Portland, OR, March 17, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global luxury travel market was pegged at $945.6 billion in 2019, and is anticipated to hit $1,198.3 billion by 2027, registering a CAGR of 11.1% from 2021 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Rise in inclination of people toward unique and exotic holiday experiences, increase in the middle- & upper-class disposable income & related expenditure, and growth in need and interest of people to spend more time with family fuel the growth of the global luxury travel market. On the other hand, varying socio-economic conditions and impact of natural parameters impede the growth to some extent. Nevertheless, emerging new destinations and surge in demand for enhanced service standards are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- Several travel restrictions and the worldwide panic about the novel corona virus led to an overall declined demand for luxury travel services. This, in turn, affected the luxury travel market to a significant extent.
- However, the situation is getting better at a slow pace and market is projected to recoup soon.
The global luxury travel market is analyzed across type of tour, age group, type of traveler, and region. Based on types of tour, the adventure and safari segment accounted for around two-fifths of the total market revenue in 2019, and is expected to dominate by 2027. Simultaneously, the culinary travel and shopping segment would exhibit the fastest CAGR of 12.8% throughout the forecast period.
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Based on age group, the baby boomer segment contributed to around two-fifths of total market share in 2019, and is anticipated to lead the trail by 2027. At the same time, the millennial segment would manifest the fastest CAGR of 12.6% from 2021 to 2027.
Based on region, Europe garnered the highest share in 2019, generating around two-fifths of the global luxury travel market. Asia-Pacific, on the other hand, would showcase the fastest CAGR of 14.2% by 2027. The report also analyzes the market across Europe and LAMEA.
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The key market players analyzed in the global luxury travel market report include LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Butterfield & Robinson Inc., Ker & Downey, Abercrombie & Kent USA, Thomas Cook Group PLC, Scott Dunn Ltd, Tauck, and Kensington Tours. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.