Global Luxury Travel Market Overview

The Global Luxury Travel Market size is expected to grow from USD 1.73 billion in 2023 to USD 4.25 billion by 2032, at a CAGR of 10.5 % during the forecast period (2024-2032).

The Luxury travel industry has seen strong growth recently, fueled by a growing demand from wealthy travelers looking for exceptional experiences. This industry is known for its focus on exclusivity and top-notch services. Luxury travel involves more than just comfort - it offers tailored, unique experiences that cater to travelers' personal preferences. Its attractiveness lies in top-notch amenities, distinct locations, and personalized services, aiming to provide unbeatable experiences combining relaxation and excitement.

• An important trend in high-end travel is the increasing desire for individualized and tailored travel plans. This change mirrors a wider demand from wealthy travelers for exclusive experiences that surpass traditional luxury options. Customized travel experiences could feature individual tours, special entry to cultural activities, or tailored accommodations. This high degree of personalization guarantees that every trip is unique and reflects the individual preferences and wishes of the traveler.
• The five essential aspects of luxury travel experiences are Culture, Cuisine, Community, Content, and Customization. Culture encompasses the heritage and traditions of a place, while cuisine centers on gourmet dining experiences. The community provides chances to engage with community members or other travelers in significant ways. The content consists of handpicked activities and attractions that enrich the experience, with personalization ensuring that every part of the journey is customized to the traveler's tastes. Together, these components contribute to the elevated levels of involvement observed in the luxury travel sector.
• In general, luxury travel involves more than just expensive prices or extravagant accommodations; it also involves making special, one-of-a-kind, and satisfying memories. As the market changes, the main goal is still to provide great value through both physical and emotional aspects of travel, guaranteeing that every journey is a profoundly personal and fulfilling experience for the traveler.

Market Dynamics And Factors For Luxury Travel Market

Drivers:

Rising Demand For Personalized, Unique, and Exotic Travel Experience

The rapidly growing demand for unique, personalized, and exotic travel experiences is the key factor that supports the market growth. Several luxury hotels provide a unique experience, quality of accommodation, and quality of other services to travelers. Security is also offered during luxury travels by hotels with cameras and special card access to rooms while using elevators to your floor. In the world growing number of luxury hotels. For instance, according to Condor Ferries report, an operator of passenger and freight ferry services in the United Kingdom, Bailiwick of Guernsey, Bailiwick of Jersey, and France, there are more than 4,400 four and five-star hotels present around the world. Due to the excellent facility of the hotel, peoples are more attracted to such luxury hotels which increase the number of luxury travelers. Moreover, the growing hectic lifestyle and the number of people demanding luxury travel improve mental as well as physical health by reducing stress, and restoring mental health which increases the luxury travel market.

Restraints:

The Changing Socio-Economic Conditions

Varying socio-economic conditions is the key factor that restricts the growth of the luxury travel market. Several factors can change social and economic conditions such as political unrest, terrorist attacks, and natural disasters including floods, tsunamis, and others. In addition to this prevalence of the chronic diseases like Covid-19. This affected the travel program due to various restrictions and regulations on traveling. These natural disasters spread the financial crisis and luxury traveling is expensive. Thus, such type of socio-economic changes decreases the demand for luxury traveling which hampers the growth of the luxury travel market.

Opportunity:

Opportunity in Emerging Destinations and Advanced Technology

The advanced technologies people can use to travel provide a lucrative opportunity for the luxury travel market during the forecast period. The advanced technology includes high-speed internet with innovative applications that help with the online booking of tickets for flights, and hotels. Due to this people can search online reviews of any hotel or destination, online check the facility provided by hotels, and also people can easily cancel the travel booking. For instance, Airbnb is a luxury travel company that explores various destination places and digitalization helps to collect more information about such destination places. In addition to this, the luxury traveling industries installed Artificial based voice search and voice control with help of the smartphones and speakers that provide the opportunity for the market. Moreover, the rising number of the luxury travel destinations like Tanzania, Seychelles, Peru, Mirihi Island in the Maldives, Aguas Calientes, and others provide a profitable opportunity for the luxury travel market in the projected timeframe.

Segmentation Analysis Of Luxury Travel Market

By Type of Tours, adventure & safari are expected to have dominated the luxury travel market during the forecast period. The tourism company provides adventure and safari activities that contain zoo-like commercial drive-in tourism attractions where travelers can drive their vehicle or the company’s provided vehicle to freely observe roaming animals. In the new generation, there is a trend of watching roaming wild animals in their natural environment. The adventure travels contain activities like climbing expeditions, cycling along rural back roads, trekking into the mountains, and others. These types of adventure and safari tours provide mental and physical well-being by reducing stress. A number of people and also children like to spend time in nature. This type of tour helps tourists in learning new skills and also helps to build new friendships. Thus, adventure and safari tours become more popular in all age groups which supports the growth of the luxury travel market.

By Age Group, baby boomers are anticipated to have the highest market share in the luxury travel market in the analysis time. This age group has sufficient time, and budget to travel and visit several destination places. They want to live physically and mentally fit, so they prefer traveling with partners or friends for changing environments. For instance, according to AARP 2021 Travel Trends,’ there were 54% of the baby boomers planned to travel in the United State. The luxury travel industry provides a number of the facility for baby boomers which also helps to rise the number of tourists in baby boomers that support the growth of the luxury travel market over the forecast period.

Regional Analysis Of Luxury Travel Market

Europe is the dominating country in the luxury travel market owing to the well-financially developed condition of the people. Thus, people more spend on traveling to feel relaxed, restoring their mental health from their daily hectic lifestyle. In addition to this, the growing travel connectivity, and rapid penetration of the high-speed internet this can helps to increase the number of tourists. Personalized service, excellent quality food & wine, health & safety measures, reliable transport, professional staff, leisure luxury, and political stability are the various factors that fuel the luxury travel market. In Europe, very popular destination places are available such as museums, Eifel Tower, castles, enormous palaces, cathedrals, and others. The following figure shows the number of museums in the country in Europe region as of 2021.

These all factors increase the number of tourists in the Europe region. For instance, according to Statista Europe have the largest volume of inbound travelers in 2021 with 303 million arrivals. Thus, the market of luxury travel in the Europe region is anticipated to grow during the forecast period.

The Asia Pacific is the second dominating region in the luxury travel market due to the largest spending on adventure tourism and food tourism. The young population of the APAC region is more and growing interest in trekking, adventure is among them. In the APAC region highest number of the destination places like historical places, museums, and others. For instance, Statista stated the number of museums in Japan was 5738 and in China was 5535 as of March 2021. Japan is one of the luxury travel destinations in the APAC region that provides high-class experience, accommodation, the best gourmet experience, and excellent hospitality. The peoples in Japan are more interested to attend cultural events like maiko or geisha. In addition to this, the highest number of five-star hotels which providing excellent services to tourism. According to Statista, in Indonesia, there were 220 five-star hotels in 2021. Thus, the rising number of tourists. Statista stated that more than 40.5 thousand Airbnb bookings were in Beijing during the first or second week of January 2020.  This number is less as compared to before the prevalence of the covid-19 but after the pandemic, the booking for traveling rapidly increased will provide an opportunity for the luxury travel market of the APAC region in the forecast period.

North America is the second dominating region in the luxury travel market. North America is a financially well-developed region so people in this region can more spend on traveling. The North American peoples are more interested in the visit of the destination places like museums, historical places, and others. For instance, according to Statista, the number of museums in the United States and Canada were 33082 and 2245 respectively as of March 2021. Additionally, in North America highest number of luxury travel industries, luxury hotels, and destination places. This helps to increase the number of people employed as tour and travel guides. For instance, nearly 31 thousand people were employed as tour and travel guides as of May 2021 in the United States. These all factors boost the growth of the luxury travel market in the North American region.

Top Key Players Covered In Luxury Travel Market

• Abercrombie & Kent USA, LLC. (USA)
• Cox & Kings Ltd. (India)
• Butterfield & Robinson Inc. (Canada)
• Scott Dunn Ltd. (UK)
• Kensington Tours Ltd. (US)
• Micato Safaris (India)
• Thomas Cook Ltd. (India)
• Meredith Corporation, LLC (US)
• Travcoa Corporation (California)
• Belmond Ltd. (UK)
• Four Seasons Hotels and Resorts (Canada)
• Aman Resorts (Singapore)
• The Ritz-Carlton Hotel Company (USA)
• Luxury Travel Group (Australia)
• PrivateFly (UK)
• Hurtigruten Expeditions (Norway)
• Tauck (USA)
• Silversea Cruises (Luxembourg)
• Virtuoso (USA)
• TUI AG, (Germany), and other major players.

Key Industry Development In The Luxury Travel Market

• In September 2022, Kensington Tours developed a new online portal that allows travel professionals to complete FIT quotes to more than 80 countries in record time.
• In November 2021, a luxury travel provider company, White Desert launched Echo which provides access to the Antarctica continent for rarely-seen interior views and luxurious experiences.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Type Of Tour
 3.2 By Age Group

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Luxury Travel Market by Type Of Tour
 5.1 Luxury Travel Market Overview Snapshot and Growth Engine
 5.2 Luxury Travel Market Overview
 5.3 Adventure & Safari
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Adventure & Safari: Geographic Segmentation
 5.4 Customized & Private
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Customized & Private: Geographic Segmentation
 5.5 Celebration & Special Events
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Celebration & Special Events: Geographic Segmentation
 5.6 Cruise/Ship Expedition
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size (2016-2028F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Cruise/Ship Expedition: Geographic Segmentation
 5.7 Others
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size (2016-2028F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 Others: Geographic Segmentation

Chapter 6: Luxury Travel Market by Age Group
 6.1 Luxury Travel Market Overview Snapshot and Growth Engine
 6.2 Luxury Travel Market Overview
 6.3 Millennial
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Millennial: Geographic Segmentation
 6.4 Generation X
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Generation X: Geographic Segmentation
 6.5 Baby Boomers
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2016-2028F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Baby Boomers: Geographic Segmentation

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Positioning
  7.1.2 Luxury Travel Sales and Market Share By Players
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Luxury Travel Industry Concentration Ratio (CR5 and HHI)
  7.1.6 Top 5 Luxury Travel Players Market Share
  7.1.7 Mergers and Acquisitions
  7.1.8 Business Strategies By Top Players
 7.2 ABERCROMBIE & KENT USA
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Operating Business Segments
  7.2.5 Product Portfolio
  7.2.6 Business Performance
  7.2.7 Key Strategic Moves and Recent Developments
  7.2.8 SWOT Analysis
 7.3 LLC.
 7.4 COX & KINGS LTD.
 7.5 BUTTERFIELD & ROBINSON INC.
 7.6 SCOTT DUNN LTD.
 7.7 KENSINGTON TOURS LTD.
 7.8 MICATO SAFARIS
 7.9 THOMAS COOK LTD.
 7.10 MEREDITH CORPORATION
 7.11 LLC
 7.12 TRAVCOA CORPORATION
 7.13 TUI AG
 7.14 OTHER MAJOR PLAYERS

Chapter 8: Global Luxury Travel Market Analysis, Insights and Forecast, 2016-2028
 8.1 Market Overview
 8.2 Historic and Forecasted Market Size By Type Of Tour
  8.2.1 Adventure & Safari
  8.2.2 Customized & Private
  8.2.3 Celebration & Special Events
  8.2.4 Cruise/Ship Expedition
  8.2.5 Others
 8.3 Historic and Forecasted Market Size By Age Group
  8.3.1 Millennial
  8.3.2 Generation X
  8.3.3 Baby Boomers

Chapter 9: North America Luxury Travel Market Analysis, Insights and Forecast, 2016-2028
 9.1 Key Market Trends, Growth Factors and Opportunities
 9.2 Impact of Covid-19
 9.3 Key Players
 9.4 Key Market Trends, Growth Factors and Opportunities
 9.4 Historic and Forecasted Market Size By Type Of Tour
  9.4.1 Adventure & Safari
  9.4.2 Customized & Private
  9.4.3 Celebration & Special Events
  9.4.4 Cruise/Ship Expedition
  9.4.5 Others
 9.5 Historic and Forecasted Market Size By Age Group
  9.5.1 Millennial
  9.5.2 Generation X
  9.5.3 Baby Boomers
 9.6 Historic and Forecast Market Size by Country
  9.6.1 U.S.
  9.6.2 Canada
  9.6.3 Mexico

Chapter 10: Europe Luxury Travel Market Analysis, Insights and Forecast, 2016-2028
 10.1 Key Market Trends, Growth Factors and Opportunities
 10.2 Impact of Covid-19
 10.3 Key Players
 10.4 Key Market Trends, Growth Factors and Opportunities
 10.4 Historic and Forecasted Market Size By Type Of Tour
  10.4.1 Adventure & Safari
  10.4.2 Customized & Private
  10.4.3 Celebration & Special Events
  10.4.4 Cruise/Ship Expedition
  10.4.5 Others
 10.5 Historic and Forecasted Market Size By Age Group
  10.5.1 Millennial
  10.5.2 Generation X
  10.5.3 Baby Boomers
 10.6 Historic and Forecast Market Size by Country
  10.6.1 Germany
  10.6.2 U.K.
  10.6.3 France
  10.6.4 Italy
  10.6.5 Russia
  10.6.6 Spain
  10.6.7 Rest of Europe

Chapter 11: Asia-Pacific Luxury Travel Market Analysis, Insights and Forecast, 2016-2028
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Type Of Tour
  11.4.1 Adventure & Safari
  11.4.2 Customized & Private
  11.4.3 Celebration & Special Events
  11.4.4 Cruise/Ship Expedition
  11.4.5 Others
 11.5 Historic and Forecasted Market Size By Age Group
  11.5.1 Millennial
  11.5.2 Generation X
  11.5.3 Baby Boomers
 11.6 Historic and Forecast Market Size by Country
  11.6.1 China
  11.6.2 India
  11.6.3 Japan
  11.6.4 Singapore
  11.6.5 Australia
  11.6.6 New Zealand
  11.6.7 Rest of APAC

Chapter 12: Middle East & Africa Luxury Travel Market Analysis, Insights and Forecast, 2016-2028
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Type Of Tour
  12.4.1 Adventure & Safari
  12.4.2 Customized & Private
  12.4.3 Celebration & Special Events
  12.4.4 Cruise/Ship Expedition
  12.4.5 Others
 12.5 Historic and Forecasted Market Size By Age Group
  12.5.1 Millennial
  12.5.2 Generation X
  12.5.3 Baby Boomers
 12.6 Historic and Forecast Market Size by Country
  12.6.1 Turkey
  12.6.2 Saudi Arabia
  12.6.3 Iran
  12.6.4 UAE
  12.6.5 Africa
  12.6.6 Rest of MEA

Chapter 13: South America Luxury Travel Market Analysis, Insights and Forecast, 2016-2028
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Type Of Tour
  13.4.1 Adventure & Safari
  13.4.2 Customized & Private
  13.4.3 Celebration & Special Events
  13.4.4 Cruise/Ship Expedition
  13.4.5 Others
 13.5 Historic and Forecasted Market Size By Age Group
  13.5.1 Millennial
  13.5.2 Generation X
  13.5.3 Baby Boomers
 13.6 Historic and Forecast Market Size by Country
  13.6.1 Brazil
  13.6.2 Argentina
  13.6.3 Rest of SA

Chapter 14 Investment Analysis

Chapter 15 Analyst Viewpoint and Conclusion