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The global luxury travel market is tracking popular growth due to the growing demand of travelers for unique and exciting travel experiences
Increasing technical advancements and personalization in luxury travel are fueling the growth of the global luxury travel market. The Covid-19 pandemic has had a negative impact on the market. of Asia Pacific The region is likely to lead the market in future.
new york, August 18, 2022 /PRNewswire/ – has added a new report to its offerings titled Research Dive.Luxury Travel Market by Tour Type (Custom & Private, Adventure & Safari, Cruises/Cruises, Small Group Travel, Celebration & Special Events, Culinary Travel & Shopping), Age Group (Millennials, Generation X, Baby Boomers & Silverheads) ), traveler type (absolute luxury, desired luxury, and accessible luxury) and regional analysis (North America, Europe, Asia-Pacificand LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028“.
of International luxury travel market It is expected Garner 1369.1 billion dollars In the year 2028growing up 8.8% CAGR from 2021 to 2028. The report examines market drivers and restraints, opportunities, key segments, and regions to provide all-inclusive insights into the current state and future potential of the market.
To download the complete PDF sample [258-Pages] Luxury Travel Market Click Here!
Key findings Luxury travel Market
The market is segmented based on tour type, age group, type of traveler and region.
- The adventure and safari sub-segment is estimated to witness the leading growth overtaking the tour-type segment. 543,892.0 million dollars In the estimated period. This growth is mainly due to the growing demand for adventure and safari-style travel, as they offer travelers unique and memorable experiences such as spectacular scenery, wildlife adventures and extraordinary cultural encounters.
- The baby boomer sub-segment of the age group segment is expected to witness significant growth and dominance. 517,801.8 million dollars In the estimated period. This growth is mainly due to the fact that baby boomers generally have flexible schedules that allow them to travel and go on long trips.
- The absolute luxury sub-segment of the commuter type segment is expected to witness significant growth and garner revenue. 757,089.2 million dollars In the estimated period. This growth is mainly due to the increasing acceptance of luxury cruises among travelers. These cruises offer amazing hotels, priority check-in, fine dining services and better entertainment options such as night clubs, cruise dining, on-demand services and more. .
- At the regional level, Asia Pacific The luxury travel market is projected to witness increased growth at a CAGR of 14.5% during the forecast period. The market growth of this region is mainly due to increasing economic development, growing desire among people to explore more places, increasing popularity for adventure travel, increasing demand for cruise/cruise tours among the youth in this region.
Broad insights into specific segments or regions of the luxury travel market (10% discount)
Luxury travel Market volatility
A key factor fueling the growth of the global luxury travel market is the sharp rise in demand for unique and exciting travel experiences that help people cope with stress. Additionally, increasing technical advancements and personalization in luxury travel are projected to open up new opportunities for market growth over the forecast period. However, it is estimated that frequent changes in socio-economic conditions in various regions due to events such as terrorist attacks, riots, political turmoil, natural disasters and others may dampen the growth of the market during the forecast period.
The impact of the Covid-19 pandemic on the luxury travel market
The Covid-19 pandemic has had a negative impact on the growth of the global luxury travel market in 2020. The implementation of lockdown has halted the travel and tourism industry across the globe. As a result, the demand for luxury travel has been severely hampered. All these factors are hampering the market growth during the pandemic. However, since the end of 2021, when the epidemic has relaxed, many travel and tourism companies have started the normal process. It is also helping the global luxury travel market.
Check out the latest trends in the luxury travel market. Speak with an analyst or schedule a call
Top players Luxury travel Market
The main players in the world market are Kensington.
- Tours Ltd.
- Abercrombie & Kent America, LLC.
- Cox & Kings Ltd.
- You at
- Scott Dunn Limited
- Mikato Safaris
- Thomas Cook Ltd
- Meredith Corporation, LLC
- Travcoa Corporation
- Butterfield & Robinson Inc. And others.
Several business strategies such as acquisitions, mergers, R&D activities, new product developments and more are implemented by these players to gain a strong position in the global market. – Click here to purchase the full report! (Initiated by 2999 dollars)
for instance, in June 2022Titan Journeya leading provider of coach tours, cruises and solo holidays, has launched one of its most exciting holidays, ‘Captivating Cultures: The Grand Tour from Rome To Rajasthan by Private Jet’ With this launch, Titan Travel aims to establish a strong foothold in the global luxury travel market.
Moreover, the report provides other key details such as business strategies, financial performance and product/service range of leading players along with Porter’s Five Forces analysis and SWOT analysis.
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About Research Dive
Research Dive is an established market research firm. Pune, India. Maintaining the integrity and accuracy of its services, the company is committed to a 360-degree research method and provides services based on its unique data model, which ensures comprehensive and accurate analysis. With unprecedented access to multiple paid data sources, a team of expert researchers and a strict work ethic, the company provides the most accurate and reliable insights. By analyzing relevant news releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the required services to its clients within the required time frame. The expertise focuses on analyzing markets, targeting the main driving factors and identifying potential barriers. Additionally, it has seamless collaboration with major industry enthusiasts, which makes the research even better.
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