The global Luxury Travel Market size is expected to reach USD 2.5 trillion by 2025, expanding at a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. Increasing disposable income and consumer spending of middle and upper class, growing demand for accumulation of travel memories, increase in micro trips, and emerging tourism and corporate industries all across the globe are expected to drive the market.
Growing
traveler’s preference for personalized service, reliable transport,
exclusivity, and positive and professional interaction with staff is setting
the primary benchmark for luxury travel. Growing political stability across the
globe regarding gender, ethnicity, sexual orientation, human rights, racism,
citizenship, and less hustle in visa offering are influencing the people’s
decision over potential travel destination. Long haul travelers are seeking to
create their own unique holiday and are demanding flexible itineraries for a
combination of entertaining and relaxing travel. This personalization demand of
the travelers is making their journey more convenient and full of experience.
Elite
travelers are preferring to visit the unexplored destinations to gain
experience and understand the new cultures worldwide. Moreover, they are
planning unique trips that include cultural visit, cruising, and adventure
activities putting experience over ownership. Travelers now care for access
over acquisition and experience over possession, thereby contributing to the
growth of the market. Micro trips have emerged as a new trend in the industry,
which, in turn, is expected to boost the market growth in the forecast period.
Travelers are squeezing in more travel itineraries into shorter time frames. To
stay and spend quality time during short getaways in unique and remarkable type
of accommodation is expected to become trendy in the forecast period
By
tour type, the market is divided as customized and private vacations, safari
and adventure, cruises, yachting, and small ship expeditions, celebration
journeys, culinary travel and shopping, and others. Safari and adventure
accounted for the largest share of 35.3% in the year 2018 as luxury travelers
are seeking more depth to understand local culture, sense of adventure, and
less crowded environment. Personalized vacation aimed at safari and adventure
is getting popular among all age groups, thereby surging the segment growth.
On
the basis of age group, the luxury travel market has been segmented into
millennial, generation x, baby boomers, and silver hair. Millennial is the
fastest growing segment with a CAGR of 5.4%. Millennials have a mindset for
luxury and its meaningful consumption over owing stuff. They tend to be more
independent in their religious and political views, more entrepreneurial, less
likely to be married, distrustful of authority, better educated, and more
travel oriented than any other generation. Millennials are shifting their focus
from traditional pampering to a wider range of compelling experiences.
North
America was the largest regional market in the year 2018 and this trend is
expected to continue over the forecast period. In 2018, U.S. was the largest
shareholder of this market with a share of 85.5% in North America as it is a
global financial hub as well as one of the most popular tourist destinations
for people across the world. Increase in shorter trip over long haul trips is
expected to fuel the market growth over the forecast period.
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Further key findings from the study suggest:
- By tour, the
safari and adventure segment is projected to ascend at a CAGR of 4.3% over
the forecast period in luxury travel market
- By age
group, baby boomers held an overall revenue share of over 40.0% in 2018
- U.S., U.K.,
Germany, China, India, Brazil, and South Africa are the major countries
with the largest market in their respective regions.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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