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.
For Full Research Report On Luxury Travel Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/luxury-travel-market
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.
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Grand
View Research has segmented the global luxury travel market on the basis of
tour, age group, and region:
Luxury Travel Tour Outlook (Revenue, USD Billion, 2015 - 2025)
- Customized
& Private Vacations
- Safari
& Adventure
- Cruises,
Yachting & Small Ship Expeditions
- Celebration
Journeys
- Culinary
Travel & Shopping
- Others
Luxury Travel Age Group Outlook (Revenue, USD Billion, 2015 - 2025)
- Millennial
- Generation
X
- Baby
Boomers
- Silver
Hair
Luxury Travel Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North
America
- U.S.
- Europe
- U.K.
- Germany
- Asia
Pacific
- India
- China
- Central
& South America
- Brazil
- Middle
East & Africa
- South
Africa
About Grand View Research
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, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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