The latest report by IMARC Group, titled “Luxury Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the Luxury Travel Market Trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global luxury travel market size reached US$ 1,946.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,616.5 Billion by 2027, exhibiting a growth rate (CAGR) of 4.97% during 2022-2027. Luxury travel services include premium, exclusive, and personalized facilities that enhance the overall experience of an individual’s stay. These services include in-room dining, plush beds, gourmet meals, complimentary Wi-Fi, innovative destinations, reliable transport, etc. Currently, several travel companies offer authentic holiday packages with unique activities, offbeat destinations, 24 hours per day support, etc. This attracts a large consumer base for luxury travel services across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Luxury Travel Market Trends:
Inflating disposable income levels and improving transport facilities are leading to the increasing willingness of individuals to spend on different leisure activities and exotic holiday experiences. This represents one of the primary factors propelling the luxury travel market growth. Moreover, the emerging trend of modern campsites or innovative glamping accommodations and the rising inclination towards eco-friendly travel solutions are further bolstering the market growth. Additionally, numerous travel companies are increasingly utilizing advanced technologies to allow online booking of trips, better access to travel data, compare reservation options, reduce time and effort of travelers, etc. Besides this, the escalating demand for Bleisure travel solutions, incorporating business with recreational activities, will continue to strengthen the luxury travel market in the coming years.
Global Luxury Travel Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
- 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)
- TUI Group
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
Breakup 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
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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