Dubai, Abu Dhabi, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Luxury Travel Market Report Forecast 2023-2032:
The Luxury Travel Market is experiencing robust growth in recent times. Recent market analysis by Extrapolate has anticipated that the global Luxury Travel Market was valued at USD 1.1 trillion in 2022 and is projected to reach USD 2.53 trillion by 2032 at a healthy CAGR of 8.7% during the forecast period.
According to Guida Botelho, CTIE, Senior Director of Education for the Travel Institute said, “Luxury travel is no longer only for the ultra-wealthy. As the market has evolved, the concept of luxury travel and who can enjoy it has been redefined.”
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The rising disposable income of the population residing in upper middle class regions has increased the expenditure on cultural visits, adventure activities, and invaluable travel experiences. International travel tours and packages are being introduced by several travel agencies that are driving the market forward.
Key Insights
- Europe is expected to dominate the market share with a healthy CAGR of 7.6% and account for total revenue of over 37% during the forecast period.
- The millennial segment anticipated to bolster market growth with a 10.2% CAGR.
- Adventure & Safari segment to emerge with the largest market of nearly 34.2% share.
- Rising disposable income is improving purchasing power for luxury holidays and travel tours.
- The emerging trend of spending more time with family and friends has inclined people toward unique and exotic holiday experiences.
Competitive Landscape of Luxury Travel Market
The market landscape of the luxury travel market is moderately competitive and relatively fragmented. The increasing number of developmental strategies to dominate the market has led key players to profile themselves according to the competitive landscape of the market. Major players in the market consistently introduce attractive travel packages for specific target audiences to drive the market forward. For instance, in December 2022, Ecoventura and A&K Travel Group announced a merger and acquisition to provide customers sustainable tours and travel packages. With emerging key players aligning their marketing and sales strategies to cater to customers’ needs with diversified tour packages, the luxury travel market is expected to experience significant growth during the projected period.
Key Players
- ABERCROMBIE & KENT USA, LLC
- Butterfield & Robinson
- GLOBUS
- INSIGHT VACATIONS
- Kensington Tours Ltd.
- LINDBLAD EXPEDITIONS
- Micato Safaris
- Thomas Cook Tourism
- Scott Dunn Ltd.
- Travel Edge
- TUI AG
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Report Overview:
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 1.1 trillion |
| Market Size in 2032 | USD 2.53 trillion |
| CAGR | 8.2% |
| No. of Pages in Report | 148 |
| Segments Covered | Type, Age Group, Traveller Type and Region |
| Drivers | Increasing Demand for Exotic and Unique Holiday Experiences |
| Opportunities | Government initiatives promoting tourism |
| Restraints | Market may impede owing to Unforeseen geopolitical conflicts and economic crisis |
| Challenges | Fluctuating Socio-economic Conditions Could Pose a Challenge for the Market Growth |
Market Segmentation by Age Group:
- Millennial
- Generation X
- Baby Boomer
- Silver hair
Millennials Segment Projected to Bolster Market Size with 10.2% CAGR
The millennial segment (21 - 30 age group) is expected to boost market share, with the highest compound growth rate of 10.2% during the forecast period. The millennial segment is anticipated to comprise over 20% of the total international tourists. With the higher integration of social media influence and the rising availability of tour packages of luxury travel, the millennial segment is anticipated to shape the market exponentially. It has also been observed that over 62% of millennials prefer spending their money on lively experiences and enjoyable tourist expeditions.
On average, millennials have been observed to spend nearly $600 per day on a trip, especially with the rising trend of taking cultural and leisure breaks. North America and Europe are together expected to account for more than 68.2% of the market share. With improved facilities for luxury tours owing to emerging travel agencies, the millennial segment is contributing majorly to the market share, seeking to capture independent, wealthier, and compelling tour experiences.
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Market Segmentation by Traveler Type:
- Absolute luxury
- Aspiring Luxury
- Accessible Luxury
Market Segmentation by Tour Type:
- Customized & Private
- Adventure & Safari
- Cruise Expedition
- Small Group
- Celebration & Special Events
- Others
Adventure & Safari Segment Accounting for 34.2% of Market Revenue
The adventure & safari segment is predicted to account for the largest revenue share with approximately $720,916 million by the end of 2032. This staggering growth of the safari segment is owing to a judicious mix of unique and unforgettable experiences to the tourists with various aspects of travel, including wildlife expeditions, stunning sceneries, and multiple cultural aspects.
For instance, tourists travel to the United States and African countries to experience wildlife and nature in their prime. It offers tourists the possibility of exploring adventurous regions to boost their mental and physical well-being. With improved adventurous explorations worldwide, the adventure and safari segment is projected to dominate the luxury travel market share throughout the forecast period.
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Europe Expected to Dominate with Over 37% of Luxury Travel Market Share
Research analysts at Extrapolate have predicted that Europe is expected to emerge as the largest market in luxury travel, with nearly 37% of the total market share, propelling at a CAGR of almost 7.5% during the forecast period. Europe has proliferated as a region with an enriched cultural heritage in countries including Germany, France, Spain, Italy, Portugal, and several others. Germany has been projected to witness a significant hike in international tourism and expeditions as the region is encapsulated with beautiful sceneries, state-of-the-art architecture, and glamorous lifestyles.
Furthermore, the population of Europe has been observed to take at least one luxury trip every year to explore famous historical sites and the cultural heritage of the region. The top destinations attract a large number of tourists, including the Leaning Tower of Pisa in Italy, and the Aachen Cathedral located in Germany, among other exciting attractions.
North America is projected to reach a whopping valuation of $354,946.3 million by 2032, with an increasingly wealthy population residing in the region. For instance, Canada and Mexico are anticipated to offer immense market opportunities owing to serene winter destinations in Canada and stunning Caribbean beaches in Mexico. The expansion of the market is also expected to be aided by the presence of well-established and exclusive luxury resorts, such as the Four Seasons in multiple locations, and St. Regis in Punta Mita, among others. With rising disposable income and expanding purchasing power, the luxury travel market in North America is expected to augment growth in the coming years.
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Section II:
Luggage Market Report Forecast 2022-2030:
Recent market analysis by Extrapolate has anticipated that the global Luggage Market previously valued at USD 33.87 billion in 2021 is estimated to reach USD 72.45 billion by 2030 at a healthy CAGR of 9.9% during the forecast period.
The luggage market is expanding owing to the rising demand for branded luggage, wheeled duffle bags, and backpacks, as well as changing lifestyles, rapid urbanization, and high disposable incomes. Increasing technological advancements in the form of features, including durable wheels, high-security locks, and GPS tracking, among other features, are fueling the demand for the market.
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“Economic uncertainties persist, but new travel behaviors are providing growth opportunities for the travel goods business,” said Beth Goldstein, Board of Directors at NPD. “Product innovation and experiential brand narratives that align with consumers’ new lifestyles, priorities, and needs across product categories will create the demand that drives consumers to spend on travel goods.”
Key Insights
- North America to experience robust growth, with retail sales reaching USD 2.9 billion by the end of 2023.
- Travel luggage segment to augment market growth with increasing innovations and wide range of choices.
- Online distribution channels account for a significant portion of total luggage sales.
Competitive Landscape of the Luggage Market
The competitive landscape of the luggage market is relatively fragmented, with key players mainly existing in developing countries. Recent technological advancements in the form of smart luggage with various security features is also contributing to the growth of the luggage market. For instance, the luggage brand away launched three new limited edition colors in their luggage portfolio in March 2022 to offer customers a wide range of choices for their travel expeditions. Moreover, with rising global disposable income, the demand for luxury travel is also rapidly increasing, driving the need for improved luggage and travel bags.
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Key Players Covered in the Report:
- DELSEY
- Osprey Packs Inc.
- VF INTERNATIONAL S.A.G.L
- MCM Worldwide
- Samsonite LLC
- LVMH, Tapestry Inc.
- VIP Bags
- United States Luggage Company LLC
- ACE Co. Ltd.
- Modobag
- JRSK Inc. (Away)
- Arlo Skye
- Samsara Luggage
Market Segmentation by Product Type:
- Causal Luggage
- Travel Luggage
- Business Luggage
- Sports Luggage
- Others
Advancements in Travel Luggage Segment Likely to Propel Market Growth
With the increasing number of advancements for improving the accessibility of air travel, the travel luggage segment is expected to witness significant growth during the forecast period. For instance, introducing fingerprint-based access and radio-frequency identification (RFID) tags on luggage bags enables a more secure travel experience. Furthermore, the integration of luggage’s weight (in kilograms) to be displayed on the side handle also assists customers in avoiding overweighing their travel luggage and hence, resulting in a more streamlined travel experience.
The increasing number of tourism activities for leisure purposes and the rising demand for taking international trips to enrich business relations are also driving the growth of the travel luggage segment. With rising disposable incomes among populations residing in developing countries, customers can now afford luxurious travel luggage, including Louis Vuitton, which provides a wide range of luxury travel luggage bags with built-in OLED digital displays.
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Market Segmentation by Distribution Channel:
- Hypermarkets/Supermarkets
- Specialty Stores
- Online
Online Distribution Channels Predicted to Dominate Market Share at a CAGR of 8.2%
The online distribution channel is expected to dominate the market share at a healthy CAGR of 8.2% as a result of rising integration of online sales and e-commerce channels worldwide. The increasing convenience of online shopping is driving a shift in customer preferences from offline to online channels of distribution. As online channels are now providing exciting offers and discounts on branded travel bags or other luxury luggage bags, people are getting more inclined towards e-commerce platforms including Amazon, eBay, and Walmart, among others.
With the increasing adoption of purchasing luggage from mobile apps and better global access to high-speed internet services, online channels are also enabling potential clients to improve the convenience of international luggage companies. For instance, Louis Vuitton offers various rolling and designer luggage for their customers on their online channels to reach a wider audience searching for luxury luggage bags.
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North America Augmenting Significant Growth for the Luggage Market
Research analysts at Extrapolate have projected that North America is expected to dominate the market, with retail sales reaching up to USD 2.9 billion at the end of 2023. With the increasing adoption of technology-enabled luggage bags in developed countries, including the United States, and Canada, among others, the rising demand for travel luggage is fueling the growth of the luggage market. Furthermore, various initiatives to promote travel gear and luggage through immersive exhibitions are also augmenting market growth.
For instance, Travel Goods Association (TGA) announced its collaboration with the International Housewares Association to dedicate the new retail category of travel gear and luggage, encompassing TGA travel goods and accessory brands. The show aims to provide customers with an exciting range of technologically advanced luggage to enrich their travel experiences.
However, Europe is expected to emerge as the second-largest market for luggage bags, growing at a steady CAGR of 2.54% during the forecast period. With rising disposable income and high integration of online sales channels for luggage, purchases are also augmenting the luggage market's growth.
Some Major Points from the Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Luggage Market
Chapter 5. Global Luggage Market Overview, By Form, 2017 - 2030 (USD Million)
Chapter 6. Global Luggage Market Overview, By Price Range, 2017 - 2030 (USD Million)
Chapter 7. Global Luggage Market Overview, By Product Type, 2017 - 2030 (USD Million)
Chapter 8. Global Luggage Market Overview, By Distribution Channel, 2017 - 2030 (USD Million)
Chapter 9. Global Luggage Market Overview, By Geography, 2017 - 2030 (USD Million)
...TOC Continued
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