economic downturns, currency fluctuations, and market volatility can pose challenges for the luxury travel market by affecting consumer spending habits, disposable incomes, and investment portfolios.

Comparative View of Adjacent Markets

This section compares the luxury travel industry, the luxury packaging market, and the luxury hotel market . Luxury brands are recognizing the importance of environmental responsibility and are actively seeking sustainable packaging solutions for reducing their carbon footprint and minimizing waste.

Luxury hotels respond by offering curated experiences, exclusive amenities, and personalized services that go beyond traditional hospitality offerings, creating unforgettable stays for their guests.

Luxury Travel Market:

Luxury Packaging Market:

Luxury Hotel Market:

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Category-wise Insights

The below section shows the leading segment. Based on booking channel, the online booking segment is accounted to hold a market share of 46.3% in 2024. Based on tour type, the package traveler segment is accounted to hold a market share of 48.5% in 2024.

Online Booking Segment to Hold a Significant Share in the Market

Based on booking channel, the online booking segment stands out, capturing a significant market share of 46.3%. The trend reflects the boom in preference among luxury travelers for the convenience and accessibility offered by online platforms when planning and booking their upscale experiences.

From personalized itineraries to seamless transactions, online booking channels cater to the advancing needs of affluent travelers, propelling their popularity in the luxury travel market.

Package Traveler Segment to Hold a Dominant Share in the Market

Based on tour type, the package traveler segment is accounted to hold a market share of 48.5% in 2024. Packaged tours provide a hassle-free and curated experience, offering a blend of exclusive amenities, cultural immersion, and expert guidance.

As luxury travelers continue to seek curated experiences without compromising on comfort and exclusivity, the package traveler segment maintains its stronghold in the dynamic landscape of luxury travel.

Country-wise Insights

The table describes the top five countries ranked by revenue, with Australia holding the top position. Australia dominates the luxury travel market with its natural beauty, diverse landscapes, and unique experiences.

Affluent travelers indulge in luxury vacations for iconic destinations like the Great Barrier Reef and luxury eco-lodges, essaying the temptation as a premier luxury travel destination.

Forecast CAGRs from 2024 to 2034

Extensive Usage of Luxury Travels Boosts the United States Market

In the United States, the luxury travel market is predominantly utilized for a variety of purposes, including leisure travel, business travel, and special occasions such as weddings and milestone celebrations.

The United States boasts a vibrant luxury travel market catering to discerning travelers seeking unique experiences, from luxury wilderness retreats in national parks to opulent urban escapes in cosmopolitan cities like New York and Los Angeles.

Extensive Usage of Luxury Travel Services Booms the Market in Germany

In Germany, the luxury travel market is utilized by affluent travelers seeking refined and sophisticated travel experiences both domestically and internationally. German travelers often indulge in luxury vacations to iconic destinations such as the French Riviera, the Italian countryside, or exotic tropical islands.

The affluent business community often utilizes luxury travel services for corporate events, incentive trips, and executive retreats, reflecting the demand for exclusive and tailored travel experiences.

Luxury Travelers Rising in Popularity is Ensuring Market Growth in China

In China, the luxury travel market is primarily utilized by affluent travelers seeking prestigious and extravagant travel experiences both domestically and abroad. Luxury travelers often seek high-end accommodations, private tours, and VIP services that showcase luxury and exclusivity.

Luxury travel services are frequently utilized by the business elites of China for corporate meetings, luxury events, and incentive travel programs, reflecting the country's growing affluence and sophistication in luxury travel preferences.

Burgeoning Middle Class Raise the Demand for Luxury Travels in India

Rising affluence, a burgeoning middle class, and a desire for unique experiences fuel the luxury travel market in India.

Affluent Indian travelers are seeking personalized and immersive experiences both domestically and internationally, driving demand for luxury accommodations, boutique hotels, and experiential stays.

Presence of Pristine Destinations Impresses the Luxury Travel Market in Australia

In Australia, the luxury travel market is utilized by affluent travelers seeking unique and exclusive travel experiences that showcase the natural beauty and cultural heritage of the country.

Luxury travel experiences in Australia often emphasize outdoor adventures, wildlife encounters, and luxury eco-lodges that offer sustainable and immersive experiences in nature.

Luxury travel services are utilized by business elites of Australia for corporate retreats, luxury events, and incentive travel programs, reflecting the affluent and adventurous travel preferences of the country.

Competitive Landscape

In the competitive landscape of the luxury travel market, a blend of established players and boutique providers vie for affluent travelers' attention. Boutique operators specializing in niche segments like adventure travel or wellness retreats carve out their niche.

Differentiation through unique experiences, personalized service, and exclusive access to hidden gems defines success in this dynamic and discerning market. Some of the key developments are:

• In June 2023, Lindblad Expeditions partnered with FOOD & WINE magazine to disclose an enticing eight-day voyage through the Pacific Northwest, tracing the Columbia and Snake Rivers.
• In February 2023, Australia-based Flight Centre Travel Group acquired Scott Dunn Ltd. for approximately US$ 149 million. This strategic move marked Flight Centre's foray into the luxury travel market in the United Kingdom and the United States, which curated a portfolio of premier luxury travel brands across global markets.

Key Coverage in the Luxury Travel Industry Report

• Adjacent Study on Luxury Travel Market, Luxury Tourism Market
• European Luxury Tourism Market
• Luxury Travel Market Size, Current Insights, and Demographic Trends
• United States Luxury Travel Market
• Key Opportunities of the Global Luxury Travel Market

Report Scope

Key segments, by mode of transportation type:.

• Air Transportation
• Water Transportation
• Land Transportation

By Booking Channel:

• Phone Booking
• Online Booking
• In Person Booking

By Tour Type:

• Independent Traveller
• Package Traveller

By Consumer Orientation:

By age group:.

• 15-25 Years
• 26-35 Years
• 36-45 Years
• 46-55 Years
• 56-65 Years
• 66-75 Years
• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• The Middle East and Africa

Frequently Asked Questions

What is the expected worth of the luxury travel market in 2024.

As of 2024, the market for luxury travel is expected to be valued at US$ 2.26 trillion.

What is the market potential for luxury travel?

The luxury travel market is projected to expand at a CAGR of 6.5% from 2024 and 2034.

Which booking channel segment dominates the luxury travel market?

The online booking segment is projected to dominate the industry.

What is the anticipated market value for luxury travel in 2034?

By 2034, the market value of the luxury travel is expected to reach US$ 4.24 trillion.

Which country is likely to dominate the luxury travel market?

Australia is likely the top-performing market, with a CAGR of 8.1%.

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Global Luxury Travel Market Size, Share & Industry Trends Analysis Report by Tour, Age Group (Baby Boomers, Generation X, Millennial and Silver Hair), Regional Outlook and Forecast, 2022-2028

• October 2022
• Region: Global
• Marqual IT Solutions Pvt. Ltd (KBV Research)
• ID: 5694456
• Description

Table of Contents

Companies mentioned, methodology, related topics, related reports.

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COVID-19 Impact Analysis

Market growth factors, travel guidelines and rules, social media influencing travelers, marketing restraining factor:, rising cases of chronic diseases restraining people to travel, tour outlook, age group outlook, regional outlook, recent strategies deployed in luxury travel market, partnerships, collaborations and agreements:.

• Sep-2022: TUI teamed up with National Geographic Expeditions. Under this collaboration, the TUI and National Geographic Expeditions would introduce National Geographic Day Tours. Further, National Geographic Expeditions would offer adventure travel with the TUI's range of small group & private tours, small ship expedition cruises, and river and private jets.
• Jul-2022: Lindblad Expeditions partnered with OM System, a company primarily focuses on mirrorless interchangeable lens cameras, lenses, audio recorders, dictation devices, and accessories. This partnership would bring aboard the ultimate in equipment for their guests to experience with the latest OM SYSTEM Photo Gear Lockers.
• Jun-2022: A&K Travel Group Ltd. has partnered with V.Ships Leisure, the world’s leading cruise ship manager, based in Monaco. “I am thrilled to start this new chapter and to be back in an industry that has always had, and always will have a special place in my heart. Thirty-five years ago, my family acquired control of Sitmar Cruises, building three of the first purpose-built cruise ships, and 30 years ago my family pioneered a new way of cruising. Our goal was to deliver the best experience, pampering guests from all over the world with around-the-clock butler service and extraordinary culinary experiences.
• Jun-2022: Scott Dunn came into a partnership with APEXX, a multi-award-winning global payments platform. This partnership focused on growing transaction efficiency as well as boosting conversion rates all over the U.S. and Singapore.
• Jan-2022: TUI joined hands with Mobi, a global nonprofit smart mobility consortium. The collaboration focused on implementing ML in cutting-edge digital operations platforms.
• Nov-2021: TUI hotels came into a partnership with Sabre, a travel technology company. This partnership aimed at driving innovation, digital transformation & revenue generation by enhancing the consumer experience.
• Jul-2021: Abercrombie & Kent entered into a partnership with Wheels Up, the leading brand in private aviation. This partnership aimed at delivering members-only experiences to explore the world in unparalleled luxury.
• Jun-2021: TUI entered into a partnership with Nezasa, the industry-leading provider to travel brands. TUI aimed at driving the transformation of the market and strengthening its position as a leading player in multi-day tours.
• Mar-2021: Exodus Travels and AWF partnered with Curated Safari Collection. Through this partnership, Exodus focused on ensuring tourism dollars are utilized responsibly to support regenerative & sustainable initiatives and organizations that benefit tourism places as well as the communities within.
• Oct-2020: Thomas Cook came into a partnership with Accor, a global leader in augmented hospitality. Under this partnership, the companies would together launch Holiday Safe. The launch would focus on reassuring consumers with comprehensive health & safety protocols incorporated through Thomas Cook India and SOTC’s Assured Safe Travel Program along with Apollo Clinics and Accor's Cleanliness and Prevention ALLSAFE label, developed with and vetted by Bureau Veritas.
• Jun-2020: TUI partnered with Booking.com, a Dutch online travel agency. This partnership would enable both companies to expand without parting with large chunks of cash that they currently require to be kept in reserve to ensure longevity.
• Feb-2020: TUI extended its existing partnership with Royal Caribbean, a global cruise holding company. The expansion would help Royal Caribbean to grow its luxury and expedition cruise line along with keeping a share of the business. Also, the company gets the cash which would help pursue its digital strategy.

Product Launches and Product Expansions:

• Jul-2022: Thomas Cook launched Vistara Getaways International. This launch majorly focused on targeting Vistara’s discerning consumers. Thomas Cook selected premium global hotel brands that include Dusit Thani in Thailand, Armani Hotel Dubai, Angsana Ihuru, and Banyan Tree Vabbinfaru in Maldives.

Acquisitions and Mergers:

• Oct-2021: Lindblad Expeditions completed the acquisition of Classic Journeys, a family-owned and operated travel agency. The acquisition would broaden & deepen Linblad's platform of high-quality experiential product offerings in robust adventure travel sectors, that includes the cultural walking tour market.
• Mar-2021: Lindblad Expeditions took over DuVine Cycling + Adventure, a leading luxury cycling & adventure travel company, and Off the Beaten Path LLC, a leading active travel operator with a specialization. From these acquisitions, the company aimed at broadening & deepening Lindblad’s platform of high-quality experiential product offerings in robust adventure travel sectors, that includes the rapidly increasing cycling tourism & domestic expedition market.

Geographical Expansions:

• Mar-2022: TUI Blue expanded its business globally. With this expansion, TUI Blue aimed to grow with management and franchise agreements. TUI focused on the development of the latest regions for expansion in Southeast Asia, China, Africa, and the Middle East.

Scope of the Study

• Safari & Adventure
• Celebration Journeys
• Culinary Travel & Shopping
• Cruises, Yachting, & Small Ship Expeditions
• Customized & Private Vacations

By Age Group

• Baby Boomers
• Generation X
• Silver Hair

By Geography

• Rest of North America
• Rest of Europe
• South Korea
• Rest of Asia Pacific
• Saudi Arabia
• South Africa
• Rest of LAMEA

Key Market Players

List of companies profiled in the report:.

• Lindblad Expeditions Holdings, Inc.
• Thomas Cook (India) Limited (Fairfax Financial Holdings Limited)
• Abercrombie & Kent USA, LLC
• Exodus Travels Limited
• Travel Edge, Inc. (Navigatr Group)
• Butterfield & Robinson, Inc.
• Geographic Expeditions, Inc.
• Micato Safaris

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Table Information

• Travel And Tourism

Global Luxury Travel Market Size, Share & Trends Analysis Report by Tour (Customized & Private Vacations, Safari & Adventure), Age Group (Millennial, Baby Boomers), Region, and Segment Forecasts, 2024-2030

•  Report
• December 2023

Luxury Travel Global Market Report 2024

Global Luxury Travel Market Report by Type of Tour, Age Group, Type of Traveller, and Region 2023-2028

• November 2023

Global Luxury Travel Market 2024-2028

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Luxury Travel Market Share, Size, Trends, Industry Analysis Report, By Tour (Safari & Adventure, Culinary Travel & Shopping, Others), By Age Group (Millennial, Baby Boomers, Others), By Region, And Segment Forecasts, 2024 - 2032

• Published Date:Feb-2024
• Format: PDF
• Report ID: PM4257
• Base Year: 2023
• Historical Data: 2019-2022
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Report outlook.

The global luxury travel market was valued at USD 1.39 trillion in 2023 and is expected to grow at a CAGR of 6.6% during the forecast period.

The market is experiencing growth due to the rising expenditures of elite travelers exploring undiscovered destinations and seeking new experiences. Additionally, the market is being boosted by the increasing popularity of micro trips and the rapid expansion of the global tourism sector. Luxury travel is defined by personalized services, dependable transportation, exclusivity, and positive and professional interactions with staff. Several favorable factors, including enhanced political stability, improved attitudes toward gender, ethnicity, sexual orientation, and race, as well as more flexible visa regulations, are significantly influencing global travel experiences.

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In today's era of online self-service travel planning, upscale travelers are revisiting the idea of relying on professional assistance. These high-end travel agents function as comprehensive guides, curating seamless and distinctive travel experiences. A substantial 85% of surveyed luxury travelers consider them the optimal choice for arranging personalized luxury travel, with 74% believing travel advisers can genuinely create a luxurious travel experience. These advisers offer valuable practical insights, including in-depth knowledge of travel restrictions and health and safety guidelines. They also provide secure payment options and round-the-clock assistance for troubleshooting before, during, and after the trip.

As per a Tripadvisor survey, family-friendly tours saw a remarkable surge in popularity. Bookings for these tours skyrocketed by over 200% in 2021, with a staggering 291% increase among U.S. travelers. The global rise in high net-worth individuals (HNWIs) is set to significantly drive market growth in the foreseeable future, effectively steering the industry back on track. According to the 2022 World Wealth Report, the HNWI population expanded by 7.8%, accompanied by an 8% increase in wealth in 2021. Travelers now can choose from a diverse range of immersive journeys that offer exclusive access, unparalleled experiences, and luxurious accommodations in coveted destinations worldwide.

The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces Luxury Travel Market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.

Growth Drivers

Growing Affluence and Disposable Income

Travelers are now seeking to craft distinctive experiences by designing flexible itineraries that blend entertainment and relaxation. A growing trend among travelers is opting for tours in their chosen destinations, driven by the desire to deepen their understanding of the places they visit. Luxury travelers favor personalized and private tours over standard tour packages, appreciating the unique and deeply personal experiences they offer.

The market is experiencing growth, propelled by post-pandemic concerns related to health and safety, which have led to an increased demand for private tours. These tailored experiences allow individuals to travel with their friends and family, enjoying the journey at their own pace.

Report Segmentation

The market is primarily segmented based on tour, age group, and region.

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By Tour Analysis

Safari & adventure segment is expected to witness the highest growth during the forecast period

Safari & adventure segment dominated the market. These travelers are increasingly interested in immersing themselves in local culture, seeking adventure, connecting with nature, exploring historical sites, and enjoying serene, uncrowded environments. To cater to this demand, luxury tents, often referred to as "Glamping" accommodations, are widely used for group experiences during safaris and outdoor-focused tours. These tents offer modern amenities such as private bathrooms and showers, often featuring elegant teak flooring, providing a comfortable yet immersive experience in nature.

Luxury safari tours typically include a dedicated personal guide throughout the entire duration of the tour. For instance, MILIMA, one of South Africa's leading deluxe lodges, offers diverse options such as luxury tents, manor houses, and villas, each with unique benefits. This not only sets a benchmark for its competitors but also establishes a standard for new entrants in the market.

Culinary travel & shopping segment will grow at significant pace. Culinary travel involves exploring unique foods and beverages in specific regions, providing an opportunity to delve into the local culture. The increasing popularity of cooking shows has inspired individuals to travel abroad and savor authentic local cuisines. According to the Godrej Food Trends Report 2022, approximately 90% of Indians are expected to show interest in culinary travel experiences in the upcoming years. This surge in interest is fueled by people's curiosity to taste new flavors recommended by food bloggers, health experts, television chefs, and various trends that emerged during the COVID-19 pandemic.

By Age Group Analysis

Baby boomers segment accounted for the largest market share in 2023

Baby boomers segment accounted for the largest market share. The dominance of this demographic is attributed to their ample free time and financial resources, enabling them to explore multiple adventurous destinations. According to the AARP 2021 Travel Trends report, approximately 54% of baby boomers in the U.S. had travel plans for 2021. Remarkably, their planned average expenditure of USD 6,691 surpassed that of their Gen X and millennial counterparts by 20% to 50%. This substantial spending power further fuels the growth of this segment.

Millennial segment will exhibit robust growth rate. Millennials exhibit a penchant for luxury and purposeful consumption. They are characterized by their independent perspectives on religion and politics, their entrepreneurial spirit, higher educational achievements, and a strong inclination towards travel. These factors are expected to drive the growth of this segment in the coming years.

Regional Insights

Europe region accounted for the largest share of global market in 2023

Enhanced travel connectivity and widespread availability of high-speed internet have significantly increased accessibility to even the remotest European destinations for luxury travelers. Notably, safari and adventure travel are gaining traction in the region, making the continent a hotspot for enthusiasts interested in birdwatching. The birdwatching tourism sector has witnessed rapid expansion, particularly fueled by European tourists, as highlighted in a report from the CBI Ministry of Foreign Affairs published, in January 2021.

Asia Pacific will grow at the substantial pace. The travel and tourism industry, a pivotal revenue-generating sector in the region, saw a 7.5% growth in its contribution to the region's GDP from 2021 to 2022, as reported by the World Travel & Tourism Council. This surge can be attributed to factors such as heightened economic growth, increased disposable income and leisure time, improved political stability, and a growing emphasis on active tourism promotions in the region.

Key Market Players & Competitive Insights

The market exhibits a mix of established companies and newcomers. Several prominent players are concentrating their efforts on industry trends that have gained widespread popularity.

Some of the major players operating in the global market include:

• Butterfield & Robinson Inc.
• Cox & Kings Ltd.
• Scott Dunn Ltd.
• Abercrombie & Kent USA, LLC
• Lindblad Expeditions
• Geographic Expeditions, Inc.
• Micato Safaris
• Exodus Travels Limited
• Travel Edge (Canada) Inc.

Recent Developments

• In June 2023, Lindblad Expeditions partnered with FOOD & WINE magazine to introduce an eight-day expedition exploring the Pacific Northwest along the Columbia and Snake Rivers. This journey allowed guests to immerse themselves in the region's rich history, agriculture, and natural wonders while indulging in local cuisine and wines.
• In February 2023, The Australia-based Flight Centre announced to acquire Scott Dunn for around USD 149 Mn. Flight Centre Travel Group operates leisure & corporate travel businesses in around 20 countries. This acquisition marks the company's strategic entry into the UK & U.S. markets, accelerating its efforts to establish a portfolio of luxury travel brands.
• In August 2022, The Indian government has unveiled plans for new waterways connecting Mathura, Vrindavan, & Agra, aimed at boosting religious tourism. This initiative involves affordable cruises on the Yamuna River, linking the sacred sites of Gokul, Vrindavan, & Mathura. These cities are renowned for their cultural heritage, hosting vibrant events like Raasleela and Janmashtami Mela.

Luxury Travel Market Report Scope

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The Luxury Travel Market report covering key segments are tour, age group, and region

The global luxury travel market size is expected to reach USD 2.46 trillion by 2032

The global luxury travel market is expected to grow at a CAGR of 6.6% during the forecast period.

Europe regions is leading the global market

Growing Affluence and Disposable Income are the key driving factors in Luxury Travel Market

1. Introduction               1.1. Report Description                     1.1.1. Objectives of the Study                     1.1.2. Market Scope                     1.1.3. Assumptions               1.2. Stakeholders 2. Executive Summary               2.1. Market Highlights 3. Research Methodology               3.1. Overview                     3.1.1. Data Mining               3.2. Data Sources                     3.2.1. Primary Sources                     3.2.2. Secondary Sources 4. Global Luxury Travel Market Insights               4.1. Luxury Travel Market – Industry Snapshot               4.2. Luxury Travel Market Dynamics                     4.2.1. Drivers and Opportunities                             4.2.1.1. Growing Affluence and Disposable Income                             4.2.1.2. Technological Advancements                     4.2.2. Restraints and Challenges                             4.2.2.1. Geopolitical Instability               4.3. Porter’s Five Forces Analysis                     4.3.1. Bargaining Power of Suppliers (Moderate)                     4.3.2. Threats of New Entrants: (Low)                     4.3.3. Bargaining Power of Buyers (Moderate)                     4.3.4. Threat of Substitute (Moderate)                     4.3.5. Rivalry among existing firms (High)               4.4. PESTLE Analysis               4.5. Luxury Travel Industry trends               4.6. Value Chain Analysis               4.7. COVID-19 Impact Analysis 5. Global Luxury Travel Market, by Tour               5.1. Key Findings               5.2. Introduction                     5.2.1. Global Forklift, by Tour, 2019-2032 (USD Trillion)               5.3. Customized & Private Vacations                     5.3.1. Global Luxury Travel Market, by Customized & Private Vacations, by Region, 2019-2032 (USD Trillion)               5.4. Safari & Adventure                     5.4.1. Global Luxury Travel Market, by Safari & Adventure, by Region, 2019-2032 (USD Trillion)               5.5. Cruises, Yachting & Small Ship Expeditions                     5.5.1. Global Luxury Travel Market, by Cruises, Yachting & Small Ship Expeditions, by Region, 2019-2032 (USD Trillion)               5.6. Celebration Journeys                     5.6.1. Global Luxury Travel Market, by Celebration Journeys, by Region, 2019-2032 (USD Trillion)               5.7. Culinary Travel & Shopping                     5.7.1. Global Luxury Travel Market, by Culinary Travel & Shopping, by Region, 2019-2032 (USD Trillion)               5.8. Others                     5.8.1. Global Luxury Travel Market, by Others, by Region, 2019-2032 (USD Trillion) 6. Global Luxury Travel Market, by Age Group               6.1. Key Findings               6.2. Introduction                     6.2.1. Global Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)               6.3. Millennial (21 - 30)                     6.3.1. Global Luxury Travel Market, by Millennial (21 - 30), by Region, 2019-2032 (USD Trillion)               6.4. Generation X (31 - 40)                     6.4.1. Global Luxury Travel Market, by Generation X (31 - 40), by Region, 2019-2032 (USD Trillion)               6.5. Baby Boomers (41 - 60)                     6.5.1. Global Luxury Travel Market, by Baby Boomers (41 - 60), by Region, 2019-2032 (USD Trillion)               6.6. Silver Hair (60 +)                     6.6.1. Global Luxury Travel Market, by Silver Hair (60 +), by Region, 2019-2032 (USD Trillion) 7. Global Luxury Travel Market, by Geography               7.1. Key findings               7.2. Introduction                     7.2.1. Luxury Travel Market Assessment, By Geography, 2019-2032 (USD Trillion)               7.3. Luxury Travel Market – North America                     7.3.1. North America: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                     7.3.2. North America: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.3.3. Luxury Travel Market – U.S.                                           7.3.3.1. U.S.: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                                           7.3.3.2. U.S.: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.3.4. Luxury Travel Market – Canada                             7.3.4.1. Canada: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.3.4.2. Canada: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)               7.4. Luxury Travel Market – Europe                     7.4.1. Europe: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                     7.4.2. Europe: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.4.3. Luxury Travel Market – UK                             7.4.3.1. UK: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.4.3.2. UK: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.4.4. Luxury Travel Market – France                             7.4.4.1. France: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.4.4.2. France: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.4.5. Luxury Travel Market – Germany                             7.4.5.1. Germany: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.4.5.2. Germany: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.4.6. Luxury Travel Market – Italy                             7.4.6.1. Italy: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.4.6.2. Italy: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.4.7. Luxury Travel Market – Spain                             7.4.7.1. Spain: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.4.7.2. Spain: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.4.8. Luxury Travel Market – Netherlands                             7.4.8.1. Netherlands: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.4.8.2. Netherlands: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.4.9. Luxury Travel Market – Russia                             7.4.9.1. Russia: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.4.9.2. Russia: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)               7.5. Luxury Travel Market – Asia Pacific                     7.5.1. Asia Pacific: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                     7.5.2. Asia Pacific: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.5.3. Luxury Travel Market – China                             7.5.3.1. China: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.5.3.2. China: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.5.4. Luxury Travel Market – India                             7.5.4.1. India: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.5.4.2. India: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.5.5. Luxury Travel Market – Malaysia                             7.5.5.1. Malaysia: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.5.5.2. Malaysia: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.5.6. Luxury Travel Market – Japan                             7.5.6.1. Japan: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.5.6.2. Japan: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.5.7. Luxury Travel Market – Indonesia                             7.5.7.1. Indonesia: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.5.7.2. Indonesia: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.5.8. Luxury Travel Market – South Korea                             7.5.8.1. South Korea: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.5.8.2. South Korea: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)               7.6. Luxury Travel Market – Middle East & Africa                     7.6.1. Middle East & Africa: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                     7.6.2. Middle East & Africa: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.6.3. Luxury Travel Market – Saudi Arabia                             7.6.3.1. Saudi Arabia: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.6.3.2. Saudi Arabia: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.6.4. Luxury Travel Market – UAE                             7.6.4.1. UAE: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.6.4.2. UAE: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.6.5. Luxury Travel Market – Israel                             7.6.5.1. Israel: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.6.5.2. Israel: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.6.6. Luxury Travel Market – South Africa                             7.6.6.1. South Africa: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.6.6.2. South Africa: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)               7.7. Luxury Travel Market – Latin America                     7.7.1. Latin America: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                     7.7.2. Latin America: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.7.3. Luxury Travel Market – Mexico                             7.7.3.1. Mexico: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.7.3.2. Mexico: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.7.4. Luxury Travel Market – Brazil                             7.7.4.1. Brazil: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.7.4.2. Brazil: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)                     7.7.5. Luxury Travel Market – Argentina                             7.7.5.1. Argentina: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)                             7.7.5.2. Argentina: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion) 8. Competitive Landscape               8.1. Expansion and Acquisition Analysis                     8.1.1. Expansion                     8.1.2. Acquisitions               8.2. Partnerships/Collaborations/Agreements/Exhibitions 9. Company Profiles               9.1. TUI Group                     9.1.1. Company Overview                     9.1.2. Financial Performance                     9.1.3. Product Benchmarking                     9.1.4. Recent Development               9.2. Butterfield & Robinson Inc                     9.2.1. Company Overview                     9.2.2. Financial Performance                     9.2.3. Product Benchmarking                     9.2.4. Recent Development               9.3. Cox & Kings Ltd.                     9.3.1. Company Overview                     9.3.2. Financial Performance                     9.3.3. Product Benchmarking                     9.3.4. Recent Development               9.4. Scott Dunn Ltd                     9.4.1. Company Overview                     9.4.2. Financial Performance                     9.4.3. Product Benchmarking                     9.4.4. Recent Development               9.5. Abercrombie & Kent USA, LLC                     9.5.1. Company Overview                     9.5.2. Financial Performance                     9.5.3. Product Benchmarking                     9.5.4. Recent Development               9.6. Lindblad Expeditions                     9.6.1. Company Overview                     9.6.2. Financial Performance                     9.6.3. Product Benchmarking                     9.6.4. Recent Development               9.7. Geographic Expeditions, Inc                     9.7.1. Company Overview                     9.7.2. Financial Performance                     9.7.3. Product Benchmarking                     9.7.4. Recent Development               9.8. Micato Safaris                     9.8.1. Company Overview                     9.8.2. Financial Performance                     9.8.3. Product Benchmarking                     9.8.4. Recent Development               9.9. Exodus Travels Limited                     9.9.1. Company Overview                     9.9.2. Financial Performance                     9.9.3. Product Benchmarking                     9.9.4. Recent Development               9.10. Travel Edge (Canada) Inc.                     9.10.1. Company Overview                     9.10.2. Financial Performance                     9.10.3. Product Benchmarking                     9.10.4. Recent Development

List of Tables

Table 1 Global Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 2 Global Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 3 Luxury Travel Market Assessment, By Geography, 2019-2032 (USD Trillion)  Table 4 North America: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 5 North America: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 6 U.S.: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 7 U.S.: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 8 Canada: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 9 Canada: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 10 Europe: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 11 Europe: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 12 UK: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 13 UK: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 14 France: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 15 France: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 16 Germany: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 17 Germany: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 18 Italy: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 19 Italy: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 20 Spain: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 21 Spain: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 22 Netherlands: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 23 Netherlands: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 24 Russia: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 25 Russia: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 26 Asia Pacific: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 27 Asia Pacific: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 28 China: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 29 China: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 30 India: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 31 India: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 32 Malaysia: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 33 Malaysia: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 34 Japan: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 35 Japan: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 36 Indonesia: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 37 Indonesia: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 38 South Korea: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 39 South Korea: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 40 Middle East & Africa: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 41 Middle East & Africa: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 42 Saudi Arabia: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 43 Saudi Arabia: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 44 UAE: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 45 UAE: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 46 Israel: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 47 Israel: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 48 South Africa: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 49 South Africa: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 50 Latin America: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 51 Latin America: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 52 Mexico: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 53 Mexico: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 54 Brazil: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 55 Brazil: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion)  Table 56 Argentina: Luxury Travel Market, by Age Group, 2019-2032 (USD Trillion)  Table 57 Argentina: Luxury Travel Market, by Tour, 2019-2032 (USD Trillion) 

List of Figures

Figure 1 Global Luxury Travel Market, 2019-2032 (USD Trillion)  Figure 2 Integrated Ecosystem Figure 3 Research Methodology: Top-Down & Bottom-Up Approach Figure 4 Market by Geography Figure 5 Porter’s Five Forces Figure 6 Market by Age Group Figure 7 Global Luxury Travel Market, by Age Group, 2022 & 2032 (USD Trillion)  Figure 8 Market by Tour Figure 9 Global Luxury Travel Market, by Tour, 2022 & 2032 (USD Trillion)  Figure 10 Luxury Travel Market Assessment, By Geography, 2019-2032 (USD Trillion)  Figure 11 Strategic Analysis – Luxury Travel Market

Report Scope

Luxury Travel Market, Tour Outlook (Revenue - USD Billion, 2019-2032)

• Customized & Private Vacations
• Safari & Adventure
• Cruises, Yachting & Small Ship Expeditions
• Celebration Journeys
• Culinary Travel & Shopping

 Luxury Travel Market, Age Group Outlook (Revenue - USD Billion, 2019-2032)

• Millennial (21 - 30)
• Generation X (31 - 40)
• Baby Boomers (41 - 60)
• Silver Hair (60 +)

Luxury Travel Market, Regional Outlook (Revenue - USD Billion, 2019-2032)

Qualitative Analysis

• Industry trends
• Market drivers and restraints
• Market size
• Growth prospects
• Porter’s analysis
• PESTEL Analysis
• Value Chain Analysis
• Key market opportunities prioritized
• Tour benchmarking
• Latest strategic developments
• Price Trend Analysis

Quantitative Analysis

• Market size, estimates, and forecasts from 2019-2032
• Market revenue estimates for Tour up to 2032
• Market revenue estimates for Age Group up to 2032
• Regional market size and forecast up to 2032
• Company financials

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Global Luxury Travel Market By Type of Tour (Customized and Private Vacations, And Others), By Age Group (Millennial, Generation X, And Others), By Types Of Traveler, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

• Published date: Sep 2023
• Report ID: 11839
• Number of Pages: 300
• Table of Contents
• Major Market Players
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Driving factors, restraining factors, growth opportunities, latest trends, type of tour analysis, age group analysis, types of traveller analysis, key market segments:, covid-19 impact analysis:, regional analysis:, market share & key players analysis:, report scope:.

The Global Luxury Travel Market size is expected to be worth around USD 2,762 Billion by 2032 from USD 1,328.10 Billion in 2022, growing at a CAGR of 7.80% during the forecast period from 2023 to 2032.

The industry is being propelled by the growing spending of elite travelers who want to explore new destinations and have unforgettable experiences. Industry evolution has been supported by the increasing popularity of micro-trips and the expanding tourism sector around the world. This target market was affected by the COVID-19 pandemic.

As luxury travel is an integral part of the distribution and wealth around the world, local economies depend on it. Luxury travelers pay for art, culture, restaurants, guides, sporting events, and other amenities. Travelers are looking for flexible itineraries that combine relaxation and entertainment to create their own one-of-a-kind experiences.

A large number of tourists, particularly wealthy travelers, are taking advantage of the rising popularity of cruises, yachts, and small ships. One of this market’s most affluent clients is thought to be High Net Worth Individuals (HNWIs). Therefore, businesses in this industry have been paying more attention to water-based luxury travel, like cruises.

For instance, special edition cruise features were announced by Abercrombie & Kent USA, LLC in November 2019. Over the course of the forecast period, it is anticipated that the expanding population of high-net-worth individuals (HNWIs) all over the world, one of the most important travel groups that will assist in resetting this industry will drive growth.

Blooming Travel and Tourism To Drive The Market Globally.

Over the years, the tourism industry has seen steady growth with increased numbers of international and domestic tours. Travelers travel for various reasons, including vacation, leisure, and recreation. The percentage of international tourists visiting the country has increased.

In addition, the increased availability of lodging packages that include deluxe rooms and top-end services has attracted more guests, which in turn has boosted revenue generation. Guests will be attracted to 5-star hotels that offer advanced technology, such as smart bathrooms and Wi-Fi. The demand for luxurious hospitality has increased due to the growing trend toward luxury and leisure travel. Wealthy consumers are the ones who use luxury services the most.

Therefore, it is likely that the growing wealth of the world will encourage market expansion. Business luxury hotels are also on the rise due to frequent bookings by business executives at luxury city hotels or airport hotels. 2L De Blend, Utrecht, Netherlands, received awards as the World Luxury Hotel in the luxury business hotel category twice consecutively in 2019, as well as 2020; this aparthotel opened in October 2018 and is located about 1 km from Utrecht Zuilen station.

Emergence Of Accommodation Sharing Facilities At Lower Prices To Restraint The Market Growth Globally.

Market growth will be impeded by high tariffs in star-rated hotels and the rise of low-cost shared accommodation platforms like Airbnb in low-income nations. The market growth would be further limited by the increasing presence of mid-scale and budget hotels in many countries around the world.

Technological Advancements in Emerging Destinations to Provide Enormous Investment Opportunities.

Technology has revolutionized the way people travel. High-speed internet, which allows people to book flights or hotels online by looking at online reviews and offering easy cancellations and online check-in and out, is expected to create huge opportunities for the market.

Luxury travel companies like Airbnb are giving people more freedom to explore different places, and digitalization allows them to find more information online. Technology has made luxury travel more personal.

This includes booking hotel rooms and tickets, checking in, unlocking doors, personalizing your stay, and even checking out. With the rise in travelers, Artificial Intelligence-based voice search and voice control using smart speakers and smartphones has transformed luxury travel. During the analysis period, market players are expected to reap the benefits of the increased number of luxury destinations like the Seychelles and Tanzania, Aguas Calientes in Peru, Mirihi Island, Maldives, and other countries.

Rising Awareness Of Green Practices Is The New Trend In The Luxury Business.

The “Five Star Alliance” has listed a number of eco-friendly luxury hotels around the world. The hotels listed include Four Seasons Vancouver in Canada, Banyan Tree Bintan in Indonesia, Hyatt at Olive 8 in the United States, Shangri-La Hotel Bangkok, and The Oberoi Vanyavilas in India. The listing of these hotels is based on several factors, including local materials used, local labor force recruitment, and sustainable business practices.

Because of the shift in consumer preference to nature-based living, hotel owners are now focusing on providing services that don’t harm the environment. Marriott International, for example, announced in August 2019 that it would be removing single-use bath gels, shampoos & conditioning bottles from all its properties worldwide. The hotel company is aiming to reduce plastic consumption by 30% by eliminating such small bottles.

The Luxury Cruise/Ship Expedition Segment Holds The Largest Market Share Globally.

Based on the type of tour, the luxury cruise/ship expedition segment held the largest market share of the global luxury travel market. It is expected to continue its share for the forecasted period. Luxury cruising is expected to get tripled by the next decade as it is gaining attraction.

MEA and Asia-Pacific are two potential markets that will see higher growth rates over the forecast period. The market for cruise/ship exploration is growing due to the introduction of new cruise design concepts, longer ships, more exotic destinations, and new activities and themes onboard and off-shore.

Some people prefer luxury cruising because it’s a more comfortable, relaxing, and beautiful way to travel. The luxury travel portfolio of Crystal Cruises has expanded to include luxury river cruises and yachting & aviation markets. These factors will likely contribute to the growth of luxury travel through the cruise/ship expedition segment over the forecast period.

The Millennial Market Segment Holds The Largest Market Share Globally.

The millennial market segment dominates the market growth globally. In 2022, North America and Europe combined accounted for approximately 67.4% of the millennial luxury travel market’s revenue, with Europe accounting for approximately 33%.

Asia-Pacific and LAMEA are potential growth markets that are anticipated to experience significantly higher growth rates over the forecast period. The majority of people who travel are millennials, who spend an average of US$ 527 per day on trips, 62% less than their older counterparts, and are avid travelers. They typically seek leisure and cultural getaways.

Young people in the Millennial generation are driven by their wanderlust and a desire to break from the routine of their lives. They prefer short trips to countries with rich cultural traditions and other countries, and they also travel a lot to do local shopping. This category is also driven by honeymoons and romantic introductions. As a result, the millennial market sees an increase in demand for luxury travel as a result of the aforementioned factors.

The Aspiring Luxury Traveler To Drive The Market Growth Globally.

Aspiring Luxury Traveler to dominate the market growth globally. The millennial generation is the most likely to be part of this aspiring luxury class. They are relatively wealthy and prefer luxury short trips. The ‘newly wealthy’ are also included in this segment. They are ready to invest money in luxury travel and are the leaders of this segment.

Because of their high spending power, and the ability to afford luxury travel, aspiring luxury travelers typically take five business and pleasure trips each year. Aspirational and middle-income shoppers are encouraging the growth of premium brands and the second-hand market. Dubai, for example, has launched programs to encourage investment in midmarket hotels.

This includes the release of government land plots for three and four-star hotel projects. Luxury-seeking individuals prefer unique and exclusive destinations to shop. They have plenty of money but don’t want to pay a lot for luxury services. This group includes aspirational young people who are well-off and have little to no family responsibilities. The luxury travel market is expected to grow during the forecast period, with a growing number of aspiring luxury travelers.

Based on the Type of Tours

• Customized and Private Vacations
• Adventure and Safari
• Cruise/Ship Expedition
• Small Group Journey
• Celebration and Special Events
• Culinary Travel and Shopping

Based on Age Group

• Generation X
• Baby Boomer
• Silver Hair

Based on Types of Traveler

• Absolute Luxury
• Aspiring Luxury
• Accessible Luxury

The COVID-19 pandemic has had a severe impact on the economy, causing many industries to be affected. Luxury travel suffered a similar effect due to the unprecedented travel restrictions and lockdowns in various countries. Travel restrictions have had a negative impact on the tourism industry, leading to cancellations of many domestic as well as international tours and huge revenue losses.

Many tourism companies have had to close their doors due to lockdowns in various countries without any update on rollback. Tourism has been negatively affected by social distancing, work-from-home restrictions, social gathering restrictions, stay-at-home initiatives, and self- or mandatory quarantine.

Additionally, revenue losses have been seen in tourism-related sectors like catering, entertainment, lodging, and retail. It is expected that the financial uncertainty, which has led to limited spending on nonessential goods, will retrain the luxury travel market growth during the pandemic.

Many companies are using their technological innovations and initiatives to help society recover from this chaotic state. The changing customer mindset led to the development of contactless check-ins and outs. This is because travelers want to feel safe while traveling with an emphasis on hygiene.

People prefer to live in isolated rooms in isolated areas with a focus on remote locations rather than in hotels. Their catering needs have changed, and they now prefer to have a private chef as well as a maid for their daily cleaning. The government has launched a number of initiatives to support the tourism and travel sector, as it is an integral part of every country.

According to the Financial Express (a leading news site), the Government of India launched several initiatives, including the National Skills Development Program, and the Service Exports from India Scheme (SEIS), as other support for the tourism sector. Incentives provided by the government under the SEIS scheme are helping the travel industry to offer attractive packages for visitors to India. These factors will likely boost the luxury travel market growth over the forecast period.

Europe Dominates The Luxury Travel Market Globally.

Because of its well-financially supported population, Europe is the dominant country in luxury travel. People spend more on travel to relax and restore their mental health after a hectic day. This can be aided by the rapid expansion of high-speed internet and growing travel connectivity.

The luxury travel market is driven by personal service, high-quality food and wine, safety measures, reliable transport, professional personnel, leisure luxury, political stability, and personalized service. There are many popular destinations in Europe, such as museums, Eifel Towers, castles, and enormous palaces, as well as cathedrals. Due to its largest investment in adventure tourism and food tourism, Asia Pacific is second in the luxury travel market.

There is a growing interest among the APAC region’s young people in adventure and trekking. The APAC region has the highest concentration of destinations, including museums and historical sites. Japan is a luxury destination in APAC that offers high-quality accommodation, a great culinary experience, and exceptional hospitality. Japan’s people are more inclined to attend cultural events such as maiko and geisha.

The highest number of five-star hoteliers providing exceptional services to tourists is another reason. This explains the rise in tourists. Although this number is lower than before the COVID-19 epidemic, it shows that the APAC region’s luxury travel market has the potential to grow in the coming years. North America is the third-largest luxury travel market. North America is financially developed, so it’s easier for people to travel.

North American citizens are more inclined to visit historical and museum destinations. In North America, there are the highest numbers of luxury hotels, luxury travel industries, and destination places. This has a positive impact on the number of tour and travel guide employees. As an example, in May 2021, almost 312,000 people were working as tour and/or travel guides in the United States. All these factors contribute to the expansion of luxury travel in North America.

Key Regions and Countries:

• Switzerland
• Rest of Western Europe
• The Czech Republic
• Rest of Eastern Europe
• South Korea
• Australia & New Zealand
• Philippines
• Rest of APAC
• Rest of Latin America
• Saudi Arabia
• South Africa
• United Arab Emirates
• Rest of MEA

Key players will likely introduce enhanced services to their newly opened deluxe facilities to attract more clients. This will increase competition among players to win new clients and keep regular visitors. Key players may also consider mergers and acquisitions to expand their brand portfolios and increase their market share. In February 2019, InterContinental Hotels Group announced that it had acquired Six Senses Hotels Resorts Spas. This market leader was one of InterContinental Hotels Group’s (IHG). This acquisition will likely strengthen IHG’s luxury brand portfolio.

Top Key Players in Luxury Travel Market:

Listed below are some of the most prominent Luxury Travel industry players.

• Butterfield & Robinson Inc.
• Cox & Kings Ltd.
• Scott Dunn Ltd.
• Abercrombie & Kent USA, LLC
• Lindblad Expeditions
• Geographic Expeditions, Inc.
• Micato Safaris
• Exodus Travels Ltd.
• Travel Edge (Canada) Inc.
• Other Key Player

Recent Developments:

• Echo was launched by White Desert, a luxury travel company, in November 2021. It offers exclusive access to Antarctica for rare interior views and luxurious experiences.
• Abercrombie & Kent USA, LLC, announced a special edition cruise in November 2019. It features astronomy experts, including the first woman ever to walk in space. The company’s Antarctica and the Total Solar Eclipse Cruise will offer an exclusive experience with rare astronomical spectacles alongside experts
• January 2021: Marriott International, Inc. announced plans to open almost 100 facilities in Asia Pacific by 2021, with luxury brands like The Ritz-Carlton, St. Regis, W, The Luxury Collection, JW Marriott, and others.

Frequently Asked Questions (FAQ)

The Global Luxury Travel Market size was USD 1,328.10 Billion in 2022, growing at a CAGR of 7.80%.

The Global Luxury Travel Market size is expected to grow at a CAGR of 7.80% during the forecast period from 2023 to 2032.

The Global Luxury Travel Market size is expected to be worth around USD 2,762 Billion by 2032 during the forecast period from 2023 to 2032.

• Thomas Cook Group
• Jet2 Holidays
• Cox & Kings Ltd
• Abercrombie & Kent Ltd
• Exodus Travels
• Butterfield & Robinson

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Global luxury travel market size to worth usd 3.7 trillion by 2032 | cagr of 8.2%.

The Global Luxury Travel Market Size was valued at USD 1.67 Trillion in 2022 and the Worldwide Luxury Travel Market Size is Expected to reach USD 3.7 Trillion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: TUI Group, TCS World Travel, Butterfield & Robinson Inc., Cox & Kings Ltd., Scott Dunn Ltd., Kensington Tours, Zicasso, Inc., Abercrombie & Kent USA, LLC, Lindblad Expeditions, Geographic Expeditions, Inc., Micato Safaris, Exodus Travels Limited, Travelopia Holdings Limited, Travel Edge (Canada) Inc. and Other Key Vendors.

New York, United States, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Global Luxury Travel Market Size to Grow from USD 1.67 Trillion in 2022 to USD 3.7 Trillion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.

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Luxury travel is an exclusive niche within the tourism industry, catering to discerning travelers seeking extraordinary and extravagant experiences. It encompasses private jet travel, opulent hotel stays, bespoke itineraries, and VIP access to cultural events. Today's luxury travelers are in pursuit of more than just opulence; they seek immersive cultural, culinary, and unique adventures. The luxury travel sector is rapidly expanding, contributing significantly to global economic growth. Rising disposable incomes and increased spending by the upper-middle class have driven demand for elevated service standards. Additionally, the growing trend of remote work and freelancing allows individuals to explore luxury destinations while maintaining their professional commitments, facilitating the growth of extended-stay luxury experiences.

Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the  " Global Luxury Travel Market  Size, By Traveler (Absolute luxury, Aspiring Luxury, Accessible Luxury), By Tour (Customized & Private Vacations, Safari & Adventure, Cruises, Yachting & Small Ship Expeditions, Celebration Journeys, Culinary Travel & Shopping, Others), By Age Group (Millennials [21 – 30], Generation X [31 – 40], Baby Boomers [41 – 60], Silver Hair [60 +]), By Geographic Scope and Forecast, 2023 – 2032". 

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Luxury Travel Market Price Analysis

In the luxury travel market, pricing is intricately tied to the unique dynamics of high-end experiences. Travelers seeking luxury demand top-tier quality, personalized services, and exclusive access. Pricing considerations include luxurious accommodations, private transport, gourmet dining, and tailored experiences. Seasonal variations, destination choices, and demand fluctuations significantly influence pricing. Luxury travel providers must strike a balance between opulence and value to meet the expectations of discerning clients while ensuring profitability. Transparency in pricing and delivering extraordinary experiences are essential for success in this exclusive market.

Luxury Travel Market Distribution Analysis

The distribution of the global luxury travel industry revolves around a sophisticated network designed for discerning travelers seeking exclusive experiences. Luxury travel is predominantly distributed through specialized channels like high-end travel agencies, tour operators, and premium concierge services. These intermediaries craft personalized itineraries and offer tailored services to meet the specific requirements of affluent clientele. Additionally, luxury travel is accessible through online platforms, particularly upscale travel websites and apps. Collaboration between hotels, airlines, cruise companies, and travel agencies ensures the seamless distribution of their premium services. The core focus of luxury travel distribution is to create unique, customized experiences for elite travelers.

Insights by Travel

The safari and adventure segment accounted for the largest market share over the forecast period 2023 to 2032. The aspiring luxury class is primarily composed of millennials seeking short, high-end travel experiences within their budget. This segment also includes the "newly rich" who are enthusiastic about investing in luxury travel but are cost-conscious. They prefer unique and exotic shopping destinations, especially abroad. This group, often young and unburdened by family responsibilities, is expected to contribute to the growth of the luxury travel industry in the foreseeable future.

Insights by Tour

The aspiring luxury segment accounted for the largest market share over the forecast period 2023 to 2032. The aspiring luxury class is primarily composed of millennials seeking short, high-end travel experiences within their budget. This segment also includes the "newly rich" who are enthusiastic about investing in luxury travel but are cost-conscious. They prefer unique and exotic shopping destinations, especially abroad. This group, often young and unburdened by family responsibilities, is expected to contribute to the growth of the luxury travel industry in the foreseeable future.

Insights by Age Group

The baby boomers (41 – 60) segment accounted for the largest market share over the forecast period 2023 to 2032, driven by growing preference of baby boomers to travel with family and friends. This demographic has a penchant for investing in luxurious getaways to prioritize health, relaxation, and social interactions. With greater affluence and freedom than previous generations, they allocate significant funds to leisure activities. On average, they embark on four to five trips annually, a key driver of the luxury travel market's expansion. Their willingness to spend on exclusive experiences bodes well for the growth of this segment in the travel industry.

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Regional Forecasts

Europe is anticipated to dominate the luxury travel market from 2023 to 2032. Europe stands out as a leading hub for luxury travel, celebrated for its abundant history, cultural diversity, and extravagant offerings. Iconic European cities like Paris, Rome, London, and Barcelona provide discerning travelers with a plethora of historical landmarks, gourmet cuisine, and upscale shopping opportunities. Moreover, luxury resorts along the Mediterranean, exclusive alpine ski destinations, and high-end spas are preferred options for affluent globetrotters. Europe's remarkable heritage, top-tier amenities, and ease of access solidify its position as a prime destination for luxury tourism.

Asia Pacific is witnessing the fastest market growth between 2023 to 2032. Asia Pacific is rapidly emerging as a coveted luxury travel destination. Japan, for instance, offers a harmonious fusion of timeless traditions and contemporary opulence, while Southeast Asian gems like Bali, Thailand, and the Maldives beckon with their tropical idylls and high-end resorts. Increasing affluence in countries like China and India fuels the desire for premium travel adventures. Moreover, Asia's reputation for distinctive cultural encounters and exquisite culinary delights enhances its allure for luxury globetrotters.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, the major vendors in the Global Luxury Travel Market include TUI Group, TCS World Travel, Butterfield & Robinson Inc., Cox & Kings Ltd., Scott Dunn Ltd., Kensington Tours, Zicasso, Inc., Abercrombie & Kent USA, LLC, Lindblad Expeditions, Geographic Expeditions, Inc., Micato Safaris, Exodus Travels Limited, Travelopia Holdings Limited, Travel Edge (Canada) Inc. and Other Key Vendors.

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Recent Market Developments

On October 2023,  TJH announced a strategic alliance with Inspirato Incorporated, the unique luxury travel subscription company. As part of the agreement, Inspirato will provide TJH clients with a complimentary 12-month Inspirato Travel Membership. This membership permits clients to book travel within Inspirato's handpicked collection of 750+ luxury vacation options in 100+ locations worldwide at members-only rates.

Market Size Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2032.

Luxury Travel Market, Traveler Analysis

Absolute luxury

Aspiring Luxury

Accessible Luxury

Luxury Travel Market, Tour Analysis

Customized & Private Vacations

Safari & Adventure

Yachting & Small Ship Expeditions

Celebration Journeys

Culinary Travel & Shopping

Luxury Travel Market, Age Group Analysis

Millennials [21 – 30]

Generation X [31 – 40]

Baby Boomers [41 – 60]

Silver Hair [60 +]

Luxury Travel Market, Regional Analysis

North America

Rest of Europe

Asia Pacific

South Korea

Rest of Asia Pacific

South America

Middle East & Africa

Saudi Arabia

South Africa

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Global Luxury Travel Market Size, Share & Industry Trends Analysis Report By Tour, By Age Group (Baby Boomers, Generation X, Millennial and Silver Hair), By Regional Outlook and Forecast, 2022 - 2028

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Market Report Description

The Global Luxury Travel Market size is expected to reach $1,574 billion by 2028, rising at a market growth of 6.3% CAGR during the forecast period.

Exclusive and one-of-a-kind experiences, and highly individualized services, are linked with luxury travel. The sector is being driven by rising expenditure by affluent tourists who want to see undiscovered places and have novel experiences. The industry has been developing as a result of the rising trend of short vacations as well as the worldwide expanding tourist industry.

Given that spending on art, restaurants, culture, guides, and athletic events by luxury travelers is essential to the local economies of the places they visit, luxury travel plays a significant role in the distribution of wealth around the world. Travelers are searching for flexible schedules that combine entertainment and relaxation in order to build their own special experiences.

Numerous tourists, especially wealthy ones, are drawn to the growing popularity of cruises, yachts, and small ships. One of the most prominent customers in this market is thought to be High Net Worth Individuals (HNWIs). As a result, businesses in the sector have been focusing more on luxury water-based travel, like cruises.

Additionally, the prevalence of internet research has grown dramatically over time. During the forecast period, high-tech (smart) rooms are expected to fuel demand for luxury lodging and travel, offering guests total control over how they use their accommodations and choose to travel. The industry is expanding as a result of rising internet usage and the availability of social media. Also, the number of travel tales shared on social media sites like Instagram, Facebook, and blogging platforms has multiplied.

COVID-19 Impact Analysis

Worldwide, the COVID-19 pandemic has had an impact on every industry. Around the world, the tourism sector has been severely impacted, which has a negative effect on its related industries, including travel agencies, hospitality, tour operators, and all types of transportation services . The remaining people stayed at home out of dread of the virus itself, while almost the whole world's population adjusted to their way of life under various travel limitations. As a result, the tourism industry virtually stopped.

Market Growth Factors

Travel guidelines and rules.

Regarding VISA policies, each nation has its own distinct set of guidelines for visitors of various nationalities. Governments are, however, more frequently forcing tourists to get travel insurance in order to get a VISA. To visit countries like France, the United States, Norway, Belgium, Luxembourg, Finland, and Poland, among others, one must have travel health insurance. This clause exists to make sure that visitors are adequately covered in the case of a medical emergency due to the high costs of medical care and hospitalization in the host nations. The travel and tourism business has consistently grown during the past ten years.

Social Media influencing travelers

Every element of our life, including the way we consume, has been altered by social media. Businesses have been profoundly impacted by these advances, mostly because they have made new marketing methods possible. Undoubtedly a component of all of these is tourism, one of the most dynamic economic sectors in the world. People are now encouraged to talk about their travels. Social networking has changed how people make decisions as a result.

Marketing Restraining Factor:

Rising cases of chronic diseases restraining people to travel.

The travel sector has been almost paralyzed by the pandemic. The COVID-19 pandemic has had an effect on the tourism sector because of the resulting travel restrictions and decline in demand from tourists. The spread of the coronavirus has had a significant impact on the tourist sector because several nations have imposed travel restrictions in an effort to stop it.

Tour Outlook

Based on tour, the luxury travel market is segmented into customized & private vacations, safari & adventure, cruises, yachting & small ship expeditions, celebration journeys, culinary travel & shopping and others. The culinary travel & shopping segment acquired a substantial revenue share in the luxury travel market in 2021. The main goals of culinary travel are to learn about local cuisine and culture while enjoying the local specialties. Cooking lessons, beer , historical culinary routes, wine, and spirits trails, food fairs, and festivals, and exploratory tours of food plants and processing facilities are all activities that tourists are taking part in.

Age Group Outlook

On the basis of age group, the luxury travel market is fragmented into millennial, generation X, baby boomers and silver hair. In 2021, the baby boomers segment held the largest revenue share in the luxury travel market. The people of this age have the time, money, and desire to travel, visit a number of exciting locations, and check off a variety of items on their bucket list, such as going on a luxury cruise around the world, having a lengthy vacation on a cruise ship , and visiting exotic ports. These elements hasten segment growth in the upcoming years.

Regional Outlook

Region wise, the luxury travel market is analyzed across the North America, Europe, Asia Pacific and LAMEA. In 2021, the Europe region led the luxury travel market by generating the maximum revenue share. Even the most isolated regions of Europe are now more available to luxury visitors because of improved travel connectivity and the quick uptake of high-speed internet. This is encouraging people to travel to new, exotic places throughout the region, which is fostering the market growth there.

Free Valuable Insights: Global Luxury Travel Market size to reach USD 1,574 Billion by 2028

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TUI Group, Lindblad Expeditions Holdings, Inc., Thomas Cook (India) Limited (Fairfax Financial Holdings Limited), Scott Dunn, Abercrombie & Kent USA, LLC, Exodus Travels Limited, Travel Edge, Inc. (Navigatr Group), Butterfield & Robinson, Inc., Geographic Expeditions, Inc. and Micato Safaris.

Recent Strategies Deployed in Luxury Travel Market

» partnerships, collaborations and agreements:.

• Sep-2022: TUI teamed up with National Geographic Expeditions. Under this collaboration, the TUI and National Geographic Expeditions would introduce National Geographic Day Tours. Further, National Geographic Expeditions would offer adventure travel with the TUI's range of small group & private tours, small ship expedition cruises, and river and private jets.
• Jul-2022: Lindblad Expeditions partnered with OM System, a company primarily focuses on mirrorless interchangeable lens cameras, lenses, audio recorders, dictation devices, and accessories. This partnership would bring aboard the ultimate in equipment for their guests to experience with the latest OM SYSTEM Photo Gear Lockers.
• Jun-2022: A&K Travel Group Ltd. has partnered with V.Ships Leisure, the world’s leading cruise ship manager, based in Monaco. “I am thrilled to start this new chapter and to be back in an industry that has always had, and always will have a special place in my heart. Thirty-five years ago, my family acquired control of Sitmar Cruises, building three of the first purpose-built cruise ships, and 30 years ago my family pioneered a new way of cruising. Our goal was to deliver the best experience, pampering guests from all over the world with around-the-clock butler service and extraordinary culinary experiences.
• Jun-2022: Scott Dunn came into a partnership with APEXX, a multi-award-winning global payments platform. This partnership focused on growing transaction efficiency as well as boosting conversion rates all over the U.S. and Singapore.
• Jan-2022: TUI joined hands with Mobi, a global nonprofit smart mobility consortium. The collaboration focused on implementing ML in cutting-edge digital operations platforms.
• Nov-2021: TUI hotels came into a partnership with Sabre, a travel technology company. This partnership aimed at driving innovation, digital transformation & revenue generation by enhancing the consumer experience.
• Jul-2021: Abercrombie & Kent entered into a partnership with Wheels Up, the leading brand in private aviation. This partnership aimed at delivering members-only experiences to explore the world in unparalleled luxury.
• Jun-2021: TUI entered into a partnership with Nezasa, the industry-leading provider to travel brands. TUI aimed at driving the transformation of the market and strengthening its position as a leading player in multi-day tours.
• Mar-2021: Exodus Travels and AWF partnered with Curated Safari Collection. Through this partnership, Exodus focused on ensuring tourism dollars are utilized responsibly to support regenerative & sustainable initiatives and organizations that benefit tourism places as well as the communities within.
• Oct-2020: Thomas Cook came into a partnership with Accor, a global leader in augmented hospitality. Under this partnership, the companies would together launch Holiday Safe. The launch would focus on reassuring consumers with comprehensive health & safety protocols incorporated through Thomas Cook India and SOTC’s Assured Safe Travel Program along with Apollo Clinics and Accor's Cleanliness and Prevention ALLSAFE label, developed with and vetted by Bureau Veritas.
• Jun-2020: TUI partnered with Booking.com, a Dutch online travel agency. This partnership would enable both companies to expand without parting with large chunks of cash that they currently require to be kept in reserve to ensure longevity.
• Feb-2020: TUI extended its existing partnership with Royal Caribbean, a global cruise holding company. The expansion would help Royal Caribbean to grow its luxury and expedition cruise line along with keeping a share of the business. Also, the company gets the cash which would help pursue its digital strategy.

» Product Launches and Product Expansions:

• Jul-2022: Thomas Cook launched Vistara Getaways International. This launch majorly focused on targeting Vistara’s discerning consumers. Thomas Cook selected premium global hotel brands that include Dusit Thani in Thailand, Armani Hotel Dubai, Angsana Ihuru, and Banyan Tree Vabbinfaru in Maldives.

» Acquisitions and Mergers:

• Oct-2021: Lindblad Expeditions completed the acquisition of Classic Journeys, a family-owned and operated travel agency. The acquisition would broaden & deepen Linblad's platform of high-quality experiential product offerings in robust adventure travel sectors, that includes the cultural walking tour market.
• Mar-2021: Lindblad Expeditions took over DuVine Cycling + Adventure, a leading luxury cycling & adventure travel company, and Off the Beaten Path LLC, a leading active travel operator with a specialization. From these acquisitions, the company aimed at broadening & deepening Lindblad’s platform of high-quality experiential product offerings in robust adventure travel sectors, that includes the rapidly increasing cycling tourism & domestic expedition market.

» Geographical Expansions:

• Mar-2022: TUI Blue expanded its business globally. With this expansion, TUI Blue aimed to grow with management and franchise agreements. TUI focused on the development of the latest regions for expansion in Southeast Asia, China, Africa, and the Middle East.

Scope of the Study

Market segments covered in the report:.

• Safari & Adventure
• Celebration Journeys
• Culinary Travel & Shopping
• Cruises, Yachting, & Small Ship Expeditions
• Customized & Private Vacations

By Age Group

• Baby Boomers
• Generation X
• Silver Hair

By Geography

• Rest of North America
• Rest of Europe
• South Korea
• Rest of Asia Pacific
• Saudi Arabia
• South Africa
• Rest of LAMEA

Key Market Players

List of companies profiled in the report:.

• Lindblad Expeditions Holdings, Inc.
• Thomas Cook (India) Limited (Fairfax Financial Holdings Limited)
• Abercrombie & Kent USA, LLC
• Exodus Travels Limited
• Travel Edge, Inc. (Navigatr Group)
• Butterfield & Robinson, Inc.
• Geographic Expeditions, Inc.
• Micato Safaris

Frequently Asked Questions About This Report

What would be the size of the luxury travel market by 2028.

The global Luxury Travel Market size is expected to reach $1,574 billion by 2028.

What are the key driving factors and challenges in the Luxury Travel Market?

Travel Guidelines and Rules are driving the market in coming years, however, Rising cases of chronic diseases restraining people to travel restraints the growth of the market.

What are the major top companies in the competitive landscape?

TUI Group, Lindblad Expeditions Holdings, Inc., Thomas Cook (India) Limited (Fairfax Financial Holdings Limited), Scott Dunn, Abercrombie & Kent USA, LLC, Exodus Travels Limited, Travel Edge, Inc. (Navigatr Group), Butterfield & Robinson, Inc., Geographic Expeditions, Inc. and Micato Safaris.

At what CAGR is the Luxury Travel Market estimate to grow in the forecast period?

The expected CAGR of the Luxury Travel Market is 6.3% from 2022 to 2028.

Which segment is leading the market in 2021?

The Safari & Adventure market is leading the Global Luxury Travel Market by Tour in 2021; thereby, achieving a market value of $532.9 Billion by 2028.

Which region dominated the Luxury Travel Market in 2021?

The Europe market dominated the Global Luxury Travel Market by Region in 2021; thereby, achieving a market value of $505.1 Billion by 2028.

Related Report

• Regional Report
• Country Report

North America Luxury Travel Market Size & Analysis to 2028

• October-2022

LAMEA Luxury Travel Market Size, Industry Trends to 2028

Europe Luxury Travel Market Size & Growth Forecast to 2028

Asia Pacific Luxury Travel Market Size & Forecast, 2022-2028

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Luxury Travel Market Analysis Europe, North America, APAC, Middle East and Africa, South America - US, China, Germany, France, UK - Size and Forecast 2024-2028

• Published: Dec 2023
• SKU: IRTNTR44241

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Luxury Travel Market Forecast 2024-2028 

The luxury travel market size is estimated to grow by USD 578.72 billion at a CAGR of 7.31% between 2023 and 2028. Emerging market trends are shaping the tourism sector, with a surge in micro trips and demand for personalized services. Market forecasting indicates a rise in elite travelers seeking exclusivity and reliable transport. Catering to high net-worth individuals, the industry offers customized tours, private jet planes, and luxury travel services. Amid health and safety concerns, private tours assure positive & professional interaction.

The safari and adventure segment thrives alongside offerings like glamping accommodations and culinary travel. Shopping experiences cater to diverse cultures and foods. Luxury spas and special menus add allure, while private island rentals and yacht cruises target aspiring luxury travelers of generation x and millennials. Understanding age group insights is key in luxury travel market segmentation.

What will be the Size of the Market During the Forecast Period?

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What is the Largest-Growing Segments in the Market?

The adventure segment   is estimated to witness significant growth during the forecast period. Adventure travel includes hiking, trekking, rafting, kayaking, skiing, and mountaineering. Some of the major adventure packages offered by the travel agencies include walking safaris in Kenya and South Africa, rides in luxury sports cars across the Arctic ice, trekking through the Himalayas, and scenic helicopter rides over the glaciers of New Zealand, which attract domestic as well as international tourists to explore new things. 

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The adventure segment was the largest segment and was valued at  USD 440.28 billion  in 2018 .  The global market players offer adventure travel across the world in a single package. Such packages are offered as the most exclusive  travel packages. Opting for such adventure travels, a tourist can pay a tour to prominent adventurous places in a single tour. Thus, exclusive luxury adventure travel offered by players in the global market is expected to drive the growth of the adventure segment and will propel the growth of the global luxury travel market during the forecast period.

Which are the Key Regions for the Market?

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Europe  is estimated to contribute 28% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.Growing disposable income, the increasing spending capacity of Baby Boomers, the presence of numerous exotic destinations, the increasing demand for personalized vacations, the availability of easy transport facilities, the rapid increase in the number of food and beverage festivals, and the presence of major vendors contribute to the growth of the market in Europe. The spending capacity of Baby Boomers is increasing significantly in Europe. This generation prefers multi-generational and tailormade vacations that include good dining and fun-filled activities with family.

Moreover, the increasing demand for such travel experiences boosts the growth of the market in the region. In countries such as the UK, Germany, Spain, and Switzerland, an increasing number of food festivals and the rising number of adventure sports such as kite surfing, hiking on mountains, and paragliding attract a large number of domestic and international tourists to these countries. Also, Paris is the world's most visited city both by international and domestic tourists. Therefore, the growing tourism in the above countries will drive the growth of the regional market during the forecast period. 

Market Dynamics and Customer Landscape 

The luxury travel market is experiencing significant growth, driven by increasing digital connectivity and the rising demand for exclusive experiences among elite travelers. A notable trend in this market is the emergence of sports tourism, where travelers seek immersive experiences in iconic sporting events worldwide. However, the industry faces challenges, particularly in maintaining consistent service quality across destinations and providers. To address this, emphasis on personalized services and reliable transport is essential to ensure a seamless and luxurious travel experience.

Moreover, catering to health and safety concerns has become paramount, especially among high net-worth individuals and discerning travelers of all age groups, including baby boomers and millennials. By offering curated experiences such as safari and adventure tours, culinary travel, and glamping accommodations, the luxury travel industry can continue to attract affluent travelers seeking unparalleled experiences around the globe.

Key Market Driver

Growing digital connectivity is the key factor driving market growth.   The rising internet penetration globally can be attributed to the digital revolution. The growing digital revolution has increased the use of various connective platforms for storing data, which, in turn, has fueled online payments and made booking activities easier and more convenient. With the increasing availability of virtual payment options , individuals can easily carry out booking and payment activities in a secure manner without the help of travel agencies.

Moreover, virtual payments allow users to pay the booking amount without using any debit card, credit card, or net banking. They act as a unique identifier for a transaction, thereby making the transaction completely secure. Online booking helps minimize the paperwork for travelers as well as travel organizations . Increasing internet penetration and the growth in digital platforms have helped consumers easily book luxurious travel. Thus, the growth in digital connectivity is propelling the market growth and trends during the forecast period.

Significant Market Trends

Trending sports tourism is the primary trend shaping the market growth. Sports tourism involves traveling from one destination, such as a city, state, country, or region, to another to watch or participate in a game. Sports tourism has gained popularity in the last 5-7 years, resulting in a large number of sports enthusiasts attending sporting events. such as the Olympics, the Federation Internationale de Football Association (FIFA) World Cup, the Super Bowl, and the Cricket World Cup, which are among the most popular sports viewed by billions of people globally.

Furthermore, a large number of sports tourism operators offer packages that combine accommodation and sporting event tickets, which include special or VIP seating so that the viewers can have a clear view of the game. People are traveling far and wide to attend their favorite sporting events, which is likely to drive the growth of the market during the forecast period. 

Major Market Challenge

Inconsistent service quality is a challenge that affects market growth. The market players deal with diverse customers from different geographies. To maximize the degree of customer satisfaction , the vendors must cater to diverse preferences and seasonal demand. In addition, the high degree of diversity and inconsistency in supplier offerings impacts the quality of services offered by the existing market vendors. Fake advertisements often contribute to increased customer dissatisfaction, especially for travelers who pay a high amount for packages.

Furthermore, the availability of luxury accommodations and high-end amenities is imperative to make the travel experience more satisfying. While abiding by a set of standard rules, the vendors in the market must work toward streamlining their processes to ensure maximum customer satisfaction. These factors will thereby hinder the growth of the global luxury travel market during the forecast period.

Customer Landscape

The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Who are the Major Companies in the Market?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• Absolute Travel and Tours Ltd.: The company offers travels services through their sports tours, School Sky Trips, and other tours.

The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• Butterfield and Robinson Inc.
• Classic Journeys LLC
• Exodus Travels Ltd.
• G Adventures
• Geographic Expeditions Inc.
• Heritage Group
• Indigenous Tourism BC
• Intrepid Group Pty Ltd.
• Lindblad Expeditions Holdings Inc.
• Micato Safaris Inc.
• Myths and Mountains Inc.
• Odyssey World
• Responsible Travel
• Scott Dunn Ltd.
• Tandem Travel OOD
• Travelopia Group
• Wilderness Travel

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

In the realm of luxury travel, the landscape is shaped not only by opulence but also by the evolving dynamics of various types of travelers and their preferences. From the discerning millennial segment to the seasoned silver hair travelers and the burgeoning aspiring luxury segment, the luxury travel industry caters to a diverse clientele.

Private yachts and cruise/ship expeditions epitomize exclusivity and extravagance, offering unparalleled experiences to affluent travelers. These modes of travel transcend borders, making them an international language for those seeking indulgence.

As the middle class segment expands and upper middle class expenditure rises, luxury travel emerges as an aspirational pursuit. With GDP growth fueling spending power, stakeholders in the luxury travel industry continually innovate to meet the demands of this burgeoning market.

Various types of tours, from cultural immersions to adventure escapades, cater to the diverse tastes of luxury travelers. Whether it's a serene retreat in a tropical paradise or an adrenaline-fueled expedition to remote destinations, the luxury travel market offers bespoke experiences that epitomize elegance and refinement.

• Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Personalized
• Cruising and yachting
• International
• Rest of Europe
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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1 Executive Summary

• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Consumer
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• Exhibit 12: Offerings of vendors included in the market definition
• Exhibit 13: Market segments
• 3.3 Market size 2023
• Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)

4 Historic Market Size

• Exhibit 18: Historic Market Size – Data Table on global luxury travel market 2018 - 2022 ($ billion)
• Exhibit 19: Historic Market Size – Type Segment 2018 - 2022 ($ billion)
• Exhibit 20: Historic Market Size – Consumer Segment 2018 - 2022 ($ billion)
• Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ billion)
• Exhibit 22: Historic Market Size – Country Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

• Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
• Exhibit 26: Threat of new entrants – Impact of key factors in 2023 and 2028
• Exhibit 27: Threat of substitutes – Impact of key factors in 2023 and 2028
• Exhibit 28: Threat of rivalry – Impact of key factors in 2023 and 2028
• Exhibit 29: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Type

• Exhibit 30: Chart on Type - Market share 2023-2028 (%)
• Exhibit 31: Data Table on Type - Market share 2023-2028 (%)
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type
• Exhibit 34: Chart on Adventure - Market size and forecast 2023-2028 ($ billion)
• Exhibit 35: Data Table on Adventure - Market size and forecast 2023-2028 ($ billion)
• Exhibit 36: Chart on Adventure - Year-over-year growth 2023-2028 (%)
• Exhibit 37: Data Table on Adventure - Year-over-year growth 2023-2028 (%)
• Exhibit 38: Chart on Personalized - Market size and forecast 2023-2028 ($ billion)
• Exhibit 39: Data Table on Personalized - Market size and forecast 2023-2028 ($ billion)
• Exhibit 40: Chart on Personalized - Year-over-year growth 2023-2028 (%)
• Exhibit 41: Data Table on Personalized - Year-over-year growth 2023-2028 (%)
• Exhibit 42: Chart on Cruising and yachting - Market size and forecast 2023-2028 ($ billion)
• Exhibit 43: Data Table on Cruising and yachting - Market size and forecast 2023-2028 ($ billion)
• Exhibit 44: Chart on Cruising and yachting - Year-over-year growth 2023-2028 (%)
• Exhibit 45: Data Table on Cruising and yachting - Year-over-year growth 2023-2028 (%)
• Exhibit 46: Chart on Culinary - Market size and forecast 2023-2028 ($ billion)
• Exhibit 47: Data Table on Culinary - Market size and forecast 2023-2028 ($ billion)
• Exhibit 48: Chart on Culinary - Year-over-year growth 2023-2028 (%)
• Exhibit 49: Data Table on Culinary - Year-over-year growth 2023-2028 (%)
• Exhibit 50: Chart on Others - Market size and forecast 2023-2028 ($ billion)
• Exhibit 51: Data Table on Others - Market size and forecast 2023-2028 ($ billion)
• Exhibit 52: Chart on Others - Year-over-year growth 2023-2028 (%)
• Exhibit 53: Data Table on Others - Year-over-year growth 2023-2028 (%)
• Exhibit 54: Market opportunity by Type ($ billion)
• Exhibit 55: Data Table on Market opportunity by Type ($ billion)

7 Market Segmentation by Consumer

• Exhibit 56: Chart on Consumer - Market share 2023-2028 (%)
• Exhibit 57: Data Table on Consumer - Market share 2023-2028 (%)
• Exhibit 58: Chart on Comparison by Consumer
• Exhibit 59: Data Table on Comparison by Consumer
• Exhibit 60: Chart on Domestic - Market size and forecast 2023-2028 ($ billion)
• Exhibit 61: Data Table on Domestic - Market size and forecast 2023-2028 ($ billion)
• Exhibit 62: Chart on Domestic - Year-over-year growth 2023-2028 (%)
• Exhibit 63: Data Table on Domestic - Year-over-year growth 2023-2028 (%)
• Exhibit 64: Chart on International - Market size and forecast 2023-2028 ($ billion)
• Exhibit 65: Data Table on International - Market size and forecast 2023-2028 ($ billion)
• Exhibit 66: Chart on International - Year-over-year growth 2023-2028 (%)
• Exhibit 67: Data Table on International - Year-over-year growth 2023-2028 (%)
• Exhibit 68: Market opportunity by Consumer ($ billion)
• Exhibit 69: Data Table on Market opportunity by Consumer ($ billion)

8 Customer Landscape

• Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• Exhibit 71: Chart on Market share by geography 2023-2028 (%)
• Exhibit 72: Data Table on Market share by geography 2023-2028 (%)
• Exhibit 73: Chart on Geographic comparison
• Exhibit 74: Data Table on Geographic comparison
• Exhibit 75: Chart on Europe - Market size and forecast 2023-2028 ($ billion)
• Exhibit 76: Data Table on Europe - Market size and forecast 2023-2028 ($ billion)
• Exhibit 77: Chart on Europe - Year-over-year growth 2023-2028 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2023-2028 (%)
• Exhibit 79: Chart on North America - Market size and forecast 2023-2028 ($ billion)
• Exhibit 80: Data Table on North America - Market size and forecast 2023-2028 ($ billion)
• Exhibit 81: Chart on North America - Year-over-year growth 2023-2028 (%)
• Exhibit 82: Data Table on North America - Year-over-year growth 2023-2028 (%)
• Exhibit 83: Chart on APAC - Market size and forecast 2023-2028 ($ billion)
• Exhibit 84: Data Table on APAC - Market size and forecast 2023-2028 ($ billion)
• Exhibit 85: Chart on APAC - Year-over-year growth 2023-2028 (%)
• Exhibit 86: Data Table on APAC - Year-over-year growth 2023-2028 (%)
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
• Exhibit 91: Chart on South America - Market size and forecast 2023-2028 ($ billion)
• Exhibit 92: Data Table on South America - Market size and forecast 2023-2028 ($ billion)
• Exhibit 93: Chart on South America - Year-over-year growth 2023-2028 (%)
• Exhibit 94: Data Table on South America - Year-over-year growth 2023-2028 (%)
• Exhibit 95: Chart on US - Market size and forecast 2023-2028 ($ billion)
• Exhibit 96: Data Table on US - Market size and forecast 2023-2028 ($ billion)
• Exhibit 97: Chart on US - Year-over-year growth 2023-2028 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2023-2028 (%)
• Exhibit 99: Chart on Germany - Market size and forecast 2023-2028 ($ billion)
• Exhibit 100: Data Table on Germany - Market size and forecast 2023-2028 ($ billion)
• Exhibit 101: Chart on Germany - Year-over-year growth 2023-2028 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2023-2028 (%)
• Exhibit 103: Chart on China - Market size and forecast 2023-2028 ($ billion)
• Exhibit 104: Data Table on China - Market size and forecast 2023-2028 ($ billion)
• Exhibit 105: Chart on China - Year-over-year growth 2023-2028 (%)
• Exhibit 106: Data Table on China - Year-over-year growth 2023-2028 (%)
• Exhibit 107: Chart on France - Market size and forecast 2023-2028 ($ billion)
• Exhibit 108: Data Table on France - Market size and forecast 2023-2028 ($ billion)
• Exhibit 109: Chart on France - Year-over-year growth 2023-2028 (%)
• Exhibit 110: Data Table on France - Year-over-year growth 2023-2028 (%)
• Exhibit 111: Chart on UK - Market size and forecast 2023-2028 ($ billion)
• Exhibit 112: Data Table on UK - Market size and forecast 2023-2028 ($ billion)
• Exhibit 113: Chart on UK - Year-over-year growth 2023-2028 (%)
• Exhibit 114: Data Table on UK - Year-over-year growth 2023-2028 (%)
• Exhibit 115: Market opportunity by geography ($ billion)
• Exhibit 116: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers
• 10.2 Market challenges
• Exhibit 117: Impact of drivers and challenges in 2023 and 2028
• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview
• Exhibit 118: Overview on Criticality of inputs and Factors of differentiation
• Exhibit 119: Overview on factors of disruption
• Exhibit 120: Impact of key risks on business

12 Vendor Analysis

• Exhibit 121: Vendors covered
• Exhibit 122: Matrix on vendor position and classification
• Exhibit 123: Absolute Travel and Tours Ltd. - Overview
• Exhibit 124: Absolute Travel and Tours Ltd. - Product / Service
• Exhibit 125: Absolute Travel and Tours Ltd. - Key offerings
• Exhibit 126: Butterfield and Robinson Inc. - Overview
• Exhibit 127: Butterfield and Robinson Inc. - Product / Service
• Exhibit 128: Butterfield and Robinson Inc. - Key offerings
• Exhibit 129: Classic Journeys LLC - Overview
• Exhibit 130: Classic Journeys LLC - Product / Service
• Exhibit 131: Classic Journeys LLC - Key offerings
• Exhibit 132: Exodus Travels Ltd. - Overview
• Exhibit 133: Exodus Travels Ltd. - Product / Service
• Exhibit 134: Exodus Travels Ltd. - Key offerings
• Exhibit 135: G Adventures - Overview
• Exhibit 136: G Adventures - Product / Service
• Exhibit 137: G Adventures - Key offerings
• Exhibit 138: Geographic Expeditions Inc. - Overview
• Exhibit 139: Geographic Expeditions Inc. - Product / Service
• Exhibit 140: Geographic Expeditions Inc. - Key offerings
• Exhibit 141: Heritage Group - Overview
• Exhibit 142: Heritage Group - Product / Service
• Exhibit 143: Heritage Group - Key offerings
• Exhibit 144: Indigenous Tourism BC - Overview
• Exhibit 145: Indigenous Tourism BC - Product / Service
• Exhibit 146: Indigenous Tourism BC - Key offerings
• Exhibit 147: Lindblad Expeditions Holdings Inc. - Overview
• Exhibit 148: Lindblad Expeditions Holdings Inc. - Business segments
• Exhibit 149: Lindblad Expeditions Holdings Inc. - Key offerings
• Exhibit 150: Lindblad Expeditions Holdings Inc. - Segment focus
• Exhibit 151: Micato Safaris Inc. - Overview
• Exhibit 152: Micato Safaris Inc. - Product / Service
• Exhibit 153: Micato Safaris Inc. - Key offerings
• Exhibit 154: Odyssey World - Overview
• Exhibit 155: Odyssey World - Product / Service
• Exhibit 156: Odyssey World - Key offerings
• Exhibit 157: Responsible Travel - Overview
• Exhibit 158: Responsible Travel - Product / Service
• Exhibit 159: Responsible Travel - Key offerings
• Exhibit 160: Scott Dunn Ltd. - Overview
• Exhibit 161: Scott Dunn Ltd. - Product / Service
• Exhibit 162: Scott Dunn Ltd. - Key offerings
• Exhibit 163: Tandem Travel OOD - Overview
• Exhibit 164: Tandem Travel OOD - Product / Service
• Exhibit 165: Tandem Travel OOD - Key offerings
• Exhibit 166: Travelopia Group - Overview
• Exhibit 167: Travelopia Group - Product / Service
• Exhibit 168: Travelopia Group - Key offerings

13 Appendix

• 13.1 Scope of the report
• Exhibit 169: Inclusions checklist
• Exhibit 170: Exclusions checklist
• Exhibit 171: Currency conversion rates for US$
• Exhibit 172: Research methodology
• Exhibit 173: Validation techniques employed for market sizing
• Exhibit 174: Information sources
• Exhibit 175: List of abbreviations

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• Luxury travel market size worldwide 2022-2032

In 2022, the market size of the global luxury travel industry was estimated at just under two trillion U.S. dollars. This figure is forecast to increase to an estimated 2.1 trillion U.S. dollars in 2032.

The luxury hotel market worldwide

From 1983 to 2023, the global luxury hotel supply , which refers to the number of rooms available in luxury establishments, roughly tripled, peaking at over 1,500 in 2023. Over the same period, the supply of ultra-luxury hotels worldwide experienced a fivefold increase.

What are the preferred activities of affluent vacationers?

According to a global survey conducted in the second quarter of 2023, eating in a fine-dining restaurant and staying in a five or more starred hotel were the preferred holiday activities of affluent consumers , mentioned by six in ten respondents. On the other hand, less than 20 percent of the sample had a private transport experience between April and June 2023.

Estimated size of the luxury travel market worldwide in 2022, with a forecast for 2032 (in billion U.S. dollars)

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October 2022

Other statistics on the topic Luxury travel and tourism worldwide

Accommodation

• Highest-rated luxury hotel brands in North America 2023

Leisure Travel

• Most expensive luxury cruise trips on Tripadvisor worldwide 2023

Fashion & Accessories

• Value of various global luxury markets 2022, by market type

Retail & Trade

• Fashion and luxury goods M&A deals worldwide in 2022, by product category

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Statistics on " Luxury travel and tourism worldwide "

• Growth rates of the luxury hospitality market value worldwide 2022
• Growth rates of the luxury cruise market value worldwide 2023
• Fashion and luxury goods: average M&A deal value worldwide 2022, by product category
• Global luxury hotel supply 1983-2023
• Supply of ultra-luxury hotels worldwide 1983-2023
• Share of luxury hotel supply worldwide 2023, by brand
• Share of luxury hotel supply in the Americas 2023, by brand
• Luxury hotels: average M&A deal value worldwide 2022
• Number of active Inspirato subscribers worldwide 2017-2022
• Total revenue of Inspirato worldwide 2012-2022
• Quarterly number of nights booked through Inspirato worldwide 2020-2023
• Luxury cruises: average M&A deal value worldwide 2022
• Passenger capacity of luxury cruise brands worldwide 2022
• Number of ships operated by luxury cruise brands worldwide 2022
• Share of affluent consumers buying travel products worldwide Q4 2023, by age
• Affluent consumers expecting to take a vacation worldwide H2 2022, by type
• Preferred types of holiday in the Americas for affluent consumers worldwide Q4 2023
• Preferred types of holiday in Europe among affluent consumers worldwide Q4 2023
• Affluent consumers' preferred holiday activities worldwide Q4 2023
• Interest of affluent consumers in travel and luxury brand partnerships worldwide 2022
• Interest of affluent consumers in technology to improve holidays worldwide H2 2022

Other statistics that may interest you Luxury travel and tourism worldwide

• Premium Statistic Luxury travel market size worldwide 2022-2032
• Premium Statistic Value of various global luxury markets 2022, by market type
• Premium Statistic Growth rates of the luxury hospitality market value worldwide 2022
• Premium Statistic Growth rates of the luxury cruise market value worldwide 2023
• Premium Statistic Fashion and luxury goods M&A deals worldwide in 2022, by product category
• Premium Statistic Fashion and luxury goods: average M&A deal value worldwide 2022, by product category

Luxury accommodation market

• Premium Statistic Global luxury hotel supply 1983-2023
• Premium Statistic Supply of ultra-luxury hotels worldwide 1983-2023
• Premium Statistic Share of luxury hotel supply worldwide 2023, by brand
• Premium Statistic Share of luxury hotel supply in the Americas 2023, by brand
• Premium Statistic Highest-rated luxury hotel brands in North America 2023
• Premium Statistic Luxury hotels: average M&A deal value worldwide 2022

Company focus: Inspirato

• Premium Statistic Number of active Inspirato subscribers worldwide 2017-2022
• Premium Statistic Total revenue of Inspirato worldwide 2012-2022
• Premium Statistic Quarterly number of nights booked through Inspirato worldwide 2020-2023

Luxury cruise market

• Premium Statistic Luxury cruises: average M&A deal value worldwide 2022
• Premium Statistic Passenger capacity of luxury cruise brands worldwide 2022
• Premium Statistic Number of ships operated by luxury cruise brands worldwide 2022
• Basic Statistic Most expensive luxury cruise trips on Tripadvisor worldwide 2023

Affluent travelers

• Premium Statistic Share of affluent consumers buying travel products worldwide Q4 2023, by age
• Premium Statistic Affluent consumers expecting to take a vacation worldwide H2 2022, by type
• Premium Statistic Preferred types of holiday in the Americas for affluent consumers worldwide Q4 2023
• Premium Statistic Preferred types of holiday in Europe among affluent consumers worldwide Q4 2023
• Premium Statistic Affluent consumers' preferred holiday activities worldwide Q4 2023
• Premium Statistic Interest of affluent consumers in travel and luxury brand partnerships worldwide 2022
• Premium Statistic Interest of affluent consumers in technology to improve holidays worldwide H2 2022

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Luxury Travel Market

Luxury Travel Market Size by Tour (Customized & Private Vacations, Celebration Journeys, Culinary Travel & Shopping, Cruises, Yachting & Small Ship Expeditions, Safari & Adventure, and Others), Age Group (Millennial, Generation X, Baby Boomers and Silver Hair), Type of Traveller (Absolute Luxury, Accessible Luxury and Aspiring Luxury), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

• Report ID: TBI-13818
• Published Date: Nov, 2023
• Category: Consumer Goods
• Format: PDF

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• Table of Content
• Market Segmentation

Methodology

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The global Luxury Travel market generated USD 1,308.15 billion revenue in 2022 and is projected to grow at a CAGR of 8.74% from 2023 to 2032. The market is expected to reach USD 3,023.78 billion by 2032. The market is experiencing growth propelled by factors such as heightened levels of disposable income in emerging economies, elevated living standards, and a rising preference for exclusive, personalized travel experiences. The widespread adoption of the internet and the substantial presence of individuals on social media platforms are additional contributors to the market's expansion. Additionally, the increasing integration of digital technology is anticipated to further fuel the market's growth.

Market Introduction:

Luxury travel is a realm of exploration that transcends the conventional, offering an elevated and exclusive experience for those seeking opulence and comfort. At its essence, luxury travel is characterized by a commitment to providing discerning travellers with unparalleled service, tailored itineraries, and sumptuous accommodations. It goes beyond the ordinary, focusing on the finer details that transform a journey into a curated masterpiece. In luxury travel, each element is carefully curated to reflect sophistication and indulgence. Accommodations range from high-end resorts to private villas, providing a haven of elegance and tranquillity. Fine dining experiences showcase culinary artistry, often accompanied by rare wines and personalized service. Activities and excursions are crafted to immerse travellers in exclusive and authentic encounters, ensuring a journey that transcends the commonplace. Personalization is a hallmark of luxury travel, with dedicated concierge services catering to individual preferences and desires. Whether it's a bespoke tour, exclusive access to cultural events, or seamless travel arrangements, every aspect is tailored to fulfil the special expectations of the traveller. Luxury travel is not just a physical journey but a sensorial and transformative experience, leaving an indelible mark on those who indulge in its refined pleasures. It is a symphony of sophistication, a celebration of the extraordinary, and an invitation to explore the world in unparalleled style.

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Recent Development

• In August 2023: Abercrombie & Kent has unveiled an exciting new private jet expedition in response to the growing desire for immersive wildlife encounters. This exclusive journey aims to enchant those passionate about exploring the Earth's most stunning natural marvels, all within the lap of luxury. The meticulously crafted itinerary sweeps travellers on a global odyssey, immersing them in the untouched beauty and diverse wildlife of some of the world's most pristine regions.  
• In July 2023: Abercrombie & Kent (A&K) has declared its development into Costa Rica by establishing a DMC (Destination Management Company). This strategic decision underscores A&K's dedication to offering discerning travellers unparalleled journeys, seamlessly blending exclusivity, luxury and cultural immersion. The addition of Costa Rica to A&K's global portfolio is a natural fit, given the country's breathtaking natural beauty, diverse biodiversity, and commitment to sustainable tourism. With the introduction of its own DMC in Costa Rica, A&K is poised to extend its renowned level of service, providing transformative travel experiences that authentically capture the essence of each destination.  
• In June 2023: Lindblad Expeditions joined forces with FOOD & WINE magazine to unveil an immersive eight-day voyage through the Pacific Northwest, tracing the scenic routes of the Columbia and Snake Rivers. Throughout this expedition, participants delved into the rich tapestry of the region's history, agriculture, and natural wonders, all while indulging in the delectable local cuisine and wines.
• In February 2023: Flight Centre Travel Group, headquartered in Australia, has signed a deal to acquire Scott Dunn Ltd. for an estimated USD 149 million. As a key player in the leisure and corporate travel sectors across more than 20 countries, Flight Centre Travel Group strategically enters the U.K. and U.S. markets with this acquisition, accelerating its efforts to build a portfolio of luxury travel brands.

Market Dynamics:

Increasing Disposable Income - The rise in disposable income among the affluent population directly impacts the luxury travel market. As people have more money to spend, they are more inclined to indulge in premium travel experiences.

Desire for Exclusivity and Unique Experiences - Luxury travellers seek exclusivity and unique experiences that differentiate them from mainstream tourism. This factor includes private tours, personalized services, and access to exclusive events or locations.

Evolution of Consumer Preferences - Consumer preferences have evolved, with an increasing emphasis on experiences over possessions. Luxury travel allows individuals to create lasting memories through curated and exceptional experiences.

Restraints:

Economic Downturns - The luxury travel market is sensitive to economic downturns. During economic instability, consumers, even those with high disposable incomes, may cut back on discretionary spending, affecting the demand for luxury travel experiences.

Geopolitical Uncertainties - Political instability, conflicts, or geopolitical uncertainties in certain regions can significantly impact the luxury travel market. Travelers may be deterred from visiting destinations perceived as risky or unstable.

Opportunities:

Digital Innovation and Personalization - Continued advancements in digital technology provide opportunities for the luxury travel sector to enhance customer experiences. Personalized mobile apps, virtual reality tours, and other digital innovations can cater to the preferences of discerning travellers.

Wellness and Experiential Travel - The increasing focus on wellness and experiential travel creates opportunities for luxury travel providers to offer specialized services. This factor includes curated wellness retreats, adventure experiences, and activities that align with the evolving preferences of luxury travellers.

Collaboration with High-End Brands - Partnering with high-end brands from various industries, such as fashion, automotive, and technology, offers luxury travel providers opportunities to create exclusive collaborations. Joint ventures can enhance the overall luxury experience for travellers.

Challenges:

Environmental Concerns - Increased awareness of environmental issues poses challenges for the luxury travel market. Luxury travellers are becoming more conscious of their environmental footprint, demanding sustainable and eco-friendly practices, which may require significant investments from the providers.

Changing Consumer Preferences - Evolving consumer preferences and behaviours can present challenges for the luxury travel industry. Adapting to new trends, technological advancements, and shifting demographics requires constant innovation and flexibility.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the most prominent global Luxury Travel market, with a 40.37% market revenue share in 2022.

Europe boasts a rich cultural heritage with many historic landmarks, art treasures, and architectural marvels. The appeal of exploring centuries-old castles, museums, and cultural festivals attracts luxury travellers seeking immersive and sophisticated experiences. The region also offers a diverse landscape that ranges from the picturesque countryside to vibrant cities. This diversity allows luxury travellers to choose from various experiences, including luxurious spa retreats, coastal getaways, and cultural city tours, all within relatively short distances. Europe is home to some of the world's most iconic and luxurious hotels, resorts, and boutique accommodations. The combination of historic properties and modern, high-end facilities provides a unique offering for those seeking premium lodging experiences. In addition, European cuisine is celebrated worldwide for its sophistication and diversity. The continent is a haven for food enthusiasts, offering many Michelin-starred restaurants, local delicacies, and culinary experiences that cater to the discerning tastes of luxury travellers. Furthermore, European cities such as Paris, Rome, and Barcelona are considered cultural capitals, attracting luxury travellers interested in art, history, and architecture. World-renowned museums, theatres, and historical sites contribute to Europe's dominance in the luxury travel market. North America held the second-highest position in 2022. Cities like Los Angeles, Vancouver and New York are major hubs for luxury travel, offering high-end accommodations, fine dining, and exclusive shopping experiences. The vibrant cultural scenes and iconic landmarks contribute to the allure of these cities for affluent travellers. Additionally, North America boasts many luxurious hotels, resorts, and private accommodations. From opulent urban hotels to secluded luxury lodges, the region provides many options catering to luxury travellers' discerning tastes. Besides, North America boasts a well-developed transportation infrastructure, making it convenient for luxury travellers to explore multiple destinations. High-end transportation options, including private jets and luxury car services, contribute to the travel experience.

Europe Region Luxury Travel Market Share in 2022 - 40.37%

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Tour Segment Analysis

The tour segment includes customized & private vacations, celebration journeys, culinary travel & shopping, cruises, yachting & small ship expeditions, safari & adventure, and others. The safari & adventure segment dominated the market, with a share of 35.29% in 2022. Safari and adventure tours offer the allure of exclusive wildlife encounters in their natural habitats. Luxury travellers are drawn to witnessing majestic animals, such as lions, elephants, and giraffes, in pristine and untouched environments. In addition, many safari and adventure destinations are situated in remote and secluded areas, providing a sense of exclusivity and privacy. Luxury travellers seeking a retreat from crowded tourist destinations are attracted to these remote locations' tranquillity and untouched beauty. Furthermore, the safari and adventure tour often includes high-end lodges, luxury tented camps, and private villas seamlessly blending with the natural surroundings. These accommodations offer a combination of opulence and an immersive wilderness experience, attracting affluent travellers.

Age Group Segment Analysis

The age group segment is classified into millennial, generation X, baby boomers and silver hair. The baby boomers segment dominated the market, with a share of around 41.57% in 2022. Baby Boomers often have higher disposable income than younger generations. This financial stability allows them to indulge in premium and luxury travel experiences, contributing to their dominance in the luxury travel market. Furthermore, many Baby Boomers are approaching retirement or are already retired, providing them with more leisure time for extended and luxurious travel experiences. Time availability allows them to embark on longer journeys and explore destinations in-depth. Moreover, baby Boomers, at this stage in life, often seek comfort, relaxation, and stress-free travel experiences. Luxury travel, emphasizing premium amenities, personalized services, and tranquillity, aligns with the preferences of Baby Boomers seeking a leisurely escape.

Type of Traveller Segment Analysis

The type of traveller segment is divided into absolute luxury, accessible luxury and aspiring luxury. The absolute luxury segment dominated the market, with a share of around 56.23% in 2022. Absolute luxury travellers are characterized by their substantial financial capacity, allowing them to indulge in the most opulent and exclusive travel experiences. Their high net worth enables them to seek and afford the most premium accommodations, services, and amenities. The absolute luxury traveller often values exclusivity and privacy. They seek secluded and private accommodations, whether a private island resort, a luxury villa, or an exclusive penthouse suite. This preference for exclusivity sets them apart in the luxury travel market. Also, the absolute luxury traveller expects highly personalized and tailored experiences. Luxury travel providers catering to this segment go to great lengths to customize every aspect of the journey, from curated itineraries to private guides, ensuring a one-of-a-kind travel experience.

Some of the Key Market Players:

• Abercrombie & Kent USA, LLC
• Absolute Travel Inc.
• Asia Transpacific Journeys
• Butterfield & Robinson Inc.
• Black Tomato
• Cox & Kings Ltd.
• Classic Journeys
• Exodus Travels Limited
• Geographic Expeditions, Inc.
• Kensington Tours
• Ker & Downey
• Journeys 360 Travel
• Lindblad Expeditions
• Meredith Corporation, LLC
• Micato Safaris
• Odyssey World
• Ovation Travel Group
• Scott Dunn Ltd.
• Travel Edge (Canada) Inc.
• Thomas Cook Group
• Tauck, Inc.
• Virtuoso, Ltd.
• Voyage Prive
• Zicasso, Inc.

Report Description: 

Frequesntly Asked Questions

What is the market size of the global luxury travel market.

As per The Brainy Insights, the size of the luxury travel market was valued at USD 1,308.15 billion in 2022 to USD 3,023.78 billion by 2032.

What is the market growth rate of the global luxury travel market?

The global luxury travel market is growing at a CAGR of 8.74% during the forecast period 2023-2032.

Which region dominates the global luxury travel market?

The Europe region became the largest market for luxury travel.

What is the significant driving factor for the luxury travel market?

Increasing disposable income and desire for exclusivity and unique experiences influence the market's growth.

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Luxury Travel market based on below-mentioned segments:

Global Luxury Travel Market by Tour:

• Customized & Private Vacations
• Celebration Journeys
• Culinary Travel & Shopping
• Cruises, Yachting & Small Ship Expeditions
• Safari & Adventure  

Global Luxury Travel Market by Age Group:

• Generation X
• Baby Boomers
• Silver Hair

Global Luxury Travel Market by Type of Traveller:

• Absolute Luxury
• Accessible Luxury
• Aspiring Luxury

Global Luxury Travel Market by Region:

• South Africa

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

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MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

• The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
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Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

• Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
• Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

• Evaluating the penetration level and usage rates of the product.
• Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

• Applying demographic along with psychographic segmentation for market evaluation
• Determining the Micro and Macro-economic indicators for each region 
• Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

• Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
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Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

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Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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Luxury Travel Market

Luxury travel market size, share & trends analysis report by type of tour (cruise/ship expedition, adventure & safari, celebration & special events, customized & private vacations, culinary travel & shopping, business tours, small group journey), by age group (millennial (21–30), generation x (31–40), baby boomers (41–60), silver hair (60 and above)), by type of traveller (absolute luxury, aspiring luxury, accessible luxury), booking channel (phone booking, online booking, in booking), by tourist type (domestic, international), by tour type (independent traveller, package traveller, tour group), by consumer orientation (men, women) and by region(north america, europe, apac, middle east and africa, latam) forecasts, 2024-2032.

Market Dynamics

Regional analysis, report scope, segmental analysis, top key players.

• Report Overview
• Table of Content
• Segmentation

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Market overview.

The luxury travel industry has been growing at an unprecedented rate in the last few years on account of increasing spending power, growing middle-class population, debouching luxury trends, and expanding luxury hotels. Recently, Marriott International announced to expand its luxury footprint across Asia-Pacific by establishing nearly 100 new luxury hotels in the coming years. As recorded by UNWTO, international tourism arrivals grew by 7% in 2017, which are about 1,322 million arrivals.  In 2019, Virtuoso, Ltd registered a 12% growth in the total sales, which was over USD 23 billion, up from USD 12.5 billion in 2013. 

Rising Internet Access and Competitive Travel Packages to Drive the Market Growth

Rising internet access is subsequently driving online research in terms of luxury holiday planning. In line with this, the leading players are offering exclusive deals at competitive prices to gain a competitive edge. As per the Travel and Tourism Statistic, around 83% of people use the internet for luxury travel planning, whereas 40% of people prefer travel agencies for luxury travel planning.

As per the data published by Our World in Data Organization, the number of internet users increased from 413 million in 2000 to over 3.4 billion in 2016. The online marketing strategy and strong internet presence of travel agencies such as TripAdvisor, Zoover, and Black Tomato Group drive the market growth. For instance, in 2018, eDreams Odigeo, a leading European e-commerce travel company, attended to over 18.5 million customer's travel needs.

The luxury travel market's most prominent driver is the burgeoning spending power across the globe. As per the Investopedia, around 22.8 million people fall under the high net worth income category and contribute over 30% to the global annual spending on travel. Apart from this, shifting preference towards sustainable traveling drives the market growth.

Increasing Number of Solo Travelers Drive the Market Growth

Travelers around the world are exploring ways to de-stress and restore mental health. In line with this, cruise lines are offering wellness luxury travel packages with restorative spa experiences, healthy menu choices, onboard oxygen bars, and the latest fitness equipment. Experiential traveling and access to new destinations and places by cruise drive the luxury travel market. An increasing number of solo travelers and female-centered cruises provide an impetus to the market growth

Germany: An Ideal International Luxury Travel Destination

Europe's tourism market witnessed an 8% growth in 2017. Germany, France, and Spain are at the forefront of the regional luxury travel market due to its rich cultural heritage. Germany has been witnessing a significant hike in tourism from international and domestic traveler's, further driving the market growth. As stated by the Internationale Tourismus-Börse (ITB), around 3.6 million luxury travel trips are taken by the British. Germany is considered a cultural travel destination and a suitable destination for international trade fairs across the globe. The country also secures the top position as a destination for international luxury travel in Europe by the German National Tourist Board. South East Asian countries such as Thailand, Malaysia, Singapore, and Indonesia are countries showing great potential to drive the luxury market in the European region, as there were 2.1 million trips being generated by these main markets to Europe in 2016. The below info graph depicts the global international arrivals in 2030 estimated by the United Nations World Tourism Organization.

Luxury travel is booming in the Asia-Pacific region due to its rich cultural heritage and developed adventure activities. According to United Nations World Tourism Organization (UNWTO), Asia-Pacific is the world’s fastest-growing regional tourist destination since 2005. The number of international tourists arrivals grew by 6% in 2017 to reach 323 million, which is above the world average of 4%. Traditional Asian beach hotspots like Thailand, Bali and the Maldives are gaining traction than ever before owing to the strong presence of world-class hotels and the best of cuisine. Among the Asia-Pacific region, China has emerged as the growing market for luxury travel in recent years, and also a top spender in international tourism. The region witnessed a spur in business tours cause of strong industrialization and favorable FDI policies, further boosting the luxury travel market sector.

Wellness luxury travel is a significant factor in driving market growth in the Asian region. According to the Global Wellness Institute, Asia-Pacific is the fastest-growing wellness tourism market and is expected to double from 2017-2020, from USD 137 billion to USD 252 billion. In the midst of the growth, Asia-Pacific recorded over 250 million wellness trips annually, backed by changing lifestyle and spending behaviors.

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Millennial's Contribute to Over 20% of the International Tourists

By age group, the millennial (21–30) segment holds the largest market share. The millennial and generation X are reshaping the luxury travel industry due to social media influence. Around 72% of millennials prefer spending money on experiences than material objects and account for over 20% of all international tourists. Scott Dun, a leading luxury traveling company, has been witnessing significant growth in the last few years. 

Adventure & Safari Segment to Grow at an Exponential Rate in the Luxury Travel Market

The adventure and safari segment is projected to grow at an exponential rate during the forecast period on account of rising demand for nature-based holidays. The high-income travelers are inclining towards unique personalized vacations such as educational tours, adventure & safari, and cruise/ship expedition. As per Skift, a travel industry media company, the cruising sector experienced a 7% growth in 2018. Today, activities such as mountain climbing, jungle safaris, and sky diving are witnessing huge popularity among the traveler’s. As per the Adventure Travel Trade Association (ATTA), the adventure travel market was valued at USD 683 billion in 2018 and is projected to double in the coming years. 

Market Size By Type of Tour

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• Luxury Travel Market Analysis

LUXURY TRAVEL MARKET ANALYSIS

Luxury travel market, by category (adventure & safari, cruise, rail journey, culinary travelling & shopping, customized & private vacations, and celebration), by age group (millennials, generation x, baby boomers, and silver hair), by type (domestic and international), and by region (north america, latin america, asia pacific, europe, and middle east &africa).

• Published In : Mar 2023
• Code : CMI2452
• Pages : 160
• Formats :   Excel and PDF
• Industry : Consumer Goods

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.

Global luxury travel market is expected to witness significant growth over the forecast period, owing to increasing number of travellers worldwide. According to the World  Travel  and Tourism Council, 2022, the worldwide investment on luxury travel and tourism is estimated to reach US$ 6,605.3 billion by 2028.

Global Luxury Travel Market- Drivers

Increasing disposable income

Increasing disposable income especially in emerging economy such as India is expected to drive the global luxury travel market growth during the forecast period. According to the Organization for Economic Cooperation and Development,in 2022, the global middle class populace is projected to increase from 1.8 billion in 2009 to 4.9 billion by 2030. Consumer spending on travel across India amounted to over U.S. $ 0.27 trillion  in the end of fourth quarter of 2022.

Increasing adoption of digital technology, use of internet, and high presence of people on social media platforms

Increasing adoption of digital technology is expected to boost growth of the market. Increasing use of internet and high presence of people on social media platforms also aids the market growth. Market players are focusing on capitalizing the social media presence to expand their consumer base and to strengthen consumer relation. Usage of internet allows consumer to compare brands, and offers several choices. Moreover, user-generated travel content is more influential over conventional advertising. Increasing appeal for travel storytelling, owing to platforms such as Instagram and various blogging sites is also expected to drive the market growth.

Therefore, increasing use of internet and social platforms contributes to growth of the global luxury travel market during the forecast period. For instance, according to the India Brand Equity Foundation (IBEF), in November 2022, India has experienced a boom in internet and smartphone penetration in the recent years. Driven by the ‘Digital India’ programme, the number of internet connections in India in 2021 increased significantly to 830 million. Out of the total internet connections, ~55% of connections were in urban areas, of which 97% of connections were wireless. The smartphone base has also increased significantly, and is expected to reach 1 billion by 2026.  All this factors helped India’s digital sector, and it is expected to reach US$ 1 trillion by 2030.

Global Luxury Travel Market- Restraint

High cost and less autonomy

Luxury vacations on  foreign land, the reality of luxury is very expensive, and is out of budget for middle class people. Most of tour companies have a pre-existing set of options to choose from while travelling such as from shore excursions to menu plans.  This can be tiresome to a traveller who is accustomed to create their own itinerary. By reducing the cost and autonomy can counterbalance this restraint.

Global Luxury Travel Market- Impact of Coronavirus (Covid-19) Pandemic

Rising tourism  leads to increase in costs as businesses get back on their feet. The pandemic was a had a negative impact on tourism. Travel and accommodation services are the two most important expenditures incurred by a traveller.

Moreover, costs of COVID-19 tests and travel insurance was also added to a tourist’s expenses. Meanwhile, the steady rise in oil prices has a significant impact on the cost of travel. Flight costs, accommodation prices, and other related expenses directly or indirectly affect edoil price rise. Therefore, airfares, accommodation costs, oil, insurance, and COVID-19 tests are the common parameters to get an estimated cost of domestic or international travel.

Global Luxury Travel Market- Segmentation

Global luxury travel market is segmented by category, by age group, by type, and by region. By Category, the market is segmented into adventure & safari, cruise, rail journey, culinary travelling & shopping, customized & private vacations, and celebration. By Type, the market is segmented into domestic and international. By Age Group, the market is segmented into millennials, Wrong market name.generation x, baby boomers, and silver hair. By Region, the global luxury travel  market analysis conducted across North America, Latin America, Asia Pacific, Europe, and Middle East and Africa.

Figure 1. Global Luxury Travel Market Share, By Region, 2022

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Europe region accounted for largest market share of 35% in global luxury travel market in 2022. North America held a dominant position in the luxury travel market in 2022, owing to increasing number of millionaires in the region followed by Asia Pacific, Middle East, Latin America, and Africa.

Luxury Travel Market Report Coverage

Figure 2. Global Luxury Travel Market Share, By Age Group, 2022

Among age group, baby boomers segment held a dominant position in global luxury travel market in 2022, and millennials segment is expected to record a significant growth during the forecast period. For instance, the older millennials (aging 25-35) are currently entering in their peak earning years, and earning more affluence at unprecedented rates. Therefore, increasing preference of baby boomers and millennials for luxury travel is expected to boost growth of the market. Moreover, millennials are expected to surpass baby boomers as the large living adult generation in the U.S.

Global Luxury Travel Market- Recent Development

On February 8, 2023, Abercrombie & Kent , launched 2024-25 Expedition Cruise Portfolio, New voyages, for remote destinations including the North Pole, Saudi Arabia, and the Solomon Islands, as well as added departures to perennial favourites Japan and Greece.

On December 22, 2022, A&K Travel Group Ltd., a global lifestyle and travel company that owns Abercrombie & Kent, Crystal Cruises, and Cox & Kings, announced an equity partnership with Santiago Dunn and his company, Ecoventura, a leader in sustainable travel in the Galapagos Islands. This  partnership foresees an equity investment in Ecoventura as well as the creation of a joint venture, headed by Santiago Dunn in his new role as CEO of A&K South America.

On February 1, 2023, Crystal Cruises , a U.S.-based cruise line  relaunched under a reimagined name and vision: Crystal– Exceptional at Sea. This new era for Crystal begins with an innovative website and branding under the guardianship of the A&K Travel Group.

On October 4, 2023, Abercrombie & Kent (A&K), the multi-award-winning luxury travel company, announced the  inauguration of four new Destination Management Companies (DMCs) in Colombia, Namibia, Saudi Arabia, and Canada.

Global Luxury Travel Market- Major Players

Major players operating in the global luxury travel market include 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., and Butterfield & Robinson Inc.

Market Definition:

The term luxury travel denotes travelling with a great deal of comfort and quality, without any stress or hassle whatsoever. It involves an elevated travel experience with minimum vexation and maximum amenities. Luxury travelers are specific about the things they want in order to have an enriching experience during the course of their vacation. Exclusive cabin class and extravagant hotels are one of the primary things they look for.   

Frequently Asked Questions

What are the growth estimates for global luxury travel market till 2030?

Which are the prominent market players across the globe, which segment based on age group, accounted for the highest demand in the market, what are the key factors driving growth of the market, what is the compound annual growth rate (cagr) of the market for 2023-2030, which region held the largest market share in the market.

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Luxury Travel Market To Surpass US$ 440.4 Bn By 2030

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• 敋⁲愦灭※潄湷祥
• 畂瑴牥楦汥⁤愦灭※潒楢獮湯

界畸祲吠慲敶慍歲瑥删捥湥⁴敄敶潬浰湥獴

湉䴠牡档㈠㈰ⰴ儠瑡牡䄠物慷獹愠湮畯据摥琠敨氠畡据⁨景椠獴渠睥映物瑳挭慬獳挠扡湩‮桔⁥楡汲湩⁥獩戠楲杮湩⁧慢正琠敨朠潬祲漠⁦楦獲⵴汣獡⁳敳癲捩ⱥ瀠潲楶楤杮愠洠浥牯扡敬琠慲敶硥数楲湥散‮桔⁥慑慴⁲楁睲祡♳獲畱㭯渠睥映物瑳挭慬獳挠扡湩椠⁳污敳⁴潴爠楥癮湥⁴畬畸祲琠慲敶楷桴攠捸灥楴湯污挠牡⁥湡⁤湵慷敶楲杮攠捸汥敬据⹥

湉䴠牡档㈠㈰ⰴ䄠慭敒潳瑲♳獲畱㭯猠獩整⁲牢湡Ɽ䨠湡Ⱶ漠数敮⁤瑩⁳湩畡畧慲潨整湩吠歯潹‮桔⁥灯湥湩⁧景䨠湡⁵潔祫慭歲⁳桴⁥湩散瑰潩景愠硥慰摮湩⁧楰数楬敮漠⁦㈱瀠潲数瑲敩⹳匠瑩慵整⁤湩䄠慺畢慤⁩楈汬ⱳ琠敨挠灡瑩污挠瑩♹獲畱㭯⁳潭敤湲甠扲湡瘠汩慬敧‬慊畮吠歯潹栠獡ㄠ㈲朠敵瑳潲浯⁳湡⁤畳瑩獥‬楥桧⁴敶畮獥映牯搠湩湩⁧湡⁤潳楣污穩湩Ⱨ愠摮愠㐠ⰳ㔰ⴵ煳慵敲昭潯⁴灳⁡湡⁤敷汬敮獳挠湥整⹲

湉䴠牡档㈠㈰ⰴ䘠畯⁲敓獡湯攠灸湡敤⁤桴楥⁲敍楸潣瀠牯晴汯潩眠瑩⁨敮⁷慃潢䠠瑯汥‮桔⁥潆牵匠慥潳獮删獥牯⁴湡⁤敒楳敤据獥䌠扡慓界慣⁳瑡䌠扡敄潓獩猠瑥琠敷捬浯⁥畧獥獴映潲慍⹹

汇扯污䰠硵牵⁹牔癡汥䬠祥䴠牡敫⁴牔湥獤

• 片睯桴漠⁦畓獢牣灩楴湯䈭獡摥匠牴慥業杮›畓獢牣灩楴湯戭獡摥䰠硵牵⁹牔癡汥猠牥楶散⁳潣瑮湩敵琠潤業慮整琠敨洠牡敫⹴䌠湯畳敭獲愠敲椠据敲獡湩汧⁹灯楴杮映牯瀠楡⁤畳獢牣灩楴湯⁳潴愠捣獥⁳摡昭敲⁥界畸祲吠慲敶ⱬ漠晦楬敮氠獩整楮杮‬楨桧牥愠摵潩焠慵楬祴‬湡⁤硥汣獵癩⁥潣瑮湥⹴吠楨⁳牴湥⁤獩搠楲敶祢琠敨挠湯敶楮湥散‬晡潦摲扡汩瑩ⱹ愠摮瘠污敵瀠潲潰楳楴湯漠晦牥摥戠⁹畳獢牣灩楴湯洠摯汥⹳
• 湉牣慥楳杮䐠浥湡⁤潦⁲敐獲湯污穩瑡潩㩮倠牥潳慮楬敺⁤畭楳⁣敲潣浭湥慤楴湯⁳湡⁤畣慲整⁤汰祡楬瑳⁳慨敶戠捥浯⁥⁡楳湧晩捩湡⁴牤癩牥漠⁦獵牥攠杮条浥湥⁴湡⁤慳楴晳捡楴湯‮界畸祲吠慲敶汰瑡潦浲⁳牡⁥敬敶慲楧杮愠癤湡散⁤污潧楲桴獭愠摮愠瑲晩捩慩湩整汬杩湥散琠湡污穹⁥獵牥瀠敲敦敲据獥‬楬瑳湥湩⁧慨楢獴‬湡⁤潣瑮硥畴污搠瑡⁡潴瀠潲楶敤瀠牥潳慮楬敺⁤畭楳⁣敲潣浭湥慤楴湯⁳慴汩牯摥琠湩楤楶畤污琠獡整⹳

潔朠瑥愠映敲⁥牴慩捡散獳琠畯⁲汰瑡潦浲眠楨档椠⁳⁡湯⁥瑳灯猠汯瑵潩潦⁲污潹牵搠瑡⁡敲畱物浥湥獴映牯焠極正牥搠捥獩潩慭楫杮‮桔獩瀠慬晴牯污潬獷礠畯琠潣灭牡⁥慭歲瑥ⱳ挠浯数楴潴獲眠潨愠敲瀠潲業敮瑮椠桴⁥慭歲瑥‬湡⁤敭慧琠敲摮⁳桴瑡愠敲椠普畬湥楣杮琠敨搠湹浡捩⁳湩琠敨洠牡敫⹴䄠獬Ɐ朠瑥愠捣獥⁳潴搠瑥楡敬⁤歓兹敵瑳攠捸畬楳敶洠瑡楲⹸

畂⁹桔⁥潃灭敬整删灥牯⁴潴爠慥⁤桴⁥湡污穹摥猠牴瑡来敩⁳摡灯整⁤祢琠敨琠灯瘠湥潤獲攠瑩敨⁲潴爠瑥楡牯朠楡慭歲瑥猠慨敲

慔汢⁥晏䌠湯整瑮

• 硅楨楢㩴䔠數畣楴敶匠浵慭祲鎀䐠瑡⁡慔汢⁥湯䴠牡敫⁴癏牥楶睥
• 硅楨楢㩴䔠數畣楴敶匠浵慭祲鎀䌠慨瑲漠湉牣浥湥慴片睯桴

慐敲瑮䴠牡敫⁴湁污獹獩

• 䔨桸扩瑩›敄慴汩摥嘠污敵䌠慨湩倠敲敳瑮瑡潩⥮
• 硅楨楢㩴倠牡湥⁴慍歲瑥䔠潣祳瑳浥䴠牡敫⁴湁污獹獩
• 硅楨楢㩴䴠牡敫⁴桃牡捡整楲瑳捩⁳景倠牡湥⁴慍歲瑥
• 䔨桸扩瑩›慄慴吠扡敬›浅牥楧杮猠慴瑲灵⁳敤慴汩⥳
• 䔨桸扩瑩›慄慴吠扡敬›慎敭漠⁦潣灭湡敩⁳湡⁤楰数楬敮瀠潲畤瑣ⱳ爠来潩慮慭灰湩⥧
• 慍牣敯潣潮業⁣湉楤慣潴獲

佃䥖⁄䵉䅐呃

• 湉牴摯捵楴湯
• 硅楨楢㩴䐠瑡⁡湯䜠偄ⴠ夠慥⵲癯牥礭慥⁲牧睯桴㈠㄰ⴶ〲㈲⠠⤥
• 硅楨楢㩴䐠瑡⁡慔汢⁥湯䜠潬慢界畸祲吠慲敶慍歲瑥猠穩⁥湡⁤潦敲慣瑳㈠㈰ⴱ〲㜲⠠․業汬潩⥮
• 硅楨楢㩴䄠慮祬楳⁳湯欠祥猠牴瑡来敩⁳摡灯整⁤祢挠浯慰楮獥

• 硅楨楢㩴䌠浯数楴楴敶爠癩污祲䤠灭捡⁴景欠祥映捡潴獲‬〲ㄲ
• 硅楨楢㩴吠牨慥⁴景匠扵瑳瑩瑵⁥牐摯捵獴䤠灭捡⁴景欠祥映捡潴獲‬〲ㄲ
• 硅楨楢㩴戠祵牥⁳慢杲楡楮杮瀠睯牥䤠灭捡⁴景欠祥映捡潴獲‬〲ㄲ
• 潐楬楴慣浉慰瑣
• 敔档楮慣浉慰瑣
• 湅楶潲浮湥慴浉慰瑣
• 敌慧浉慰瑣

• 桃牡⁴湯䴠牡敫⁴桳牡⁥祢朠潥牧灡票㈠㈰ⴱ〲㜲⠠⤥
• 慄慴吠扡敬漠慍歲瑥猠慨敲戠⁹敧杯慲桰⁹〲ㄲ㈭㈰⠷⤥
• 桃牡⁴湯䴠牡敫⁴桳牡⁥祢挠畯瑮祲㈠㈰ⴱ〲㜲⠠⤥
• 慄慴吠扡敬漠慍歲瑥猠慨敲戠⁹潣湵牴⁹〲ㄲ㈭㈰⠷⤥
• 硅楨楢㩴䌠慨瑲漠慍歲瑥猠慨敲㈠㈰ⴱ〲㜲⠠⤥

䕋⁙佃偍乁⁙剐䙏䱉卅

• 硅楨楢㩴挠浯慰楮獥挠癯牥摥椠桴⁥敲潰瑲‬〲ㄲ
• 硅楨楢㩴倠敩挠慨瑲愠慮祬楳⁳湯挠浯慰祮洠牡敫⁴桳牡ⱥ㈠㈰⠱⤥

潆⁲桴⁥汇扯污䰠硵牵⁹牔癡汥䴠牡敫ⱴ漠牵爠獥慥捲⁨敭桴摯汯杯⁹湩潶癬摥愠洠硩畴敲漠⁦牰浩牡⁹湡⁤敳潣摮牡⁹慤慴猠畯捲獥‮敋⁹瑳灥⁳湩潶癬摥椠桴⁥敲敳牡档瀠潲散獳愠敲氠獩整⁤敢潬㩷

⸱䤠普牯慭楴湯倠潲畣敲敭瑮›桔獩猠慴敧椠癮汯敶⁤桴⁥牰捯牵浥湥⁴景䴠牡敫⁴慤慴漠⁲敲慬整⁤湩潦浲瑡潩楶⁡牰浩牡⁹湡⁤敳潣摮牡⁹潳牵散⹳吠敨瘠牡潩獵猠捥湯慤祲猠畯捲獥甠敳⁤湩汣摵摥瘠牡潩獵挠浯慰祮眠扥楳整ⱳ愠湮慵敲潰瑲ⱳ琠慲敤搠瑡扡獡獥‬湡⁤慰摩搠瑡扡獡獥猠捵⁨獡䠠潯敶❲ⱳ䈠潬浯敢杲䈠獵湩獥ⱳ䘠捡楴慶‬湡⁤癁湥楴湯‮畏⁲整浡搠摩㐠‵牰浩牡⁹湩整慲瑣潩獮䜠潬慢汬⁹桷捩⁨湩汣摵摥猠癥牥污猠慴敫潨摬牥⁳畳档愠⁳慭畮慦瑣牵牥ⱳ挠獵潴敭獲‬敫⁹灯湩潩敬摡牥ⱳ攠捴‮癏牥污ⱬ椠普牯慭楴湯瀠潲畣敲敭瑮眠獡漠敮漠⁦桴⁥潭瑳攠瑸湥楳敶猠慴敧⁳湩漠牵爠獥慥捲⁨牰捯獥⹳

⸳删灥牯⁴潆浲汵瑡潩㩮吠敨映湩污猠整⁰湥慴汩摥琠敨瀠慬散敭瑮漠⁦慤慴瀠楯瑮⁳湩愠灰潲牰慩整䴠牡敫⁴灳捡獥椠湡愠瑴浥瑰琠敤畤散瘠慩汢⁥潣据畬楳湯⹳

敒楧湯污䄠慮祬楳㩳䘠牵桴牥愠慮祬楳⁳景琠敨䜠潬慢界畸祲吠慲敶慍歲瑥映牯愠摤瑩潩慮潣湵牴敩⹳

潃灭瑥瑩癩⁥湁污獹獩›敄慴汩摥愠慮祬楳⁳湡⁤牰景汩湩⁧景愠摤瑩潩慮慍歲瑥瀠慬敹獲☠挠浯慰慲楴敶愠慮祬楳⁳景挠浯数楴楴敶瀠潲畤瑣⹳

潇琠慍歲瑥匠牴瑡来㩹䘠湩⁤桴⁥楨桧札潲瑷⁨档湡敮獬琠湩敶瑳礠畯⁲慭歲瑥湩⁧晥潦瑲⁳湡⁤湩牣慥敳礠畯⁲畣瑳浯牥戠獡⹥

慃整潧祲䤠瑮汥楬敧据㩥䌠獵潴業敺⁤湩整汬杩湥散琠慨⁴獩爠汥癥湡⁴潴琠敨物猠灵汰⁹慍歲瑥⁳楷汬攠慮汢⁥桴浥琠慭敫猠慭瑲牥猠畯捲湩⁧敤楣楳湯⁳湡⁤浩牰癯⁥桴楥⁲慣整潧祲洠湡条浥湥⹴

汇扯污䰠硵牵⁹牔癡汥䴠牡敫⁴敒潰瑲匠慮獰潨獴

• 汇扯污䰠硵牵⁹牔癡汥䌠浯慰楮獥
• 汇扯污䰠硵牵⁹牔癡汥䴠牡敫⁴楓敺
• 汇扯污䰠硵牵⁹牔癡汥䴠牡敫⁴湁污獹獩
• 汇扯污䰠硵牵⁹牔癡汥䜠潥牧灡楨⁣湁污獹獩
• 汇扯污䰠硵牵⁹牔癡汥䴠牡敫⁴敎獷

慗瑮琠畣瑳浯穩⁥桴獩爠灥牯㽴

, 桗瑡椠⁳桴⁥敫⁹牤癩牥漠⁦汇扯污䰠硵牵⁹牔癡汥䴠牡敫㽴, , 桗捩⁨敲楧湯愠捣畯瑮摥映牯琠敨氠牡敧瑳猠慨敲椠汇扯污䰠硵牵⁹牔癡汥䴠牡敫㽴, 敒畱獥⁴牆敥䌠獵潴業慺楴湯.

敒潰瑲䤠㩄唠䵃䝉㔲㉏〰‶⁼敒楧湯›汇扯污簠倠扵楬桳摥䐠瑡㩥䴠牡档‬〲㐲簠倠条獥›㘱‵⁼慔汢獥›楆畧敲㩳

敒潰瑲䤠㩄唠䵃䝉㔲㉏〰‸⁼敒楧湯›汇扯污簠倠扵楬桳摥䐠瑡㩥䴠牡档‬〲㐲簠倠条獥›㘱‵⁼慔汢獥›楆畧敲㩳

敒潰瑲䤠㩄唠䵃䝉㔲㉏〰‱⁼敒楧湯›汇扯污簠倠扵楬桳摥䐠瑡㩥䴠牡档‬〲㐲簠倠条獥›㘱‵⁼慔汢獥›楆畧敲㩳

敒潰瑲䤠㩄唠䵃䝉㔲㉏〰‷⁼敒楧湯›汇扯污簠倠扵楬桳摥䐠瑡㩥䴠牡档‬〲㐲簠倠条獥›㘱‵⁼慔汢獥›楆畧敲㩳

圢⁥慨敶瀠牵档獡摥爠捥湥汴⁹⁡敲潰瑲映潲歓兹敵瑳吠捥湨汯杯ⱹ愠摮眠⁥牡⁥慨灰⁹潴椠普牯潹⁵桴瑡琠楨⁳敲潰瑲眠獡猠獵晥汵愠摮瀠慲瑣捩污映牯漠牵琠慥⹭匠祫畱獥⁴敔浡眠獡瘠牥⁹捡楴敶愠摮漠牵焠敵楲獥眠牥⁥潦汬睯摥甠⁰潣灭敬整祬䤮⁴慷⁳浡穡湩⹧∠

‭牍‮汁⁩慚楬‬潃浭牥楣污䐠物捥潴Ⱳ䤠䥃䍉䤠慲⹮

牐摯捵⁴䑉›兓䥍㉇伵〲㐱

, .

湅整⁲潹牵攠慭汩愠摤敲獳礠畯胢犙⁥獵湩⁧潦⁲潹牵愠捣畯瑮戠汥睯

敒敳⁴慰獳潷摲

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Global Luxury Travel Market Size By Accommodation Type, By Mode of Transportation, By Demographics, By Geographic Scope And Forecast

• Description
• Table of Contents
• Methodology

Luxury Travel Market Size And Forecast

Luxury Travel Market size was valued at USD 1.4 Trillion in 2023 and is projected to reach USD 3.3 Trillion by 2030 , growing at a CAGR of 8.9% during the forecast period 2024-2030.

Global Luxury Travel Market Drivers

The market drivers for the Luxury Travel Market can be influenced by various factors. These may include:

• Growing Disposable Income: The demand for luxury travel experiences is driven by high-net-worth individuals’ (HNWIs’) rising levels of wealth and discretionary income.
• Want for Exclusivity: Affluent tourists are looking for special and exclusive experiences, which has increased demand for upscale lodging, individualized care, and custom itineraries.
• Emerging Markets: New luxury travel categories and locations have emerged as a result of the expansion of emerging markets, namely in Asia-Pacific and Latin America.
• Shifting Customer Preferences: As consumers become more interested in immersive and life-changing travel experiences, there is a greater demand for upscale travel experiences like wellness retreats, adventurous trips, and cultural immersions.
• Social Media Influence: Travelers and influencers are encouraged to highlight opulent places and experiences by social media platforms, which significantly contribute to the promotion of luxury travel experiences.
• Technological Advancements: By enhancing convenience, personalization, and connectivity, the integration of technology into luxury travel services attracts wealthy tourists who are looking for seamless and immersive experiences.
• Wellbeing tourism: As people’s awareness of health and wellbeing grows, so does the desire for opulent wellness resorts, spa getaways, and all-encompassing vacation experiences that emphasize rest and renewal.
• Sustainable Luxury: The desire for environmentally conscious and responsible luxury travel options, such as eco-resorts and sustainable tourism practices, is being driven by growing concerns about environmental protection and sustainability.
• Aging Population: With more disposable income, the aging population is more interested in luxurious travel experiences that suit their tastes, like luxury trains, luxury cruises, and cultural tours.
• Trend toward Remote Work: The emergence of digital nomadism and remote work has made it possible for wealthy tourists to work remotely from opulent locations, sparking the “workation” and prolonged luxury vacation trends.

Global Luxury Travel Market Restraints

Several factors can act as restraints or challenges for the Luxury Travel Market. These may include:

• Economic Uncertainty: Financial crises, recessions, and downturns can affect consumer confidence and discretionary spending on upscale travel, which can cause the market to slow down.
• Geopolitical Instability: In important luxury vacation locations, political upheaval, terrorism, civil disturbance, and geopolitical conflicts can discourage tourists and cause disruptions in tourism flows.
• Travel Limits: The demand for luxury travel can be greatly impacted by travel limits, visa requirements, and quarantine requirements that are enforced during pandemics, natural catastrophes, or worldwide health emergencies.
• Environmental Concerns: Natural catastrophes, climate change, and environmental degradation can have an impact on luxury vacation destinations, causing delays, cancellations, or changes in travel schedules.
• Overtourism: In popular luxury holiday destinations, overcrowding and environmental deterioration can have detrimental effects on nearby populations, ecosystems, and cultural heritage sites.
• Luxury Perception: Conventional ideas of luxury travel may be called into question as customer views of luxury change and as preferences move toward genuine, meaningful experiences.
• Airline Industry Challenges: Volatility in fuel prices, airline bankruptcies, flight cancellations, and disruptions in air travel infrastructure can impact luxury air travel experiences and itineraries.
• Regulations and Luxury Taxes: The imposition of regulations, luxury taxes, and limitations on upscale services and facilities may raise the operational expenses of luxury travel companies.
• Health and Safety Issues: Contagious disease outbreaks, medical emergencies, and safety issues associated with travel might influence travel behavior and destination selections in addition to discouraging luxury travelers.
• Market Saturation: When the luxury travel industry becomes oversaturated in some areas or niches, it can result in price wars, heightened competition, and squeezed profit margins for luxury travel operators.

Global Luxury Travel Market Segmentation Analysis

The Global Luxury Travel Market is Segmented on the basis of Accommodation Type, Mode of Transportation, Demographics, and Geography.

By Accommodation Type

• Luxury Hotels: Five-star hotels, resorts, and boutique properties offering luxury accommodations, personalized services, and upscale amenities.
• Private Villas and Residences: Luxury villas, vacation homes, and private residences with exclusive facilities, personalized services, and privacy for discerning travelers.
• Luxury Resorts: High-end beach resorts, mountain retreats, and wellness resorts offering luxury accommodations, spa facilities, and recreational activities.
• Boutique Hotels: Luxury boutique hotels and intimate properties known for their unique design, character, and personalized services.
• Safari Lodges and Camps: Luxury safari lodges, tented camps, and wilderness retreats offering immersive wildlife experiences and premium amenities in remote locations.

By Mode of Transportation

• Luxury Air Travel: Private jet charters, first-class and business-class air travel, luxury airport lounges, and VIP airport services for affluent travelers.
• Luxury Train Journeys: Luxury train travel experiences aboard iconic trains such as the Orient Express, Maharajas’ Express, and Rocky Mountaineer.
• Chauffeur-driven Cars: Luxury chauffeur services, limousine rentals, and private car transfers for seamless and stylish ground transportation.
• Cruise Ships and Yachts: Luxury cruise liners, expedition ships, and private yachts offering exclusive experiences at sea and personalized services.

By Demographics

• High-net-worth Individuals (HNWIs): Affluent individuals with high disposable income seeking exclusive and bespoke luxury travel experiences.
• Ultra-high-net-worth Individuals (UHNWIs): Extremely wealthy individuals with substantial financial resources for extravagant and personalized luxury travel experiences.

By Geography

• North America: Including the United States and Canada, characterized by a mature luxury travel market with high spending on luxury accommodations, experiences, and services.
• Europe: Covering regions like the UK, France, Italy, and Switzerland, renowned for luxury destinations, heritage properties, and cultural experiences.
• Asia-Pacific: Encompassing regions like China, Japan, and Australia, witnessing rapid growth in luxury travel driven by rising affluence, urbanization, and luxury infrastructure development.
• Middle East: Known for luxury destinations such as Dubai, Abu Dhabi, and Qatar, attracting affluent travelers with luxury hotels, shopping, and entertainment.
• Latin America: Including countries such as Brazil, Mexico, and Argentina, offering luxury travel experiences such as luxury eco-resorts, adventure travel, and cultural tours.

The major players in the Luxury Travel Market are:

• Abercrombie & Kent (USA)
• Butterfield & Robinson (Canada)
• Cox & Kings Ltd (India)
• Crystal Cruises (USA)
• Four Seasons Hotels and Resorts (Canada)
• Lindblad Expeditions (USA)
• Ritz-Carlton Hotel Company (USA)
• Rosewood Hotels & Resorts (USA)
• Scott Dunn Ltd (UK)
• Virtuoso (USA)

Report Scope

Research methodology of verified market research:.

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our  Sales Team at Verified Market Research .

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors • Provision of market value (USD Billion) data for each segment and sub-segment • Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market • Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region • Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled • Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players • The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions • Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis • Provides insight into the market through Value Chain • Market dynamics scenario, along with growth opportunities of the market in the years to come • 6-month post-sales analyst support

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What is the projected market size & growth rate of the luxury travel market, what are the key driving factors for the growth of the luxury travel market, what are the top players operating in the luxury travel market, what segments are covered in the luxury travel market report, how can i get a sample report/company profiles for the luxury travel market.

1. Introduction • Market Definition • Market Segmentation • Research Methodology

2. Executive Summary • Key Findings • Market Overview • Market Highlights

3. Market Overview • Market Size and Growth Potential • Market Trends • Market Drivers • Market Restraints • Market Opportunities • Porter's Five Forces Analysis

4. Luxury Travel Market, By Accommodation Type • Luxury Hotels • Private Villas and Residences • Luxury Resorts • Boutique Hotels • Safari Lodges and Camps

5. Luxury Travel Market, By Mode of Transportation • Luxury Air Travel • Luxury Train Journeys • Chauffeur-driven Cars • Cruise Ships and Yachts

6. Luxury Travel Market, By Demographics • High-Net-worth Individuals (HNWIs) • Ultra-high-net-worth Individuals (UHNWIs)

7. Regional Analysis • North America • United States • Canada • Mexico • Europe • United Kingdom • Germany • France • Italy • Asia-Pacific • China • Japan • India • Australia • Latin America • Brazil • Argentina • Chile • Middle East and Africa • South Africa • Saudi Arabia • UAE

8. Market Dynamics • Market Drivers • Market Restraints • Market Opportunities • Impact of COVID-19 on the Market

9. Competitive Landscape • Key Players • Market Share Analysis

10. Company Profiles • Abercrombie & Kent (USA) • Butterfield & Robinson (Canada) • Cox & Kings Ltd (India) • Crystal Cruises (USA) • Four Seasons Hotels and Resorts (Canada) • Lindblad Expeditions (USA) • Ritz-Carlton Hotel Company (USA) • Rosewood Hotels & Resorts (USA) • Scott Dunn Ltd (UK) • Virtuoso (USA)

11. Market Outlook and Opportunities • Emerging Technologies • Future Market Trends • Investment Opportunities

12. Appendix • List of Abbreviations • Sources and References

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All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.

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Data Collection Matrix

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Industry Analysis Matrix

Luxury Travel Market

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Luxury Travel Industry Statistics

• Author: Alexander Eser
• Last updated: April 25, 2024

Highlights: The Most Important Statistics

The global luxury travel market is expected to generate $1,198.3 billion by 2026.

The luxury travel industry was hit by a decrease of $320 billion in spending due to COVID-19 in 2020.

Baby boomers account for 80% of luxury travel spending.

The global luxury travel market size was worth $945.6 billion in 2019.

Before the pandemic, the luxury travel industry was growing at a CAGR of 6.4%.

North America accounted for 30% of the global luxury travel market in 2019.

Tourists from China account for approximately 33% of the worldwide luxury travel spending.

About 68% of luxury travelers prefer to relax during their vacation, while only 28% like to go on adventures.

The luxury cruise travel segment is anticipated to grow at a CAGR of nearly 6.8% by 2026.

Customized luxury travel packages for millennials are a significant trend, accounting for about 23% of luxury travel.

58% of luxury travelers are willing to pay more to access less crowded experiences.

The Asia-Pacific regional luxury travel market is expected to register a CAGR of 7.9% till 2026.

The average luxury traveler spends $13,100 per person, per trip.

74% of luxury travel spenders are between the age of 31 and 44.

Before the pandemic, the luxury hotels segment was estimated to reach a value of 115.80 Billion USD by 2025.

The Middle East is expected to be the fastest-growing region in the luxury travel market with a CAGR of 8.2% till 2026.

More than half of luxury travelers (51%) prefer to book their holidays through travel agents.

Approximately 49% of luxury travelers define luxury as superior quality, while 67% define it as superior service.

The number of luxury travelers seeking sustainable travel has risen by 50% as of 2018.

39% of luxury travelers choose travel destinations based on culinary experiences.

The Latest Luxury Travel Industry Statistics Explained

The statistic indicates that the global luxury travel market is projected to reach a total revenue of $1,198.3 billion by the year 2026. This suggests a significant growth opportunity in the luxury travel sector, driven by factors such as rising disposable incomes, changing consumer preferences, and an increasing focus on experiential and high-end travel experiences. The estimated revenue figure highlights the robust demand for luxury travel services and experiences worldwide, showcasing the economic importance and growth potential of this sector in the coming years.

The statistic indicates that the luxury travel industry experienced a significant impact from the COVID-19 pandemic, resulting in a substantial decline in spending amounting to $320 billion in the year 2020. This sharp decrease in spending highlights the magnitude of the disruption caused by the pandemic on the luxury travel sector, reflecting a combination of factors such as travel restrictions, fear of transmission, and economic uncertainty. The statistic underscores the vulnerability of the luxury travel industry to external shocks and demonstrates the widespread repercussions of the global health crisis on consumer behavior and economic activities within this specific market segment.

The statistic that baby boomers account for 80% of luxury travel spending implies that individuals belonging to the baby boomer generation, typically those born between 1946 and 1964, are responsible for a significant majority of expenditures in the luxury travel market. This suggests that baby boomers have both the financial means and the interest in indulging in higher-end travel experiences compared to other demographic groups. Understanding this statistic can inform businesses in the travel industry to tailor their marketing strategies and offerings to better target and cater to the preferences and spending habits of baby boomers, thereby potentially maximizing their profitability in the luxury travel sector.

The statistic indicates that the total value of the global luxury travel market was estimated to be $945.6 billion in the year 2019. This figure represents the collective spending on luxury travel services and experiences worldwide during that specific year. The size of the luxury travel market reflects the significant demand for high-end travel offerings by affluent individuals, including luxury accommodations, transportation, dining, and experiences. This statistic is valuable for businesses and policymakers in understanding the scale and economic impact of the luxury travel industry, informing strategic decision-making and investments in this sector.

The statistic indicates that prior to the onset of the pandemic, the luxury travel industry was experiencing a Compound Annual Growth Rate (CAGR) of 6.4%. This growth rate suggests that the industry was steadily expanding over the years, likely due to factors such as increasing disposable incomes, changing consumer preferences towards luxury experiences, and overall economic growth. However, with the outbreak of the pandemic, the travel industry as a whole faced significant challenges and disruptions, leading to a sharp decline in luxury travel demand. The statistic highlights the contrast between the industry’s pre-pandemic growth trajectory and the subsequent impact of the global health crisis on luxury travel businesses.

The statistic that North America accounted for 30% of the global luxury travel market in 2019 indicates the geographical distribution of high-end travel spending during that year. This means that nearly a third of all luxury travel expenditures worldwide occurred in North America. It highlights the region’s significant presence and influence in the luxury travel sector, showcasing it as a key market for luxury travel services and experiences. This statistic suggests that North America is a lucrative market for luxury travel providers and a popular destination for high-end travelers seeking premium services and experiences.

The statistic ‘Tourists from China account for approximately 33% of the worldwide luxury travel spending’ implies that Chinese tourists are significant contributors to the global luxury travel market. This suggests that a third of all luxury travel spending worldwide can be attributed to Chinese tourists, indicating their substantial presence in the luxury travel sector. This statistic highlights the growing economic influence of Chinese travelers on international tourism, as well as the importance of catering to their preferences and spending habits in the luxury travel industry to capture a sizable market share. It also underscores the potential opportunities for businesses and destinations that can attract and cater to the affluent Chinese tourist segment.

The statistic indicates that a majority, specifically 68%, of luxury travelers prioritize relaxation during their vacation experiences. This preference suggests that this particular segment of travelers seeks tranquility, rejuvenation, and perhaps indulgence as a core aspect of their travel experiences. On the other hand, a smaller proportion, only 28%, are inclined towards seeking adventure during their vacation, showing a contrasting preference for excitement, exploration, and potentially stepping out of their comfort zones. This statistic underscores the diversity in preferences and motivations among luxury travelers, highlighting the significance of catering to different desires and interests within the travel industry to ensure maximum satisfaction and appeal to a wide range of clientele.

This statistic indicates that the luxury cruise travel segment is expected to experience a Compounded Annual Growth Rate (CAGR) of approximately 6.8% by 2026. This growth projection suggests that the demand for luxury cruise travel is likely to steadily increase over the forecasted period. Factors contributing to this anticipated growth may include rising disposable incomes, an increasing preference for premium travel experiences, and a growing interest in luxury tourism. The CAGR metric is a valuable tool for assessing the consistent annual growth rate of a specific market segment, providing insights into its potential trajectory and future prospects.

The statistic highlights a noteworthy trend in the luxury travel industry, indicating that customized travel packages tailored specifically for millennials are increasingly popular, accounting for approximately 23% of all luxury travel. This suggests that millennials constitute a significant segment of luxury travelers who are seeking personalized and unique experiences when planning their vacations. The emphasis on customization and tailored experiences reflects the changing preferences and priorities of millennial travelers, who value authenticity, individuality, and experiences over material possessions. The rise of this trend underscores the evolving landscape of the luxury travel market, where traditional one-size-fits-all offerings are being overshadowed by personalized, experiential options to cater to the needs and desires of millennial consumers.

The statistic indicates that a significant majority, specifically 58%, of luxury travelers are willing to pay a premium in order to enjoy exclusive and less crowded experiences. This suggests that for a considerable portion of affluent travelers, the quality of the travel experience is more important than the cost, with a preference for exclusivity and avoiding crowded tourist spots. This trend highlights a growing desire among luxury travelers for more personalized and high-end travel experiences, potentially driving the demand for unique, private, and off-the-beaten-path offerings within the luxury travel industry.

This statistic indicates that the luxury travel market in the Asia-Pacific region is projected to experience a Compound Annual Growth Rate (CAGR) of 7.9% up to the year 2026. This suggests a consistent and steady annual increase in the market size and demand for luxury travel experiences in countries within the Asia-Pacific region. Factors driving this growth could include rising disposable incomes, increasing consumer awareness and interest in luxury travel, as well as the region’s growing reputation as a desirable destination for affluent travelers. This statistic is valuable for industry stakeholders such as travel companies, hotels, and tourism boards, as it highlights the potential opportunities for capturing a share of the growing luxury travel market in the region.

The statistic indicates that, on average, individuals categorized as luxury travelers are spending $13,100 per person, per trip. This average amount likely reflects the expenditures related to high-end accommodations, fine dining, upscale activities, and other luxury amenities during their travel experiences. The figure suggests that luxury travelers are willing to invest a significant amount of money in order to enhance their overall travel experience and access exclusive services and offerings. Understanding this average spending per person provides valuable insights into the preferences and behaviors of luxury travelers, as well as the economic impact of this segment on the travel industry.

The statistic ‘74% of luxury travel spenders are between the age of 31 and 44’ indicates that a significant majority of individuals who spend on luxury travel fall within the age demographic of 31 to 44 years old. This suggests that this particular age group has a higher propensity and willingness to invest in luxury travel experiences compared to other age brackets. The data implies that individuals in their early thirties to mid-forties prioritize luxury travel and allocate a significant portion of their spending towards this specific category, showcasing a potential target market for luxury travel providers and marketers looking to tailor their offerings to appeal to this age group.

This statistic indicates that prior to the outbreak of the pandemic, the luxury hotels industry was projected to achieve a market value of 115.80 billion USD by the year 2025. The estimate suggests strong growth and positive prospects for the luxury hotel segment up to 2025, with an expectation of increased revenues and market demand for high-end accommodation and services. However, the impact and implications of the global pandemic on the luxury hotels industry have likely altered these growth projections significantly, leading to uncertainties and potential shifts in the market dynamics for luxury hospitality moving forward.

This statistic highlights the projected growth rate of the luxury travel market in the Middle East, indicating that the region is anticipated to experience significant expansion compared to other regions. The Compound Annual Growth Rate (CAGR) of 8.2% suggests that the luxury travel sector in the Middle East is expected to grow steadily at this rate until the year 2026. This growth rate reflects the increasing demand and interest in luxury travel experiences within the region, implying opportunities for businesses in the luxury travel industry to invest and capitalize on the expanding market in the Middle East.

The statistic that more than half of luxury travelers (51%) prefer to book their holidays through travel agents indicates that a significant portion of this demographic values the expertise and personalized service that travel agents provide. This preference for using travel agents suggests that luxury travelers may prioritize convenience, customized itineraries, and peace of mind in their vacation planning process. By choosing to book through travel agents, these travelers may also seek to access exclusive deals, perks, and insider knowledge that could enhance their overall travel experience. Overall, this statistic highlights the continued relevance and importance of travel agents in catering to the needs and preferences of luxury travelers seeking high-quality and stress-free holiday arrangements.

In the context of luxury travel preferences, approximately 49% of luxury travelers consider superior quality as a defining factor of luxury, indicating an emphasis on high-end products and materials. On the other hand, 67% of luxury travelers associate luxury with superior service, highlighting the importance of personalized and exceptional customer care in their luxury travel experiences. These statistics suggest that luxury travelers have diverse interpretations of what constitutes luxury, with a significant portion valuing both quality and service as key components of their desired travel experiences. This information can guide luxury travel providers in understanding and meeting the varied preferences of their clientele to deliver truly luxurious and satisfying experiences.

The statistic indicates a significant increase in the demand for sustainable travel among luxury travelers, with a 50% rise reported as of 2018 compared to previous years. This suggests that more affluent individuals are expressing a preference for environmentally and socially responsible travel practices, which can include supporting local communities, minimizing their carbon footprint, and choosing accommodations and activities that prioritize sustainability. The growing interest in sustainable travel among luxury travelers may be driven by a heightened awareness of environmental issues, a desire to contribute positively to the places they visit, and an increasing focus on ethical consumption and responsible tourism. This trend could have implications for the travel industry, as businesses may need to adapt their offerings to cater to this evolving consumer preference.

The statistic that 39% of luxury travelers choose travel destinations based on culinary experiences indicates that a significant portion of high-end travelers prioritize food experiences when selecting where to travel. This suggests that a sizable market segment values exploring local cuisines, tasting unique dishes, and indulging in gastronomic delights as integral parts of their travel experiences. Factors such as dining options, food culture, and culinary reputation are likely key considerations for these luxury travelers when making travel decisions. Additionally, this statistic highlights the growing trend of food tourism and the increasing importance of culinary offerings in the overall travel experience for this particular demographic.

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6. – https://www.alliedmarketresearch.com

7. – https://www.prnewswire.com

8. – https://thepointsguy.com

9. – https://www.grandviewresearch.com

10. – https://www.bain.com

11. – https://www.virtuoso.com

12. – https://www.travelmarketreport.com

13. – https://luxurylaunches.com

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15. – https://www.mordorintelligence.com

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