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2021
Luxury Travel Market

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 (Millennial, Generation X, Baby Boomers, and Silver Hair), and Type of Traveler (Absolute Luxury, Aspiring Luxury, and Accessible Luxury): Global Opportunity Analysis and Industry Forecast, 2021-2027
Update Available On-Demand

Report Code: A01337
Pages: 270
Mar 2021 | 73692 Views
Author(s) : Onkar A
Tables: 114
Charts: 73
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global luxury travel market size was valued at $945.6 billion in 2019 and is expected grow at a CAGR of 11.1% during 2021-2027 to reach 1,198.3 billion in 2027. 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.

Luxury-Travel-Market-2021-2027

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 experience offers tremendous opportunists for the market players to remain competitive. 

During the forecast period (2021-2027), the luxury travel market is projected to be the fastest growing segment of the travel industry worldwide. 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.

Luxury Travel Market
By Types Of Tour

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Adventure and safari segment dominates the global market and is expected to retain its dominance throughout the forecast period.

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Luxury travel market segments include type of tours, age groups, types of travelers, and region. Based on type of tour, the market is divided into customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special events, and culinary travel & shopping. By age group, it is classified into millennial, generation X, baby boomers, and silver hair. By type of traveler, it is categorized into absolute luxury, aspiring luxury, and accessible luxury. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

Key players profiled in luxury travel market report are Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck, Thomas Cook Group PLC, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc. Product launch is the key growth strategy adopted by established players such as Thomas Cook and Tauck to gain maximum luxury travel market share. Other players in the luxury travel industry value chain include TUI Group, Zicasso, Inc., Black Tomato, Backroads, Lindblad Expeditions, and Exodus travels.

Luxury Travel Market
By Age Group

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Millennial segment is expected to grow at a highest CAGR of 11.9% during the forecast period.

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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, and Germany. It has led to either closure or suspension of their production activities in most of the industrial units across the world.

Luxury Travel Market
By Types Of Traveler

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Absoulute Luxury is expected to grow at a highest CAGR of 12.6% during the forecast period.

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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, 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. 

Luxury Travel Market
By Region

2027
Europe 
North America
Asia-pacific
Lamea

Europe dominates the market in 2019 and is expected to grow with a CAGR of 9.3% during the forecast period

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Changes observed in the luxury tourism 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 2020, 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.

Key Benefits of Luxury Travel Market:

  • The study provides an in-depth analysis of the global luxury travel market growth with current trends and future estimations to elucidate the imminent investment pockets.
  • The report provides a quantitative analysis of the reverse osmosis membrane market share from 2019 to 2027 to identify the prevailing opportunities.
  • The report provides a quantitative analysis from 2019 to 2027, which is expected to enable the stakeholders to capitalize on prevailing luxury travel market trends.
  • In-depth analysis and the luxury travel 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 various regions

Luxury Travel Market Report Highlights

Aspects Details
BY TYPES OF TOUR
  • CUSTOMIZED AND PRIVATE VACATIONS
  • ADVENTURE & SAFARI
  • CRUISE/SHIP EXPEDITION
  • SMALL GROUP JOURNEY
  • CELEBRATION AND SPECIAL EVENTS
  • CULINARY TRAVEL AND SHOPPING
BY AGE GROUP
  • Millennials
  • Generation X
  • Baby Boomers
  • Silver Hair
BY TYPE OF TRAVELER
  • Absolute luxury
  • Aspiring luxury
  • Accessible luxury
BY GEOGRAPHY
  • NORTH AMERICA
    • US
    • CANADA
    • MEXICO
  • EUROPE
    • GERMANY
    • FRANCE
    • SPAIN
    • ITALY
    • REST OF EUROPE
  • ASIA-PACIFIC
    • CHINA
    • INDIA
    • SINGAPORE
    • REST OF ASIA-PACIFIC
  • LAMEA
    • MIDDLE EAST
    • LATIN AMERICA
    • AFRICA
Key Market Players ABERCROMBIE & KENT USA LLC, BUTTERFIELD & ROBINSON, COX AND KINGS LTD, KENSINGTON TOURS, MICATO SAFARI, SCOTT DUNN LTD, TAUCK, INC, THOMAS COOK INDIA LTD, TRAVCOA CORPORATION, TUI GROUP
 

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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.

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FREQUENTLY ASKED QUESTIONS?

A. The global luxury travel market size was valued at $945.6 billion in 2019

A. The global luxury travel market is expected grow at a CAGR of 11.1% during 2019–2027.

A. Sample report can be availed by contacting the sales team

A. Luxury travel market segments include type of tours, age groups, types of travelers, and region.

A. Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck, Thomas Cook Group PLC, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc. are the top companies in the market

A. 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

A. Forecast period for the market will be from 2019-2027 and CAGR is given for 2021-2027

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

A. 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.

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