New York, USA, Sept. 07, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global luxury travel market is expected to generate a revenue of $1,369,103.8 million by 2028, growing exponentially at a CAGR of 8.8% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Significant increase in the demand for a unique, personalized, and an exotic travel experience among customers are expected to drive the growth of the global market during the forecast period. In addition, luxury travel ensures a great deal of comfort and relaxation which are crucial for maintaining the mental and physical health of an individual. This is another factor that is further expected to bolster the growth of the market during the forecast period.
Restraints: High cost involved in planning a luxury travel trip is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements like high-speed internet for quick and seamless flight and hotel bookings or cancellation, online check-in and check-out facilities, and many more are expected to create enormous opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into various segments based on tour, age, traveler, and region.
Tour: Adventure and Safari Sub-segment to be Most Profitable
The adventure and safari sub-segment is expected to generate a revenue of $543,892.0 million during the forecast period. An intrinsic blend of delightful experiences like alluring scenery, impeccable wildlife adventure, and diverse cultural encounters provided by the sub-segment to the users are expected to bolster the growth of the sub-segment during the forecast period.
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Age: Baby Boomer Sub-segment to be Most Beneficial
The baby boomer sub-segment is expected to generate a revenue of $517,801.8 million during the forecast period. Baby boomers are referred to people born from 1946-1964, which makes them around 57-75 years old. The people around this age are usually retired, and hence their schedules are flexible enough to plan longer holidays. This factor is expected to fuel the growth of the sub-segment during the forecast period.
Traveler: Absolute Luxury Sub-segment to be Most Lucrative
The absolute luxury sub-segment is expected to generate a revenue of $757,089.2 million during the forecast period. Various amenities like enhanced comfort, personalized entertainment, exemplary food, lavish hotels, and on-demand service offered to the customers are expected to accelerate the growth of the sub-segment during the forecast period.
Region: Europe Anticipated to Dominate the Market
The Europe luxury travel market is expected to generate a revenue of $452,216.8 million during the forecast period. Professional hotel staff, reliable transport, and political stability in this region are expected to drive the growth of the market during the forecast period. In addition, availability of top attractions and destinations in this region is further expected to accelerate the growth of the regional market by 2028.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had an adverse impact in the growth of the global luxury travel market, owing to the nation-wide lockdowns prevalent on various countries around the globe. Stringent travel restrictions imposed by the government has led to the cancellation of all domestic and international flights so as to curb the spread of the virus. Thus, the pandemic has had a negative impact on the global luxury travel market.
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Key Players of the Market
The major players of the market include
- TUI AG
- Thomas Cook Ltd
- Travcoa Corporation
- Misato Safaris
- Cox & Kings Ltd
- Abercrombie and Kent USA, LLC
- Butterfield & Robinson Inc.
- Meredith Corporation LLC
- Scott Dunn Ltd
- Kensington Tours Ltd
and many more. These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For Instance, in June 2021, Inspirato LLC, a dominant luxury travel subscription company have proclaimed their merger agreement Thayer Ventures Acquisition Corp., a publicly traded special purpose acquisition company, enabling Inspirato to go public on Nasdaq Exchange in order to maximize its global expansion.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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