Global Luxury Travel Market was valued at USD 1,167.17 Billion in 2021, and is expected to reach USD 2,728.80 Billion by 2029, exhibiting a CAGR of 11.2 % during the forecast period (2022-2029)
The 34 countries that are supposed to be desirable travel destinations for industry stakeholders are covered by the report. The important players chosen for benchmarking and profiling are chosen based on their probable investment criteria, regional dominance, and global reach. The supply-side contribution of each local, regional, and international actor to the overall Market has been taken into account.
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Luxury Travel Market Overview:
In order to determine the total size of Luxury Travel Market by countries and segments, the report conducted a micro level analysis of each nation. The size of the regional and global Markets is assessed using a bottom-up methodology. By doing a micro-level analysis of each country, it is possible to determine the contribution of the unorganized Market to the overall Market size. The Luxury Travel Market determine the extensive research for the business firm, and provide the latest drivers, restraints, and opportunities for Luxury Travel Market. The results are then verified through interviews with local business leaders. The secondary research and analysis of the same are done using both paid and unpaid data bases. Consumption in each country by kind and supply by each player are sourced from legitimate government databases, paid databases, and, in the case of listed firms, company annual reports. If a company’s annual reports are not made public, they might be obtained from the tax department of the local government.
Luxury Travel Market Dynamics:
MMR Research is a targeted and practical research approach that makes it possible to examine the key Market dynamics by both established and developing regions of the globe. Additionally, our experts undertake in-depth analyses of geographical areas to give clients and organisations the chance to excel in specialised industries and grow in developing global Markets. This Market research study also highlights the dynamically shifting Player landscape that affects the Market’s growth
Luxury Travel Market Segmentation
According to Categories of Trip, Adventure & Safari dominated the luxury travel market in 2021 and is anticipated to continue to do so during the forecast period. The best outdoor adventure trips are frequently regarded as safaris. Apart from physically strenuous activities, this industry, which is among the fastest expanding, is also known for personalised itineraries and soft experiences. Seeing natural treasures like the Galapagos Islands and boating in the Mediterranean are also included. Bike rides, scuba diving, specialised explorations, arctic expeditions, and night safaris through African rainforests are further examples of luxury adventure and safari excursions. The market for this niche is projected to grow quickly as consumers’ desire in transformational and engaged activities increases.
Depending on age group, Baby Boomers dominated the luxury travel market in 2021 and are anticipated to continue to do so during the forecast period. The most frequent luxury travellers are between the ages of 50 and 65, who make an average of 4-5 trips annually. Although baby boomers are the age group that spends the most money on travel, just 5–10% of market players target them. Baby boomers are predicted to receive $15 trillion over the next 20 years and control 70% of the country’s discretionary money. The majority of baby boomers are anticipated to enjoy leisure travel, with 45% travelling both domestically and abroad and 5% only doing so.
According to Categories of Traveler, Absolute Luxury dominated the luxury travel market in 2021 and is anticipated to continue to do so during the projected period. Absolute luxury households are those with a net worth of at least $30 million, spend more than $230 billion annually on upscale goods, and make up more than 20% of all upscale purchases, including vacation. Travel is still a common choice for affluent clients because touring is a fantastic alternative for high-budget vacationers. When travelling in search of one-of-a-kind and spectacular experiences, absolute travellers need to take time for physical and spiritual refreshment. Absolute luxury travellers are gaining popularity for itineraries that offer rich and unique travel experiences, which is fueling the growth of the global luxury travel business.
Luxury Travel Market Key Players
• Abercrombie & Kent USA, LLC (US)
• Virtuoso, Ltd. (US)
• Micato Safaris, Inc. (US)
• Ker & Downey (US)
• Tauck, Inc. (US)
• BLACK TOMATO GROUP (US)
• Kensington Tours Ltd. (US)
• Zicasso, Inc. (US)
• Backroads (US)
• Lindblad Expeditions (US)
• Asia Transpacific Journeys (US)
• Journeys 360 Travel (US)
• Ovation Travel Group (US)
• Exodus Travels (Canada)
• Butterfield & Robinson Inc (Canada)
• TUI Group (Germany)
• Scott Dunn Ltd (UK)
• Voyage Prive (UK)
• Wexas Limited (UK)
• Thomas Cook Group Plc (UK)
• Mlkjets (UK)
• BubbleGlobe (France)
• CellerTours (Spain)
• So Me Travel (Austria)
• Cox & Kings Ltd (India)
• Lightfoot Travel (Singapore)
Regional Analysis:
On the basis of geography, the Luxury Travel Market is segmented into 5 main regions and they are- North America, Europe, Asia Pacific, the Middle East, Africa, and South America respectively.
To know about the Research Methodology:
Research methodology:
- The size of the global Luxury Travel Market is estimated and validated using the top-down and bottom-up methodologies.
- Different industry classification standards are strictly adhered to by players in order to reach an exhaustive list of functional and relevant players. A thorough validation test is also carried out in order to locate the most pertinent players for the survey in the Luxury Travel Market.
- With the aid of paid databases like Factiva, Bloomberg, etc., priority lists are sorted depending on revenue generated based on most recent reporting.
- Finally, the questionnaire was defined and specifically designed to meet all the needs of collecting primary data by prior appointment, targeting the main target groups, incl. This helps us collect data on player revenue, operating cycle and expenses, profit and product or service growth, among other things. Almost 70-80% of the data is collected through primary media and further validated through various secondary sources including regulators, World Bank, associations, company websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases etc.
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