With reference to the report issued by the professionals the scope of the global Luxury Travel Market was priced at US$ 1.8 trillion in 2018. It is likely to develop by a CAGR of 4.6% during the period of forecast and to touch US$ 2.5 trillion by the completion of 2025.
Growing per head earnings and increasing capacity of expenditure of upper and middle class customers, growth in micro journeys, increasing demand for building up of tourism memories and developing business of tourism, all over the world, are likely to motivate the global luxury travel market.
Exclusive tourists are choosing to visit the uncharted destinations to increase experience and realize the different cultures everywhere the world. Furthermore, they are scheduling exceptional journeys that consist of voyaging, adventure actions and cultural visit, in that way backing to the development of the luxury travel industry.
The latest inclination of the industry is micro trips. It is likely to increase the market within the period of forecast. Tourists are taking up additional travel plan into smaller time spans. To stopover and expend quality time for the duration of small breakouts in exclusive and extraordinary category of lodging is likely to develop popular within the period of forecast.
Moreover, tendency of online exploration has substantially improved for many years. This is estimated to power the development of the market during the period of forecast. The contemporary smart rooms are expected to motivate the demand for luxury room and luxury travel during the period of forecast. In that way offering tourists broad sovereignty over the engagement and usage of the lodging and method of travelling. Growing usage of internet and existence of social media are performing by way of a catalytic agent for the development of the market. The travel content produced by the user is additionally effective above an old-style publicizing. What is more, storytelling of travel above the platforms of social media such as Facebook, Instagram and web sites for blogging have augmented substantially.
The global luxury travel market can be classified by Tour, Age Group and Region. By Tour, it can be classified as: Culinary Travel & Shopping, Safari & Adventure, Small Ship, Cruises & Yachting Voyages, Private & Customized Holidays, Celebration Trips and Others. By Age Group, it can be classified as: Silver Hair, Generation X, Baby Boomers, and Millennial.
By Region the global luxury travel industry can be classified as North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. During the year 2018, North America appeared such as the biggest provincial market. This development is estimated to remain over the period of forecast. The U.S.A. was the biggest shareholder of this market in 2018. It had a share of 85.5% in the business of North America region because it is an international monetary center along with one of the maximum prevalent tourist destinations for persons all over the world. Growth in undersized trip above extended haul trips is likely to power the development of the market within the region during the period of forecast.
Asia Pacific is estimated to appear such as the speedily developing provincial market during the period of forecast. Increase in the power of expenditure and refining lifestyle are some of the important reasons accountable for enticing customers to luxury travel. Demand for luxury travel for holiday journeys, corporate occasions and corporate holidays is increasing because additional money is getting inserted into the economy. The nations facing financial crunches, governmental unpredictability and strict rules for Foreign Direct Investment (FDI) are expected to observe stable or else sluggish development within the market.
The companies operating in the market are arriving into mergers & acquisitions (M&A) in addition to tactical partnerships to increase their geographic presence. For example, in July 2015, Lindblad Expeditions, Inc. merged with Capitol Acquisition Corp. II, in July 2015. This will assist it to have remarkable development openings during upcoming years. It comprises building of new-fangled ships and long term contracts. In partnership with National Geographic, Lindblad, is a global front-runner in experiences of luxury travel and voyage travelling.
Some of the important companies for luxury travel market are: Lindblad Expeditions, Cox & Kings Ltd., Butterfield & Robinson Inc., TUI Group, TCS World Travel, Exodus travels, Scott Dunn Ltd., Mica to Safaris, Abercrombie & Kent USA and TÜ Elite.
Luxury Travel Tour Outlook (Revenue, USD Billion, 2015 - 2025)
• Customized & Private Vacations
• Safari & Adventure
• Cruises, Yachting & Small Ship Expeditions
• Celebration Journeys
• Culinary Travel & Shopping
Luxury Travel Age Group Outlook (Revenue, USD Billion, 2015 - 2025)
• Generation X
• Baby Boomers
• Silver Hair
Luxury Travel Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
Research Support Specialist, USA