New York, USA, September 7, 2021 (GLOBE NEWSWIRE) – According to the report published by Research Dive, the global luxury travel market should generate a turnover of $ 1,369,103.8 million by 2028, growing exponentially at a 8.8% CAGR during the forecast period (2021-2028). The inclusive report provides a brief overview of the current market scenario including significant market aspects such as growth factors, challenges, restraints, and various opportunities over the forecast period. The report also provides all the market figures which makes it easier and easier for new entrants to understand the market.
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Conductors: Significant increase in demand for unique, personalized and exotic travel experience among customers is expected to drive the growth of the global market during the forecast period. In addition, luxury travel provides a lot of comfort and relaxation which is crucial for maintaining the mental and physical health of an individual. This is another factor which is expected to further enhance the market growth during the forecast period.
Constraints: The high cost of planning a luxury trip is expected to hamper the growth of the market during the forecast period.
Opportunities: Persistent technological advancements such as high-speed internet for fast and seamless bookings or cancellations of flights and hotels, online check-in and check-out facilities, and many more are expected to create huge opportunities. for market growth during the forecast period.
The report has divided the market into different segments based on tour, age, traveler, and region.
Tour: Adventure and Safari sub-segment will be the most profitable
The Adventure and Safari sub-segment is expected to generate revenue of $ 543,892.0 million during the forecast period. Intrinsic mix of delightful experiences such as alluring scenery, impeccable wildlife adventure and various cultural encounters provided by the sub-segment to the users is expected to enhance the growth of the sub-segment during the forecast period.
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Age: the baby boomer sub-segment will be the most profitable
The baby boomer sub-segment is expected to generate sales of $ 517,801.8 million during the forecast period. Baby boomers are people born between 1946 and 1964, which puts them between the ages of 57 and 75. People of this age are generally retired and therefore have enough flexibility to plan for longer vacations. This factor is expected to fuel the growth of the sub-segment during the forecast period.
Traveler: the absolute luxury sub-segment will be the most lucrative
The Absolute Luxury sub-segment is expected to generate revenue of $ 757,089.2 million during the forecast period. Various amenities such as improved comfort, personalized entertainment, exemplary food, lavish hotels and on-demand service offered to customers are expected to accelerate the growth of the sub-segment during the forecast period.
Region: Europe is expected to dominate the market
The European luxury travel market is expected to generate revenue of $ 452,216.8 million over the forecast period. Professional hotel staff, reliable transportation and political stability in this region are expected to drive the market growth during the forecast period. In addition, the availability of major attractions and destinations in this region is expected to further accelerate the growth of the regional market by 2028.
Impact of COVID-19 on the market
The COVID-19 outbreak has negatively impacted the growth of the global luxury travel market, due to the nationwide lockdowns prevailing in various countries around the world. Strict travel restrictions imposed by the government have resulted in the cancellation of all domestic and international flights in an effort to curb the spread of the virus. Thus, the pandemic has had a negative impact on the global luxury travel market.
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Key market players
Major market players include
- TUI SA
- Thomas Cook Ltd.
- Travcoa Corporation
- Misato Safaris
- Cox & Kings Ltd
- Abercrombie and Kent USA, LLC
- Butterfield & Robinson Inc.
- Meredith Corporation LLC
- Scott Dunn Ltd.
- Kensington Tours Ltd
and much more. These players work on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to support market growth.
For example, in June 2021, Inspirato LLC, a dominant luxury travel subscription company, proclaimed its agreement to merge Thayer Ventures Acquisition Corp., a publicly traded special purpose acquisition company, allowing Inspirato to go public on the Nasdaq Exchange to maximize its global expansion. .
The report also summarizes many important aspects including financial performance of key players, SWOT analysis, product portfolio and latest strategic developments.
Besides, the report contains detailed information of Major Business Manufacturers such as SWOT Analysis, Product Portfolio, Financial Status – Learn to Access the Detailed Report on Top Business Development Strategy.
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