Burlingame, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global luxury travel market was valued at $241.4 Billion in 2022 and is growth by CAGR of 7.8% over the forecast period to reach $440.4 million in 2030, according to a new study conducted by Coherent Market Insights, Inc. Luxury travel comprises exclusivity and opulence, which caters the discerning travelers looking for exceptional experiences. Luxury travel comprises personalized services, lavish accommodations, and immersive activities in astounding destinations. It offers private villas as well as gourmet dining with curated tours, luxury travel deliveries. Luxury travel focuses on detail and exquisite amenities for creating elevated travel and memorable journeys.
Key Industry Insights & Findings from the report:
In February 2023, Abercrombie & Kent, introduced 2024-25 Expedition Cruise Portfolio, along with new voyages designed for remote destinations including Saudi Arabia, North Pole, the Solomon Islands, and also added departures to Greece and Japan.
In February 2023, Crystal Cruises, announced relaunch under a reimagined title and vision called Crystal-Exceptional at Sea. The company added new website and branding under the guardianship of A&K Travel Group.
Global luxury travel market is expected to exhibit a CAGR of 7.8% during the forecast period. The luxury travel market is growing rapidly in response to the rising allure of ocean holidays driving the popularity of cruises yachting and small ships.
On the basis of Category, Cruise Segment is expected to dominate the market during the forecast period and this is attributed to the growing popularity of cruise or ship expedition among high income population.
On the basis of Age Group, Baby Boomers Segment is expected to dominate the market during the forecast period and this is attributed to the rise in urban population and baby boomers with high disposable income.
On the basis Type, International Segment is expected to dominate the market during the forecast period and this is attributed to the increasing disposable incomes among population
On the basis of Geography, Europe is expected to hold a dominant position over the forecast period, due to rise in increasing travel connectivity, along with increasing availability of high speed internet in the region leading to consumers exploring exotic, new locations in the region.
Key players operating in the global luxury travel market include Butterfield & Robinson Inc., Abercrombie & Kent USA, Kensington Tours Ltd., Absolute Travel, Scott Dunn Ltd., Inspiring Travel Company, Micato Safaris, TCS World Travel, Travcoa, TÜ ELITE, and Cox & Kings Ltd.
Read full market research report, "Luxury Travel Market, By Category, By Age Group, By Type, and By Region, Size, Share, Outlook, and Opportunity Analysis, 2023-2030", published by Coherent Market Insights.
Luxury Travel Market Report Coverage
| Report Attribute | Details |
| Market size value in 2022 | US$ 241.4 billion |
| Forecast Period: | 2022 to 2030 |
| Growth rate | CAGR of 7.8% from 2022 to 2030 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2022 - 2030 |
Key Trends and Analysis of the Global Luxury Travel Market:
The adventure & safari segment is gaining traction in the global luxury travel market. As the number of urban population, along with baby boomer population having disposable income, the demand for luxury travel is increasing, especially adventure and safari. Moreover, the popularity of luxury travel is on the rise with increasing penetration social media. People are seeking exotic travel destinations for expeditions. This trend is likely to fuel growth of the market in the coming future.
Market Drivers:
Rise in disposable income to boost the market growth
Emerging countries such as India are showing rise in disposable income. As a result, the demand for luxury travel is increasing, which in turn is expected to boost growth of the global market over the forecast period. As per the Organization for Economic Cooperation and Development, the number of middle class population is expected to increase to 4.9 billion by 2030 from 1.8 billion in 2009. India showed over US$ 0.27 trillion spending on travel in the end of 2022. Thus, the rise in disposable income is likely to augment growth of the global luxury travel market over the forecast period.
Growing use of internet, digital technology and social media platforms to fuel the market growth
Digital technology is increasingly being adopted. The use of internet is leading to higher presence of people on social media platforms. Key players in the market are focused on capitalizing this social media presence for expanding their consumer base and for strengthening consumer relation. With internet access, people can compare brands and offers. Along with this, user-generated content related to travel can be highly influential compared to traditional advertising.
Market Opportunities:
Rise in demand for culinary and adventure tourism to offer growth opportunities in the global luxury travel market over the forecast period. The trending spending on culinary and adventure tourism among millionaires is on the rise. For instance, according to the Netherlands-based CBI Ministry of Foreign Affairs, Europe is witnessing 3-5% tourists are mainly visiting the region for culinary experiences. Thus, such spending on trips to highly exotic locations by high-income population around the world is generating business opportunities in the market.
Detailed Segmentation:
- Global Luxury Travel Market, By Category:
- Adventure & Safari
- Cruise
- Rail Journey
- Culinary Travelling & Shopping
- Customized & Private Vacations
- Celebration
- Global Luxury Travel Market, By Age Group:
- Millennials
- Generation X
- Baby Boomers
- Silver hair
- Global Luxury Travel Market, By Type:
- Domestic
- International
- Global Luxury Travel Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- Northern Africa
- Central Africa
- South Africa
- North America
- Company Profiles
- Abercrombie & Kent USA
- Absolute Travel
- Inspiring Travel Company
- TCS World Travel
- TÜ ELITE
- Cox & Kings Ltd.
- Travcoa
- Micato Safaris
- Scott Dunn Ltd.
- Kensington Tours Ltd.
- Butterfield & Robinson
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