With CAGR of 4.2%, Luxury Travel Market Analysis Report 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Luxury Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global luxury travel market growth, share, size, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the luxury travel market?

Market Size in 2022: US$ 2,049.2 Billion

Market Forecast in 2028: US$ 2,683.9 Billion

Growth rate (2023 to 2028): CAGR of 4.2%

Base Year of the Analysis: 2022

Forecast Period: 2023-2028

What is luxury travel?

Luxury travel refers to the niche segment of the travel industry that specializes in providing superior quality travel experiences which go above and beyond standard travel services. It encompasses all aspects of travel, including accommodation, transportation, cuisine, and experiences, delivering a highly personalized, unique, and immersive journey. It incorporates opulent hotels, premium flights, exclusive access to certain destinations, expert-guided tours, high-end cruises, and private jet or yacht charters. It is characterized by personalized service, privacy, and convenience, to offer an unforgettable, hassle-free, and exceptional travel experience. Additionally, it is commonly undertaken by affluent individuals who value experiences and leisure over cost, thus seeking unique and bespoke travel arrangements beyond average travelers' reach.

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What are the growth prospects and trends in the luxury travel industry?

The escalating shift in consumer behavior majorly drives the global market. This can be supported by the increasing disposable income and the aspiration of individuals to spend more on experiences rather than materialistic possessions. Along with this, the rising interest in unique and exotic holiday experiences, characterized by personalized services and exclusive access to destinations, is significantly supporting the market. In addition, advancements in technology have facilitated the offering of more tailor-made and convenient luxury travel services, further propelling market expansion. Apart from this, the rise of social media and digital platforms has also played a vital role, with influencers showcasing luxury travel experiences, thus inspiring the aspirations of numerous consumers. Furthermore, the trend of eco-friendly and sustainable tourism is making inroads into luxury travel, with affluent travelers increasingly preferring destinations and providers that prioritize sustainability. Therefore, it is creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type of Tour:

• Customized and Private Vacation
• Adventure and Safari
• Cruise and Ship Expedition
• Small Group Journey
• Celebration and Special Event
• Culinary Travel and Shopping

Breakup by Age Group:

• Millennial (21-30)
• Generation X (31-40)
• Baby Boomers (41-60)
• Silver Hair (60 and above)

Breakup by Type of Traveller:

• Absolute Luxury
• Aspiring Luxury
• Accessible Luxury

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Who are the key players operating in the industry?

The report covers the major market players including: 

• Abercrombie & Kent USA LLC
• Butterfield & Robinson Inc.
• Cox & Kings Ltd.
• Exodus Travels Limited (Travelopia)
• Kensington Tours Ltd.
• Micato Safaris
• Scott Dunn Ltd.
• Tauck
• Thomascook. in (Fairbridge Capital (Mauritius) Limited)
• TUI Group

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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