Global Luxury Travel Market

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 News

  • 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.

     

  • 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.

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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).

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. 'Abercrombie & Kent', 'Four Seasons Hotels and Resorts', 'Marriott International (The Ritz-Carlton)', 'Belmond Ltd.', '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'

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.

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.

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.

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Global Luxury Travel Market

Report ID: SQMIG25O2014

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