The global luxury travel market was valued at US$ 201.07 Billion in 2017, according to Luxury Travel Market Report, by Category (Adventure & Safari, Cruise, Rail Journey, Culinary Travelling & Shopping, Customized & Private Vacations, and Celebration), by Age Group (Millennials, Generation X, Baby Boomers, and Silver Hair), by Type (Domestic and International), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) published by Coherent Market Insights.
The global luxury travel market is projected to reach US$ 353.16 Billion by 2026, exhibiting a CAGR of 6.7% during the forecast period. Increasing disposable income of middle class and upper class coupled with overall expenditure boosts growth of the luxury travel market. Furthermore, increasing preference of people towards spending quality time with family is driving growth of the market. Moreover, increasing preference of working class individuals toward luxury travel, owing to daily hectic routines is also expected to boost the market growth.
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Browse 35 market data tables* and 25 figures* on “Luxury Travel Market” – Global forecast to 2026.
Key Trends and Analysis of the Luxury Travel Market:
Among age group, the baby boomers segment held dominant position in the global luxury travel market in 2017. This is owing to higher income of the age group between 40-60 years. Moreover, the age group also has millennial kids, who have either moved out or are earning for themselves. This generation has lower medical issues than the silver hair age group. Therefore, the baby boomers segment is expected to witness significant growth during the forecast period, followed by the millennials segment.
Among category, adventure & safari witnessed a significant market share in 2017. Considering the increasing urban population and baby boomers coupled with high disposable income, the trend for international luxury travel is expected to witness a rapid growth during the forecast period
Key Takeaways of the Market:
North America held dominant position in the market in 2017, accounting for a market share of 32.9%, owing to increasing number of first class flights in the region. In U.S. 14 federal agencies spent US$ 8.7 million on 1,903 upgraded flights in 2012 and 2013.
Moreover, growing tourism industry was also a major factor in growth of the luxury travel market in the region. For instance, according to the United Nations World Tourism Organization (UNWTO), in 2017, Latin and North America together recorded 207 million international tourist visits.
For instance, according to the United Nations World Tourism Organization (UNWTO), in terms of international tourist arrivals, Europe recorded 671 Million in 2017, APAC recorded 324 Million, followed by the Americas, and Middle East with 207 Million and 58 Million, respectively. This exhibits that the trend for international travel is emerging globally. Moreover, international tourist arrivals (overnight visitors) worldwide increased 7% in 2017.
Major players operating in the global luxury travel market include, Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company, TCS World Travel, TÜ ELITE, Cox & Kings Ltd., Travcoa, Micato Safaris, Scott Dunn Ltd., Kensington Tours Ltd., Butterfield & Robinson Inc. and others.
Abercrombie & Kent USA offers luxury travel services including small group journeys, cruises, private jet, and tailor made vacations worldwide. Inspiring Travel Company offers services including luxury hotel stays, tailor-made tours, multi-center holidays, luxury villas, ranch holidays, luxury cruises, luxury river cruises, luxury ski holidays, private jet holidays, luxury spa holidays, and luxury sports holidays.
Seven Seas Explorer and Regent Seven Seas Cruises are one of the most luxurious cruise lines worldwide. These cruise lines offer ‘6 star service’ on all vessels. This is also expected to boost growth of the global luxury travel market.
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