Luxury travel market growth 2021 to 2027
Worldwide Market Reports offers global luxury travel market report that assesses industry growth trends using historical data and estimates future prospects based on in-depth research. The report provides in detail the market share, growth, trends and forecast for the period 2021-2027.
The research analysts in their main research observed that the rapid growth of the global luxury travel market during the forecast period is expected to open up potential opportunities for luxury travel manufacturers in the global market. Global luxury travel markets are segmented on the basis of product, end user and geographic region
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Luxury travel today is defined less by the number of threads and Michelin stars and more by access to the people, places and experiences that represent all that is authentic about a destination. There’s no denying that comfort factors always apply and that high standards of accommodation and dining will always be on the luxury traveler’s wish list. However, today’s luxury traveler is looking more than ever to understand and immerse themselves in the local culture. People don’t just want to see – they want to participate. The sales process is also essential and while the online proposition can be an asset in terms of booking simpler arrangements, clients seeking luxury, experiential travel require a deep level of sophisticated knowledge and confidence during the journey. selling process.
Scope of the report:
The growing inclination of people towards unique and exotic vacation experiences, the increasing spending of the middle and upper classes, and the growing impact of social media on the travel industry are the key factors driving the growth of the market. New emerging destinations coupled with rising service standards in the travel industry are expected to further drive the demand for luxury travel globally.
The small group travel segment accounted for about 44% of the overall luxury travel market revenue, by travel type in 2015, as it is the most popular vacation option among travelers in age groups. middle and young. In addition, personalized and private vacations for cooking and shopping are expected to experience the fastest growth, registering a CAGR of 9.1% during the forecast period. An increasing number of luxury travelers indulge in these tours as they allow these travelers to experience the best local delicacies and also purchase some of the most exquisite handicrafts. These trips are becoming popular among travelers of all age groups, especially millennials (21 – 30 years old). In 2015, around 45% of millennials took a trip because of their culinary interest.
The global luxury travel market is valued at USD 5,200 million in 2018 and is expected to reach USD 9,460 million by the end of 2027, growing at a CAGR of 9.5% between 2021 and 2027.
Asia-Pacific will occupy more market share in the coming years, especially in China, as well as in the fast growing regions of India and Southeast Asia.
North America, especially the United States, will always play an important role that cannot be ignored. Any change from the United States could affect the development trend of Luxury Travel.
Europe also plays an important role in the global market, with a market size of USD xx million in 2021 and will be USD xx million in 2027, with a CAGR of xx%.
This report studies the luxury travel market status and outlook of the global and major regions, from the perspective of players, countries, product types and end industries; This report analyzes the major players in the global market and divides the luxury travel market by product type and end applications / industries.
Market segment by companies, this report covers
Thomas Cook Group
Cox & Kings Ltd
Abercrombie & Kent Ltd.
Butterfield & Robinson
Market segment by regions, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
The Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria and South Africa)
Market segment by type, covers
Personalized and private vacations
Adventure and Safari
Cruise / Boat expedition
Small group trip
Celebration and special event
The market segment by applications can be divided into
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