USD 1.28 Trillion
Luxury Travel Market Size, Share, Growth Analysis, By Tour(Customized & Private Vacations, Safari & Adventure, Cruises, Yachting & Small Ship Expeditions), By Age Group(Millennial, Generation X, Baby Boomers, and Silver Hair), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25O2014 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
68
|Figures:
75
Luxury Travel Market Insights
Global Luxury Travel Market size was valued at USD 1.28 Trillion in 2022 and is poised to grow from USD 1.38 Trillion in 2023 to USD 2.47 Trillion to 2031, at a CAGR of 7.6% during the forecast period (2024-2031).
The industry has been driven by elite travelers that are spending more money to travel to undiscovered locations and have fresh experiences. Additionally, the global tourism industry's quick expansion and the escalating trend of mini vacations have been fostering industry growth. The COVID-19 pandemic had an effect on the development of this market. As local economies rely on tourists spending money on things like art, culture, eateries, guides, and athletic events, luxury travel plays a crucial role in the distribution of income around the world.
Travelers are searching for flexible schedules that combine entertainment and relaxation in order to build their own special experiences The rising popularity of cruises, yachts, & small ships attract lots of tourists, particularly wealthy ones. High Net Worth Individuals (HNWIs) are believed to be one of the most prestigious clients in this sector. As a result, companies in the industry have started concentrating more on upscale cruises. For example, Abercrombie & Kent USA, LLC declared the launch of limited-edition cruise features. During the coming year, industry growth is anticipated to be driven by the increasing number of high-net-worth individuals (HNWIs), one of the most significant traveler demographics that are helping the industry to get back on track.
The World Wealth Report 2022 states that in 2021, wealth increased by 8% and the total HNWI population increased by 7.8%. Additionally, the popularity of conducting research online has increased significantly over time, which is predicted to drive market growth during the forecast period. High-tech (smart) rooms, which provide visitors complete control over how they use their lodging and decide how to travel, are anticipated to boost demand for luxury travel and lodging over the projected period. Due to increased internet usage and the accessibility of social media, the sector is growing. Additionally, the number of travel tales shared on social media sites like Instagram, Facebook, etc. blogging platforms have multiplied.
US Luxury Travel Market is poised to grow at a sustainable CAGR for the next forecast year
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Baby Boomers
Fastest Growth
Generation X
Growth Rate
7.6% CAGR
Global Luxury Travel Market ($ Bn)
Country Share for Europe Region (%)
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Luxury Travel Market Segmental Analysis
The global luxury travel market is grouped into tour, age group, and region. Based on tour the market is segmented into customized & private vacations, safari & adventure, cruises, yachting & small ship expeditions, celebration journeys, culinary travel & shopping, and others. Based on age group the segmented into millennial, generation X, baby boomers, and silver hair. Based on region, the global Luxury Travel Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Luxury Travel Market Analysis by Age Group
The global sector has been further divided into age categories based on millennials, generations X and Y, baby boomers, & silver hair. The baby boomers age group category accounted for the greatest share of the global market in 2022, with more than 42.65% of the total revenue. Baby boomers possess the time, money, and desire to travel, visit a number of exciting locations, and tick off a variety of items on their bucket list, such as going on a luxury cruise around the world, spending a lengthy vacation on a cruise ship, and visiting exotic ports.
Approximately 54% of baby boomers expected to travel in the United States in 2022, and they spent an average of USD 6,691 on their trips, which is between 20% and 50% higher than their Gen X or millennial peers. Over the forecast period, the young adult segment is anticipated to have the quickest CAGR. The millennial generation views luxury as something to be consumed purposefully. They are more likely than earlier generations to appreciate travel. This might encourage the industry's expansion during the anticipated period.
Luxury Travel Market Analysis by Tour
The worldwide tourism sector has been further divided based on tours into private and customized vacations, safaris and adventures, cruises, yachts & small ship expeditions, holiday journeys, shopping and culinary excursions, and others. As luxury travelers seek a deeper understanding of the local culture, sense of excitement, nature, past facilities and less crowded environment, the safari and adventure tour segment led the global industry in terms of revenue in 2021 and represented the largest share of more than 34.95%. All age groups are becoming increasingly interested in customized vacations that emphasize safari and adventure, which is spurring category growth.
Travel for food and shopping are expected to grow at the fastest rate during the anticipated period. The major objectives of culinary tourism are to experience regional specialties while learning about local cuisine & culture. Tourists participate in cooking classes, historical culinary paths, spirits, beer, and wine trails, food festivals and fairs, & exploratory tours of agricultural farms and manufacturing facilities. Due to the increased popularity of culinary programmes on television and online, consumers are now traveling to other countries to try local cuisine.
Global Luxury Travel Market By Age Group
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Luxury Travel Market Regional Insights
Europe developed as the main regional market, contributing the highest percentage of the total revenue—more than 35.00% in 2022. Luxury travelers may now more easily reach even the most remote areas of Europe thanks to enhanced travel connections and the rapid adoption of high-speed internet. This is driving tourism to the region's new and exotic locations, which is promoting industry development there.
Asia Pacific is likely to grow at the greatest pace during the forecast timeframe. This geographic industry's growth can be attributed to factors like Asian billionaires' rising spending on adventure and culinary tourism. Travel has become the most popular leisure of wealthy Chinese people, with an increase in visitors taking more luxurious journeys that take them further from the mainland and Hong Kong.
Global Luxury Travel Market By Region
- Largest
- Fastest
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Luxury Travel Market Dynamics
Luxury Travel Market Drivers
Growing Aspirational Lifestyles
- Aspirational lifestyles and the desire for unique experiences have driven the demand for luxury travel. Travelers seek extraordinary experiences, personalized services, and access to exclusive amenities, such as luxury accommodations, fine dining, private transportation, and curated tours.
Luxury Travel Market Restraints
Environmental Concerns
- Increasing awareness of sustainability and environmental issues has led to a growing demand for responsible and eco-friendly travel experiences. Luxury travelers are increasingly seeking destinations and operators that prioritize environmental conservation and ethical practices, which may pose challenges for traditional luxury travel providers.
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Luxury Travel Market Competitive Landscape
A few new records and current competitors are that differentiate the industry. The industry's expanding trends are becoming increasingly important to many big companies. To sustain market share, companies vary the services they offer.
Luxury Travel Market Top Player’s Company Profiles
- Marriott International (The Ritz-Carlton)
- Virtuoso
- Rosewood Hotels & Resorts
- TCS World Travel
- Aman Resorts
- Micato Safaris
- Kensington Tours
- Ker & Downey
- Regent Seven Seas Cruises
- Tauck
- Backroads
- Zicasso
- Cox & Kings
- Abercrombie & Kent
- National Geographic Expeditions
- Butterfield & Robinson
- Audley Travel
Luxury Travel Market Recent Developments
-
In March 2024, Qatar Airways announced the launch of its new first-class cabin. The airline is bringing back the glory of first-class service, providing a memorable travel experience. The Qatar Airways’ new first-class cabin is all set to reinvent luxury travel with exceptional care and unwavering excellence.
-
In March 2024, Aman Resorts’ sister brand, Janu, opened its inaugural hotel in Tokyo. The opening of Janu Tokyo marks the inception of an expanding pipeline of 12 properties. Situated in Azabudai Hills, the capital city’s modern urban village, Janu Tokyo has 122 guestrooms and suites, eight venues for dining and socializing, and a 43,055-square-foot spa and wellness center.
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In March 2024, Four Season expanded their Mexico portfolio with new Cabo Hotel. The Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol is set to welcome guests from May.
Luxury Travel Key Market Trends
- Growth of Subscription-Based Streaming: Subscription-based Luxury Travel services continue to dominate the market. Consumers are increasingly opting for paid subscriptions to access ad-free Luxury Travel, offline listening, higher audio quality, and exclusive content. This trend is driven by the convenience, affordability, and value proposition offered by subscription models.
- Increasing Demand for Personalization: Personalized music recommendations and curated playlists have become a significant driver of user engagement and satisfaction. Luxury Travel platforms are leveraging advanced algorithms and artificial intelligence to analyze user preferences, listening habits, and contextual data to provide personalized music recommendations tailored to individual tastes.
- Rise of Podcasts and Audio Content: Podcasts have gained significant popularity within the Luxury Travel market. Streaming platforms are investing in original podcast content, partnerships, and acquisitions to expand their audio content offerings. The integration of podcasts with Luxury Travel services provides users with a diverse range of audio entertainment options.
- Emphasis on Exclusive Content and Artist Collaborations: Luxury Travel platforms are focusing on securing exclusive content deals and artist collaborations to differentiate their offerings. Exclusive album releases, live performances, and special releases drive user acquisition, engagement, and loyalty by providing unique and exclusive experiences to subscribers.
Luxury Travel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global luxury travel market analysis, elite travelers spend more money on travel to undiscovered locations and have fresh experiences. Additionally, the global tourism industry's quick expansion and the escalating trend of mini vacations have been fostering industry growth. Regionwise, Europe was dominating the market due to luxury travelers may now more easily reach even the most remote areas of Europe thanks to enhanced travel connections and the rapid adoption of high-speed internet. However, Asia Pacific is projected to emerge as the fastest growing region during the forecast period due to This geographic industry's growth can be attributed to factors like Asian billionaires' rising spending on adventure and culinary tourism. Travel has become the most popular leisure activity especially among wealthy Chinese people, with an increase in visitors taking more luxurious journeys that take them further from the mainland and Hong Kong.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.28 Trillion |
| Growth Rate | 7.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Luxury Travel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Luxury Travel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Luxury Travel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Luxury Travel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Luxury Travel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Luxury Travel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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