The global luxury travel market is estimated to witness massive growth over the forecast period, owing to the rapid rise in demand from people for exotic vacations and unique travel experiences. The Asia-Pacific region forecasts significant growth by 2028
NEW YORK, August 26, 2021 /PRNewswire/ — Research Dive, in its latest published report, estimates that Global luxury travel market will generate $1,369,103.8 million and expose a 8.8% CAGR from 2021 to 2028.
luxury travel Market dynamics
The demand for exotic vacations by people for a unique travel experience is growing rapidly. A luxury trip is a break people take to relax and these vacations are carefree which helps reduce stress. These are the major factors that are expected to drive the growth of the global luxury travel market over the analysis period. Additionally, the ongoing technological advancements in luxury travel provide booking convenience, offer the best deals and discounts, view all accommodation options as well as contactless payment options are expected to generate massive growth opportunities. for the global market by 2028. However, outbreak of natural disasters or diseases such as COVID-19 virus leading to socio-economic disruption are factors that are expected to limit the market growth in the estimated time frame.
Impact of the COVID-19 pandemic on the luxury travel market
The COVID-19 outbreak has negatively impacted the global luxury travel market during the pandemic. The decline in market growth rate is mainly attributed to social distancing measures, travel restrictions and unprecedented lockdowns to curb the spread of the potentially deadly coronavirus. In addition, many tourism businesses and tourism-related sectors such as accommodation, catering, transportation and retail closed their operations and also suffered severe loss of income. However, various companies are helping the society with their technological advancements and initiatives to recover from the chaotic situation.
Key Findings of the Market Segment:
The research report segments the global luxury travel market into tour type, age group, traveler type, and region.
Based on tour type, the cruise/boat expedition sub-segment is expected to grow at the fastest rate and generate revenue of $115,479.0 million by 2028. This is mainly due to the growing popularity of boat cruises/expeditions, as they provide a soft adventure experience and allow travelers to explore places that cannot be reached by land.
By age group, the baby boomer sub-segment valued for $180,031.3 million in 2020 and is expected to gain a dominant market share in the global industry by 2028. This is mainly due to the fact that baby boomers can travel and opt for longer vacations due to their flexible schedules.
By type of traveler, the absolute luxury sub-segment accounted for $253,468.1 million in 2020 and is expected to generate majority of the market share over the forecast period. This is mainly due to excellent hotels, priority check-ins, catering services, on-demand service, and improved entertainment such as nightclubs and dinner cruises.
Depending on the region, the Asia Pacific The luxury travel market is expected to grow at the fastest pace and reach up to $447,151.1 million by 2028. This growth is mainly due to economic growth, the growing popularity of adventure and the desire to explore various places among the young population.
Top 10 luxury travel key players Marlet
Key players in the global luxury travel market include-
Abercrombie & Kent USA, LLC
Cox & Kings Ltd.
Meredith Corporation, LLC
Butterfield & Robinson Inc.
Thomas Cook Ltd.
Kensington Tours Ltd.
Scott Dunn Ltd.
These players focus on mergers, collaborations, product development, and launches to gain competitiveness in the global market.
In May 2021Almosafer Travel Group Saudi Arabia unveiled a new luxury travel concierge service that targets discerning Saudis looking to explore far-flung destinations. La Conciergerie Almosafer is offered to a group of “members only” customers who are eligible for the service to enjoy its benefits, from luxury hotels and unique experiences to exclusive added values.
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About research diving
Research Dive is a market research company based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services solely based on its proprietary data model, constrained by the 360-degree research methodology, which guarantees complete and accurate analysis. With unparalleled access to several paid data resources, a team of expert researchers and a strict work ethic, the company offers extremely accurate and reliable information. By reviewing relevant press releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the required services to its clients in a timely manner. His expertise is focused on examining niche markets, targeting their key driving factors and spotting threatening obstacles. Complementarily, he also maintains seamless collaboration with leading industry enthusiasts, which provides an added edge to his research.
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SOURCE Research Dive