Market Overview:
The Global Luxury Travel Market size is expected to grow from USD 1.57 billion in 2022 to USD 3.29 billion by 2030, at a CAGR of 9.7% during the forecast period (2023-2030).
Luxury traveloffers a more individualized experience and an exclusive and one-of-a-kind experience. Luxury travel offers a relaxing, stress-free, comfortable, and routine-free experience. The rising popularity of trekking, adventure, and safari tours is contributing to the rising demand for luxury travel. By reducing the stress of a hectic lifestyle, luxury travel enhances physical and mental well-being. People need breaks for their mental and physical health because they live a life that is always busy. As a result, they can enjoy themselves and unwind at the destination locations. In addition, tourists can be enticed by the expensive services offered by luxury hotels. In addition to other services, they provide welcome drinks upon arrival, butler service, beautiful rooms, flowers in your room, and car parking service.
Top Key Players Covered In The Luxury Travel Market:
- Abercrombie & Kent USA, LLC. (USA)
- Cox & Kings Ltd. (India)
- Butterfield & Robinson Inc. (Canada)
- White Desert (UK)
- Kensington Tours Ltd. (US)
- Micato Safaris (India)
- Thomas Cook Ltd. (India)
- Meredith Corporation, LLC (US)
- Travcoa Corporation (California)
- TUI AG, (Germany), and other major players.
Market Dynamics and Factors:
The primary driver of market expansion is the brisk rise in demand for one-of-a-kind, customized, and exotic travel experiences. Travelers can get a one-of-a-kind experience, high-quality lodging, and other services from several luxury hotels. Hotels with cameras and special cards for elevator access to rooms also provide security when traveling in luxury. a growing number of luxury hotels worldwide. For instance, more than 4,400 four- and five-star hotels are present all over the world, as stated in the report produced by Condor Ferries, which operates passenger and freight ferry services in the Bailiwick of Jersey, the Bailiwick of Guernsey, and France. In addition, the growing demand for luxury travel and the increasingly hectic lifestyle improve mental and physical health by reducing stress and restoring mental health, thereby expanding the luxury travel market.
During the forecast period, the luxury travel market will benefit from the advanced technologies people can use to travel. The trend-setting innovation incorporates high-velocity web with inventive applications that assist with the internet booking of tickets for flights, and lodgings. People now have access to online reviews of any hotel or destination, online access to hotel amenities, and simple cancellation options for travel reservations. In addition, the growing number of luxury travel destinations like Aguas Calientes, Tanzania, Seychelles, Peru, Mirihi Island in the Maldives, and others present a lucrative opportunity for the luxury travel market over the anticipated duration.
Luxury Travel Market Report Highlight:
- By Type of Tour, the adventure & safari segment is anticipated to lead the growth of the Luxury Travel market in the forecasted timeframe. The adventure and safari activities offered by the tourism company include commercial drive-in attractions resembling zoos, where visitors can drive their vehicle or the one provided by the company to freely observe the roaming animals. As a result, adventure and safari tours gain popularity across all age groups, supporting the expansion of the luxury travel market.
- By Age Group, the Baby Boomers segment is set to develop at the highest share during the forecasted timeframe. This age group has enough time and money to travel to multiple destinations. Because they want to live a healthy life, both physically and mentally, they prefer to travel with partners or friends to experience new environments. The luxury travel industry offers several amenities to baby boomers, which contributes to an increase in the number of tourists from baby boomers and supports the market's expansion over the forecast period.
- The North American region is expected to have the highest share of the Luxury Travel market over the projected period. Due to the people's well-developed financial situation. As a result, people spend more money on vacations to unwind and restore mental health after a hectic day. There are a lot of very popular places to go to in Europe, like museums, the Eifel Tower, castles, huge palaces, cathedrals, and other places.
Key Industry Development:
In September 2022, Kensington Tours created a brand-new online portal that speeds up the process of completing FIT quotes for over 80 countries.
In November 2021, White Desert, a provider of luxury travel services, launched Echo, which grants access to the Antarctic continent for exclusive experiences and rarely-seen interior views.
Luxury Travel Market Segmentation:
By Type of Tour
- Adventure & Safari
- Customized & Private
- Celebration & Special Events
- Cruise/Ship Expedition
- Others
By Age Group
- Millennial
- Generation X
- Baby Boomers
For this report, Introspective Market Research has segmented the Luxury Travel Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
