NEW YORK, April 27, 2022 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global luxury travel market is expected to collect a Revenue of $1,369,103.8 million by 2028grows exponentially at a CAGR of 8.8% during the forecast period 2021-2028. The comprehensive report provides a brief overview of the current market scenario including key aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also includes all the market figures which makes it easier and helpful for the new entrants to understand the market.
segments of the luxury travel market
The report has segmented the market into various segments based on tour type, trip type, age group and region.
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Tour Type: Adventure and Safari segment is the most profitable
The adventure and safari segment of the global luxury travel market is expected to have a dominant market share during the forecast period. This sub-segment generated revenue of US$189,843.8 million in 2020 and is expected to register revenue of US$543,892.0 million during the forecast period. The safari allows people to have a distinctive, beautiful and unforgettable experience that contains an impeccable blend of wildlife adventures, cultural encounters, immaculate scenery and much more. The adventure trips allow you to participate in numerous productive activities such as trekking, rafting, skydiving, hiking, bungee jumping, etc. This greatly improves a person’s physical and mental well-being. These factors are expected to fuel the growth of this luxury travel sub-segment over the forecast period.
Other sub-segments include Individual Travel & Private Travel, Cruises/Expeditions, Small Group Travel, Celebrations & Special Events, and Culinary Travel & Shopping. The Cruises/Vessel Expeditions sub-segment is expected to demonstrate the fastest growth rate, generating revenue of US$115,479.0 million during the forecast period.
Traveler Type: Absolute luxury sub-segment, which is the most advantageous
The absolute luxury sub-segment is expected to occupy a preeminent market share and is also expected to exhibit the fastest growth rate during the forecast period. This sub-segment generated revenue of US$253,468.1 million in 2020 and is expected to register revenue of US$757,089.2 million during the forecast period 2021-2028. This is mainly due to the various perks that the sub-segment offers such as: B. Premium priority check-ins, majestic hotels, delicious dining, streamlined entertainment such as 24/7 on-demand service, cruise diner, access to VIP nightclubs, and others. These services offer customers a unique and unforgettable experience. Such factors are expected to fuel the growth of this sub-segment of the luxury travel market over the forecast period. Other sub-segments include emerging luxury and accessible luxury.
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Age Group: Baby Boomer sub-segment is said to be the most lucrative
The Baby Boomers sub-segment is expected to generate revenue of US$517,801.8 million during the forecast period. Flexible schedules of baby boomers, allowing them to choose longer vacations, are expected to spur growth of the sub-segment over the forecast period.
Region: Europe region to dominate the global market
The Europe region is expected to register revenue of US$452,216.8 million during the forecast period. The increasing popularity of this region is expected to drive the growth of the market due to the availability of reliable transportation, personal service, professional staff, succulent food and wine quality, political stability and others. Furthermore, the proliferation of top luxury travel destinations in this region such as Italy, Spain, Germany, Portugal and others is expected to further accelerate the growth of the regional luxury travel market over the forecast period.
Dynamics of the luxury travel market
Driver: The growing demand for unique, personalized, exotic travel experiences from customers around the world is expected to spur the growth of the market over the forecast period. In addition, luxury travel greatly improves physical and mental health and reduces a lot of stress in individuals. This factor is expected to further propel the growth of the luxury travel market over the forecast period.
Limitations: Diverse socioeconomic conditions across the world are expected to hamper the growth of the market over the forecast period.
occasions: The proliferation of high-speed internet along with innovative applications that enable people to seamlessly book flights and hotels, initiate online check-in and check-out facilities, etc. are expected to take place over the course of the year numerous opportunities for luxury travel market growth create forecast period.
Impact of COVID-19 on the luxury travel market
The outbreak of COVID-19 has negatively impacted the growth of the global luxury travel market as lockdowns are prevailing in various countries around the world. Governments of different countries around the world have imposed strict travel restrictions to curb the spread of the virus during the pandemic. This subsequently led to an unfavorable drop in sales and losses for numerous travel and tourism companies around the world as various domestic and international tours were canceled amid fears of the pandemic. In addition, various people around the world suffered premature financial crises during the pandemic, which consequently curtailed their spending on expensive or non-essential goods. However, numerous companies, through their continued technological advances and initiatives, are providing the necessary assistance to society to recover from the unprecedented crisis.
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key players in the market
Major players in the luxury travel market include
- Micato Safaris
- Thomas Cook Ltd.
- Meredith Corporation, LLC
- Abercrombie & Kent USA, LLC.
- Cox & Kings Ltd.
- Butterfield & Robinson Inc.
- scott dunn ltd
- Kensington Tours Ltd.
- Travcoa Corporation
- TUI AG and many others.
These players are working to create strategies such as product development, mergers and acquisitions, partnerships and collaborations to sustain the market growth. – Inquire [email protected] https://www.researchdive.com/purchase-enquiry/8410
For example in May 2021, Frog International Travela US-based travel agency with locations around the world that provides business travel management and luxury vacation planning, has acquired Valerie Wilson Travel Inc., an innovative travel consulting firm based in New York City, to strengthen Frosch’s presence in the global luxury travel market.
The report also summarizes many important aspects including financial performance of key players, SWOT analysis, product portfolio and latest strategic developments.
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