Loading...

Global Luxury Travel Market Expected to Reach $1,614 Billion by 2026

 
 

quote Asian countries are the prime destinations for travelers and are likely to exhibit strong demand for Luxury travel and tourism activities in near future. Ease of accommodation, booking activities and ready availability of visa and other approvals would enhance strong revenue growth in luxury travel market. Nowadays, luxury travelers are seeking unique traveling experience, thus opting for exotic and unexplored destinations. quote

Shankar Bhandalkar
Senior Research Analyst, Consumer Goods at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, "Luxury Travel Market - Global Opportunity Analysis and Industry Forecast, 2019-2026," the global luxury travel market is expected to generate $1,614 billion by 2026, growing at a CAGR of 7.9% during 2019–2026. In 2018, North America and Europe collectively accounted for around 63% of the overall market revenue. Increase in preferences of travelers toward unique, premium and exotic holiday experiences, rise in disposable income of middle and upper middle group, and the increase in impact of social media platforms on travel and tourism industry are the key factors driving the revenue growth of the market. Emergence of new tourist destinations and increase in standards of service providers in these destinations are anticipated to further increase the overall demand for luxury travel.

The adventure and safari segment accounted for about 43% of the overall luxury travel market share, by tour type in 2019, as this is identified as the popular vacation option among young and middle age group travelers. Culinary travel and shopping segment would witness the fastest luxury travel market growth, registering a CAGR of 9.7% during the forecast period. An increase in number of luxury travelers are indulging in these tours as they enable these travelers to experience the finest local delicacies and also buy some of the most exquisite handicrafts. These trips are getting popular among travelers of all age groups, especially the millennials (21-30 years). The baby boomers segment is projected to hold the highest market share in the overall luxury travel market, by age group, as they have been identified as the highest travel spenders.

Strong purchasing power and search for exclusivity with high comfort are the major factors promoting the demand for luxury travel activities by absolute luxury travelers. It has been identified that the absolute luxury travelers take at least 3-4 luxury trips per year. Among the luxury traveler types, the absolute luxury traveler segment is projected to grow at a CAGR of 8.1% during the forecast period (2019-2026).

Regionally, Asia Pacific’s luxury travel market would exhibit the fastest growth owing to the increase in spending on infrastructure building across leading travel and tourism destinations. India is estimated to register CAGR of 15.5% from 2019 to 2026. This significant growth in the country is attributed to active participation of service providers, social communities and government authorities in luxury tourism services. Europe and Caribbean countries would continue to be the most preferred luxury travel destinations for the travelers. 
The most popular luxury travel destinations in Europe are identified as Germany and Italy. Whereas, Paris is the world’s leading metropolitan destination for luxury tourism, which witnesses nearly 17-18 million international arrivals yearly. Middle East countries are competing with top tourism destinations by offering State of Art services through their unique infrastructure. According to AMR, the average per person per trip spending on luxury travel is around $7,150 - $9,600 for aspiring traveler and absolute travelers respectively.

Key Findings of The Luxury Travel Market:

  • In 2018, the adventure and safari segment led the overall luxury travel market size and is projected to grow at a CAGR of 7.3% during the forecast period
  • Adventure and safari is the most sought tour type, with travelers from Europe, Latin America, and North America, comprising 75-80% of overall international departures
  • The millennials age group segment of luxury travel market analysis is expected to grow at a CAGR of 8.1%, owing to rising popularity of travel among this generation and the fact that they travel more often than the other generations
  • Absolute luxury traveler segment is projected to generate largest revenue in the luxury travel industry
  • Asia-Pacific is estimated to witness significant growth during the luxury travel market forecast period (2019 to 2026), with China being the major stakeholder

Key players profiled in this report are TUI Group, Thomas Cook Group, Cox & Kings Ltd, Abercrombie & Kent Ltd., Butterfield & Robinson Inc., Tauck Inc., Exodus travels, Micato Safaris. Other players in the value chain include, Ker & Downey, Scott Dunn Ltd, Kensington Tours, Zicasso, Inc., Black Tomato, Backroads

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Shaun Godinho
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Luxury Travel Market by Type of Traveler (Absolute Luxury, Aspiring Luxury, and Accessible Luxury), Age Group (Millennial, Generation X, Baby Boomers, and Silver Hair), and Type of Tour (Customized & Private Vacations, Adventure & Safari, Cruise/Ship Expedition, Small Group Journey, Celebration & Special Events, and Culinary Travel & Shopping): Global Opportunity Analysis and Industry Forecast, 2019-2026 quote

View Report
 
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Global Luxury Travel Market"
Purchase Enquiry