Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Luxury Travel Market by Types of Tour (Customized and Private Vacations, Adventure and Safari, Cruise/Ship Expedition, Small Group Journey, Celebration and Special Events, Culinary Travel and Shopping), by Age Group (Millennial, Generation X, Baby Boomer, Silver Hair), by Types of Traveler (Absolute Luxury, Aspiring Luxury, Accessible Luxury): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global luxury travel market was valued at $638.2 billion in 2021, and is projected to reach $1650.5 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
The surge in number of HNIs population and rise in aspiration of young and rich millennials to explore new places and have unique travel experiences drive the global market. Moreover, a rise in demand for unique travel experiences is expected to create lucrative growth opportunities for the global luxury travel market in the coming years. However, changing socio-economic conditions hamper the global market growth.
The absolute luxury segment to achieve a noteworthy growth during the forecast period
On the basis of types of traveler, the absolute luxury segment dominated with the largest share of more than half of the global luxury travel market in 2021 and is anticipated to witness the highest revenue growth during the forecast period. The same segment would exhibit the fastest CAGR of 9.0% in 2031. The absolute luxury segment comprises households with $30+ million net worth, with annual spending of over $230 billion on luxury goods, and accounts for over 20% of all luxury purchases, including travel.
The adventure and safari segment to dominate in terms of revenue during the forecast period
On the basis of types of tour, the adventure and safari segment accounted for the largest share of more than two-fifths of the global luxury travel market in 2021 and is anticipated to maintain its dominance during the forecast period. Launch of new services, access to new destination markets, and increase in tourism by European and South American travelers who are mainly interested in experiencing wilderness and enjoying serene surroundings are key drivers of this segment Millennials are also inclined towards adventure and safari travelling types of tourism activities. However, the cruise/ship expedition segment is projected to witness the fastest CAGR of 10.9% from 2022 to 2031. The introduction of innovative cruise design concepts, new ship lengths, new and more exotic destinations around the globe, and new on-board and on-shore activities and themes drive the growth of the segment.
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Europe to generate the largest revenue by 2031
On the basis of region, Europe held the largest market share in 2021, contributing to more than one-third of the global luxury travel market and is expected to maintain its dominance in terms of revenue during the forecast period. This is attributed to rise in travel expenditure by middle & upper class people, inclination of people toward unique and exotic holiday experiences, and rise in interest of people to spend more time with family. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.1% during the forecast period, owing to higher purchasing power and rise in wellness tourism and medical tourism in developed countries in Asia-Pacific.
Leading Market Players:
- TUI Group
- Travelopia Holdings Limited
- Kensington Tours
- Tauck, Inc.
- Abercrombie & Kent USA, LLC
- Thomas Cook India Ltd.
- Scott Dunn Ltd.
- Zicasso, Inc.
- Micato Safaris
- Butterfield & Robinson Inc.
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