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2021
France Luxury Travel Market

France Luxury Travel Market

by Type of Tour (Customized & Private Vacations, Adventure & Safari, Cruise/Ship Expedition, Small Group Journey, Celebration & Special Events, and Culinary Travel & Shopping), Age Group (21 to 30 Years, 31 to 40 Years, 41-60 Years, Above 60 Years), and Type of Traveler (Absolute Luxury, Aspiring Luxury, and Accessible Luxury): Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A13429
Pages: 144
Sep 2021 | 3395 Views
Author(s) : Sumesh K
Tables: 47
Charts: 42
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The France luxury travel market size was valued at $4,210.0 million in 2020 and is expected to grow at a CAGR of 20.4% to reach the market size of $53,636.5 million by 2030. The adventure & safari segment dominated the France luxury travel market, accounting for majority of the share in 2020. 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 growth of the France luxury travel market is attributable to large number of luxury travel companies switching to new age technologies. This is to boost the luxury travel status and delivering guests with state of the art facilities. Oculus rift-virtual reality device, Amazon eco-artificial intelligence, Go pro-wearable technology, and DaVinci 3D printing are some of the advanced technologies launched for the customers to enhance their travel experience. Growth in the number of HNIs population and rise in aspirations of young and rich millennial are expected to majorly foster the market growth for the France luxury travel market.

France Luxury Tourism Market

Surge in interest of people to explore new places and to have unique travel experiences have encouraged market players to offer trips that connect the travelers to the local culture of the destination and explore the unknown acquaintance of the place and its people. However, changing socio-economic conditions threatens the France luxury travel market growth.

The France luxury travel market is segmented on the basis of type of tour, age group, and type of traveler. Based on type of tour, the market is categorized into customized and private vacations, adventure and safari, cruise/ship expedition, small group journey, celebration and special event, and culinary travel and shopping. Based on the age group the market has been categorized into 21 to 30 years, 31 to 40 years, 41-60 years, Above 60 years. Based on type of traveler, the France luxury travel market is classified into absolute luxury, aspiring luxury, and accessible luxury.

By type of tour, the adventure and safari segment holds majority of the France luxury travel market share. The segment is expected to continue its leading market position, during the forecast period, owing to the increased interest of people to explore new and exciting experiences while traveling. 

Based on the France luxury travel market forecast by age group, 41-60 years segment is estimated to be the fastest growing market in the overall luxury travel market. However, the 21-30 years segment was the fastest growing segment in 2020. The growth of this segment can be attributed to growing aspiration of travel and luxury through social media. 

Based on the France luxury travel market analysis by type of traveler, the absolute luxury is the largest and the fastest growing segment in the luxury travel market. The growth of this segment can be attributed to growing affinity of luxury travel among the affluent travelers in France.

The key players in the France luxury travel industry are Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI group, Voyageurs Du Monde, Asia.Fr, Beachcomber, Kuoni, Voyages Confidential, Ponant, and Prestige Voyages.

COVID-19 impact and analysis for luxury travel market:

COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020. 

The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, France and Germany. It has led to either closure or suspension of their production activities in most of the industrial units across the world.

France Luxury Travel Market
By Type Of Tour

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Adventure & Safari was the dominant segment in 2020.

COVID-19 pandemic has impacted all the industries globally. The tourism industry has been hit hard all over the world, impacting its associated sectors such as travel agencies, hospitality, tour operators, and 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. Hence, affecting the growth of France luxury travel market.

France Luxury Travel Market
By Age Group

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Absolute Luxury was the fastest growing segment.

Changes observed in the France luxury travel industry are:

  • Borders were closed due to lockdown, thus bringing overseas travel to a standstill since five to six months. 
  • A significant decrease in business travel was witnessed. Majority of the business meetings are being conducted on video calling applications.
  • Group and leisure travel have almost stopped owing to the fear of being infected.

Hospitality and luxury travel sectors have faced the negative impact of the COVID-19 pandemic. Recovery in the sector is now visible after around October 2021, as travelers have started stepping out and travelling. 

Hoteliers will have to focus on innovative marketing communication & strategies to ensure confidence in potential travelers about their properties being safe. Increased focus is required on cleanliness and sanitization of properties to create confidence and evince interest. Hoteliers will have to come up with attractive schemes and offers to attract guests and have to increase their occupancy levels. Moreover, increased use of technology and reduction in human interface are required to ensure safety, which, in turn, is expected to revive the hospitality and luxury travel sectors.

France Luxury Travel Market
By Type Of Traveler

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Absolute Luxury was the fastest growing segment.

Key Benefits of France Luxury Travel Market:

  • The study provides an in-depth analysis of the France luxury travel market trends with future estimations to elucidate the imminent investment pockets.
  • The report provides a quantitative analysis of the market from 2020 to 2030 to identify the prevailing France luxury travel market opportunities.
  • The report provides a quantitative analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on prevailing luxury travel market trends.
  • In-depth analysis and the market size and segmentation assists in determining the prevailing opportunities.
  • Competitive intelligence in luxury travel market analysis highlights the business practices followed by leading players across France.

France Luxury Travel Key Market Segments:

By Type of Tour

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

By Age Group

  • 21 to 30 Years
  • 31 to 40 Years
  • 41-60 Years
  • Above 60 Years

By Type of Traveler

  • Absolute Luxury
  • Aspiring Luxury
  • Accessible Luxury
 

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The France luxury travel market is anticipated to witness robust growth during the forecast period. The growth in the number of high net-worth individuals (HNIs) globally and easy availability of on-arrival visa propel the growth of the overall luxury travel market.

According to CXOs, French tourists opt for adventure and safari trips as well as places 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.

Affluent population all around the world prefer to spend their holidays in the most luxurious way. Often, places such as London, Paris and Spain, remain atop the wish list/bucket list among affluent travelers. These HNIs opt for destinations, where they can spend a 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, thereby 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.

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FREQUENTLY ASKED QUESTIONS?

A. The France luxury travel market size was valued at $4,210.0 million in 2020 and is expected to reach the market size of $53,636.5 million by 2030

A. The France luxury travel market is expected to grow at a CAGR of 20.4% from 2021-2028.

A. The sample for the report can be acquired from the official allied market research website.

A. The key players in the France luxury travel industry are Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI group, Voyageurs Du Monde, Asia.Fr, Beachcomber, Kuoni, Voyages Confidential, Ponant, and Prestige Voyages.

A. The France luxury travel market is segmented on the basis of type of tour, age group, and type of traveler.

A. The base year forthe report is 2020.

A. The growth of the France luxury travel market is attributable to large number of luxury travel companies switching to new age technologies. This is to boost the luxury travel status and delivering guests with state of the art facilities.

A. The France Luxury Travel market is affected by the ongoing lockdown and travel restrictions.

A. The france luxury travel sectors have faced the negative impact of the COVID-19 pandemic. Recovery in the sector is now visible after around October 2021, as travelers have started stepping out and travelling.

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