New york, USA, April 27, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global luxury travel market is expected to garner 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.
Segments of the Luxury Travel Market
The report has divided the market into various segments based on tour type, traveller type, age group, and region.
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Tour Type: Adventure & Safari Segment to be Most Profitable
The adventure & safari segment of the global luxury travel market is expected to have a dominating market share during the forecast period. This sub-segment generated a revenue of $189,843.8 million in 2020, and is further expected to register a revenue of $543,892.0 million during the forecast period. The safari enables people to have a distinctive, beautiful and an unforgettable experience containing an immaculate blend of wildlife adventure, cultural encounters, impeccable scenery, and others. The adventure travels enable you to engage in numerous productive activities like trekking, river rafting skydiving, hiking, bungee jumping, etc. significantly enhances the physical and mental well being of an individual. These factors are expected to bolster the growth of this luxury travel sub-segment during the forecast period.
Other sub-segments include customized & private, cruise/ship expedition, small group journey, celebration & special events, and culinary travel, and shopping. The cruise/ship expedition sub-segment is expected have the fastest growth rate, and generate a revenue of $115,479.0 million during the forecast period.
Traveller Type: Absolute Luxury Sub-segment to be Most Beneficial
The absolute luxury sub-segment is expected to occupy a commanding market share, and is also anticipated to witness the fastest growth rate during the forecast period. This sub-segment generated a revenue of $253,468.1 million in 2020, and is further predicted to register a revenue of $757,089.2 million during the forecast period 2021-2028. This is mainly due to the various perks offered by the sub-segment such as premium priority check-ins, majestic hotels, delectable food services, optimized entertainments like on-demand 24*7 service, cruise diner, VIP night club access, and others. These services offer a unique and memorable experience to the customers. Such factors are expected to stimulate the growth of this luxury travel market sub-segment during the forecast period. Other sub-segments include aspiring luxury and accessible luxury.
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Age Group: Baby Boomer Sub-segment to be Most Lucrative
The baby boomer sub-segment is expected to garner a revenue of $517,801.8 million during the forecast period. Flexible schedules of baby boomers, allowing them to choose longer holidays is expected to bolster the growth of the sub-segment during the forecast period.
Region: Europe Region to Dominate the Global Market
The Europe Region is expected to register a revenue of $452,216.8 million during the forecast period. Increasing popularity of this region due to the availability of reliable transport, personalized service, professional staff, succulent food & wine quality, political stability, and others are expected to drive the growth of the market. In addition, prevalence of top luxury travel destinations in this this region like Italy, Spain, Germany, Portugal, and others are further expected to accelerate the growth of the regional luxury travel market during the forecast period.
Dynamics of the Luxury Travel Market
Drivers: Growing demand for unique, personalized, exotic travel experience among customers across the globe is expected to bolster the growth of the market during the forecast period. In addition, luxury travel significantly helps in improving physical and mental health, reducing a great deal of stress among individuals. This factor is further expected to drive the growth of the luxury travel market during the forecast period.
Restraints: Varying socio-economic conditions across the globe is expected to impede the growth of the market during the forecast period.
Opportunities: Growing prevalence of high-speed internet along with innovative applications, enabling people to seamlessly book flights, hotels, initiate online check-in and check-out facilities, etc. are expected to create ample opportunities for the growth of the luxury travel market during the forecast period.
COVID-19 Impact on the Luxury Travel Market
The outbreak of COVID-19 has had a negative impact in the growth of the global luxury travel market, owing to the prevalence of lockdowns in various countries across the globe. Governments of various countries across the globe imposed stringent travel restrictions, in order to curb the spread of the virus during the pandemic. This subsequently led to an unpropitious decreased revenue and loss for numerous travel and tourism companies across the globe as various domestic and international tours were cancelled amidst the fear of the pandemic. In addition, various people across the globe untimely suffered financial crisis during the pandemic, which consequently limited their expenditure on expensive or non-essential goods. However, numerous companies, with the help of their persistent technological advancements and initiatives, are providing necessary aid to the society to recover from the unprecedented crisis.
Key Players of the Market
The major players of the luxury travel market include
- Micato Safaris
- Thomas Cook Ltd.
- Meredith Corporation, LLC
- Abercrombie & Kent USA, LLC.
- Cox & Kings Ltd.
- Butterfield & Robinson Inc.
- Scott Dunn Ltd.
- Kensington Tours Ltd.
- Travcoa Corporation
- TUI AG, and many others.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire here@ https://www.researchdive.com/purchase-enquiry/8410
For instance, in May 2021, Frosch International Travel, a travel agency, based in the United States, with locations across the world, providing business travel management and luxury vacation planning, acquired Valerie Wilson Travel Inc., an innovative travel consulting firm based in New York City, in order to strengthen Frosch’s presence in the global luxury travel market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Some trending Article Links:
- Article Review: New Service Launches & Strategic Collaborations to Fuel the Growth of the Global Luxury Travel Market by 2028
- Blog: Why is Luxury Travel Booming?
