NEW YORK, December 14, 2021 / PRNewswire / – Business travel has also shown tremendous resilience, maintaining slow and steady growth despite mounting terrorist attacks and unstable economies. China has grown into the world’s largest travel market, overtaking the United States. It is expected to be the largest economy that will experience strong growth in this market. Furthermore, India and Indonesia are expected to become important markets in terms of business travel spending over the forecast period.
Highlights of the Luxury Travel Market Report:
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Market growth 2020-2025: 1 USD.23 trillion
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Growth momentum and CAGR: decelerating to a 26% CAGR
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YoY growth (%): 45.30%
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Efficient contribution to the market: Europe at 30%
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Main consumer countries: United States, Germany, China, France, and the United Kingdom
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Regional market analysis
With 30% of the growth coming from Europe, this region will register a rapid growth rate from 2020 to 2025.
the the increase in disposable income and the trend of sports tourism are Expected to drive the growth of the luxury travel market
Apart from this, the other major reasons for the increasing growth of the luxury travel market in Europe are:
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The growing number of baby boomers, the presence of many exotic destinations, the growing demand for personalized vacations, the availability of easy transportation, the rapid increase in the number of food and drink festivals and the presence of large vendors will be crucial.
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Growth in the luxury travel market share by the adventure segment will be important for income generation
For more information on the regional market: Request a free sample report.
Key Suppliers and Supplier Strategies
Abercrombie & Kent USA LLC, Absolute Travel Inc., Butterfield & Robinson Inc., Classic Journeys, Cox & Kings Ltd., Indigenous Tourism BC, Odyssey World, Responsible Travel, Scott dunn, and Travelopia are some of the major suppliers of luxury travel market.
Suppliers in the market are constantly focusing on expanding their product portfolio by expanding their product offering. In addition, suppliers are focused on expanding their presence into new regions.
For example:
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Abercrombie & Kent USA LLC – In January 2019, the company launched new luxury wellness-inspired small-group trips to India, South East Asia, Kenya, and Peru.
Download our free sample report to get a brief understanding of various other vendors and their strategies.
Key market driver
Our analysts have detailed information on the main driver of the luxury travel market –
To know some other market drivers, trends and challenges –Download our free sample report
Related reports –
Travel services market in India –The market share of travel services in India is expected to increase by USD 11.11 billion from 2020 to 2025, and the market growth momentum will accelerate at a CAGR of 11.55%. Download a free sample now!
Travel market –The travel market share is expected to increase by $ 451.19 billion from 2021 to 2026, and the market growth dynamics will accelerate at a CAGR of 13.86%. Download a free sample now!
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Scope of the luxury travel market |
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Cover of the report |
Details |
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Page number |
120 |
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Year of reference |
2020 |
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Forecast period |
2021-2025 |
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Growth dynamics and CAGR |
Deceleration to 26% CAGR |
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Market growth 2021-2025 |
$ 1.23 trillion |
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Market structure |
Fragmented |
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Annual growth (%) |
45.30 |
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Regional analysis |
Europe, North America, APAC, MEA and South America |
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Efficient contribution to the market |
Europe at 30% |
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Main consumer countries |
United States, Germany, China, France and United Kingdom |
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Competitive landscape |
Leading companies, competitive strategies, reach of consumer engagement |
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Profiled companies |
Abercrombie & Kent USA LLC, Absolute Travel Inc., Butterfield & Robinson Inc., Classic Journeys, Cox & Kings Ltd., Indigenous Tourism BC, Odyssey World, Responsible Travel, Scott Dunn and Travelopia |
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Market dynamics |
Parent Market Analysis, Market Growth Drivers and Obstacles, Analysis of Fast Growing and Slow Growing Segments, Impact of COVID-19 and Future Consumer Dynamics, Analysis of Market Conditions for the Forecast Period |
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Customization |
If our report didn’t include the data you’re looking for, you can reach out to our analysts and customize the segments. |
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