The luxury travel market was valued at approximately USD 2Trillion in 2019 and is expected to surpass USD 6Trillion by 2026, expanding at a CAGR of 4.6% during the forecast period 2020–2026.
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Luxury travel means experiencing destinations in inspirational, unprecedented ways on your terms. Truly luxurious travel provides experiences tailored to your personalized preferences. Reasons for traveling include recreation, tourism or vacationing, research travel, the gathering of information, visiting people, volunteer travel for charity, migration to begin life somewhere else, religious pilgrimages and mission trips, business travel, trade, commuting, and other reasons, such as to obtain health care or waging or fleeing war or for the enjoyment of traveling. Travelers may use human-powered transport such as walking or bicycling or vehicles, such as public transport, automobiles, trains and airplanes.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing use of internet and presence of social media are acting as a catalyst for the growth of the market. User generated travel content is more influential over traditional advertising. Moreover, travel storytelling over social media platforms like Instagram, Facebook, and blogging sites have increased exponentially.
- The digitalization of payments has made travelling much convenient with options to easily book and make payments. The availability of virtual payment options enables individuals to carry out payments in a secure manner without using a credit card, debit card, or net banking. This will attract more travellers to opt for luxury travel, subsequently fuelling luxury travel market growth.
- The rise in costs of luxury travelling has been an aspect that has been restraining the growth of the market. As a result of high costs, the middle-class families shift to normal travelling.
- There is a huge potential for manufacturers in tapping into different regions to grow their business. There is a huge potential for growth in Asia Pacific as it is one of the fastest growing economies. The population density of this area is more as compared to other regions. This has also increased the demand for travelling, which will further propel the market.
The global luxury travel market is fragmented with presence of various regional and global players. Some of the key players in this market are TÜ Elite; TCS World Travel, Abercrombie & Kent USA, TUI Group, Micato Safaris, Butterfield & Robinson Inc., Scott Dunn Ltd., Cox & Kings Ltd., Exodus travels and Lindblad Expeditions. Market players are entering into mergers and acquisitions (M&A) and strategic partnerships to expand their geographical footprint. In July 2015, Lindblad Expeditions, Inc. merged with Capitol Acquisition Corp. II, which will enable it to have attractive future growth opportunities including new ship builds and expanded charters. Lindblad, in partnership with National Geographic, is a global leader in expedition cruising and luxury travel experiences, featuring highly curated content to 40+ destinations on all seven continents.
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The Global Luxury Travel Market has been segmented on the basis of
Age Group Types
- Generation x
- Baby boomers
- Silver hair
- Safari & adventure
- Customized and Private Vacation
- Culinary travel & shopping
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Luxury Travel Market Overview
- Global Luxury Travel Market Analysis and Forecast by Type
- Global Luxury Travel Market Analysis and Forecast by Application
- Global Luxury Travel Market Analysis and Forecast by Sales Channel
- Global Luxury Travel Market Analysis and Forecast by Region
- North America Luxury Travel Market Analysis and Forecast
- Latin America Luxury Travel Market Analysis and Forecast
- Europe Luxury Travel Market Analysis and Forecast
- Asia Pacific Luxury Travel Market Analysis and Forecast
- Middle East & Africa Luxury Travel Market Analysis and Forecast
- Competition Landscape
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