New York, USA, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global luxury travel market. According to the report, the global market is projected to surpass $1369.1 billion and grow with a CAGR of 8.8% in the estimated period, 2021–2028. This comprehensive report delivers a detailed overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the necessary and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Luxury Travel Market
The outbreak of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global luxury travel market. During the pandemic, work-from-home work culture, social distancing measures, stay at home initiatives, self-quarantine, and restrictions on social gatherings had severe income losses for the luxury travel market. Additionally, the tourism related sectors like entertainment, catering, retail, transportation, and lodging had negatively impacted the market growth. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Luxury Travel Market Growth
The key factor boosting the growth of the global luxury travel market is a significant increase in the demand for luxury travel due to the rise in the need for a unique and exotic holiday experience that helps individuals to ward off the tension. Additionally, advanced technologies like high-speed internet for online check-in and check-out services, allowing individuals to book hotels and flights online by searching online reviews, and providing easy cancellations of booking are estimated to unlock lucrative opportunities for market growth in the forecast period. However, the varying socio-economic circumstances owing to several factors like riots, political unrest, and terrorist attacks are anticipated to deter the market’s growth.
The report segments the global luxury travel market into age group, tour type, traveler type, and region.
Baby Boomer Sub-Segment to Grab a Foremost Share of the Market
The baby boomer sub-segment of the age group segment is foreseen to observe leading growth and garner $517,801.8 million by 2028. This growth is mainly due to the flexible schedules of baby boomers that permit them to opt and travel for longer holidays.
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Adventure & Safari Sub-Segment to Witness Rapid Growth
The adventure & safari sub-segment of the tour type segment is projected to grow enormously and hit $543,892.0 million by 2028. This growth is mainly because of the growing adoption of adventures & safari trips, as they aid in decreasing stress.
Absolute Luxury Sub-Segment to Experience Fastest Growth
The absolute luxury sub-segment of the traveler type segment is predicted to observe leading growth and exceed $757,089.2 million by 2028. The growth is mainly because absolute luxury travels offer excellent hotels, food services, priority check-ins, enhanced entertainment like night clubs, on-demand service, cruise dinner, and others.
Europe Region to Perceive Maximum Growth
The report analyzes the global luxury travel market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Europe market is projected to observe significant growth and hit $452,216.8 million by 2028. This growth is mostly due to several factors like reliable transport, personalized services, excellent quality of food & wine, professional staff, political stability, leisure luxury, and health & safety measures and the presence of leading market players such as Butterfield & Robinson Inc., Thomas Cook Ltd., and others in this region.
Broader Insights Pertaining for the Specific Segments or Regions of the Luxury Travel Market
Key Players of the Global Market
The report states some of the foremost players operating in the global luxury travel market including
- Cox & Kings Ltd.
- Scott Dunn Ltd.
- Thomas Cook Ltd.
- Travcoa Corporation
- Abercrombie & Kent USA LLC.
- Butterfield & Robinson Inc.
- Kensington Tours Ltd.
- Micato Safaris
- Meredith Corporation LLC
- TUI AG
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market- Inquire here to grab full report
For instance, in November 2021, White Desert, a luxury travel company launched a new camp named Echo, which provides access to the Antarctica continent for luxurious experiences and rarely-seen interior views of sky pods.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Luxury Travel Market:
- Why is Luxury Travel Booming?
- New Service Launches & Strategic Collaborations to Fuel the Growth of the Global Luxury Travel Market by 2028
