The Global Luxury Travel Market generated revenue of around USD 912.88 billion in 2020 and is anticipated to grow at a CAGR of over 7.98% during the forecast period from 2021 to 2027 to reach around USD 1,808.30 billion in 2027. While, cumulative growth opportunity presented by the global Luxury Travel is around USD 10.63 trillion during 2021 to 2027.
Global Luxury Travel Market, 2020 – 2027 (USD Million)
Being a one of the few trillion-dollar industry, luxury travel market is one of the important sectors of world economy. Luxury travel is intended to offer high level of personalized yet lavish and comfortable travelling experience. As the name suggest, luxury travelling is quite expensive. However, growing number of wealthier people as well as growing desire among middle class for experience of luxury travel is fueling the growth of luxury travel market.
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Customized & Private Vacations to Grow at a Rapid Pace
Customized & Private Vacations, Adventure & Safari, Cruise/Ship Expedition, Small Group Journey, Celebration & Special Events, and Culinary Travel & Shopping major types of luxury travel. Although Adventure & Safari accounted for the largest share of the industry with over 25% share in total revenue generation, the demand Customized & Private Vacations is on the rise. Similarly, Cruise/Ship Expedition has been remained one of the important and attractive segment of luxury travel.
Baby Boomers to Boom the Luxury Travel Industry
Millennial, Generation X, Baby Boomers, and Silver Hair are some of the important age groups in luxury travel industry. Millennials are emerging as very attractive age group for luxury travel. Over 35% share of the millennial population opt for incurring expenditure on luxury travel experience. While, baby boomers are already leading the luxury travel industry. While, generation X is resulting into major driving force for the industry with highest average expenditure incurred on every single trip among all age groups. Absolute Luxury, Aspiring Luxury, and Accessible Luxury are the Type of Travelers covered in the report.
Highly Customized and Personalized Offering
Luxury is desire of every individual. In order to capture the trend of personalized and customized luxury travel experience, most of industry players are changing their offering with inclusion of wide range of trave options in line with likes of customers. Abercrombie & Kent USA; TUI Group; Micato Safaris; Butterfield & Robinson Inc.; Scott Dunn Ltd.; Lindblad Expeditions, Cox & Kings Ltd.; Exodus travels; TÜ Elite; TCS World Travel; TUI AG, Thomas Cook Ltd, Travcoa Corporation, Meredith Corporation LLC and Kensington Tours Ltd are major players operating in global luxury travel industry.
Pandemic Has Proved to be Major Challenge for Luxury Travel Industry
COVID 19 pandemic resulted into various stringent sections on day to day life of every individual across the world with limited mobility. Air travel came to stand still in 2020 which is major aspect of luxury travel resulted into loss of whopping USD 400 billion revenue in 2020 alone. COVID 19 has shattered the luxury travel industry 2020. However, the industry is expected to show rapid recovery in 2021 with almost over 25% growth as compare to 2020.
Market Segmentation
Global Luxury Travel Market by Type, 2015 – 2027
Global Luxury Travel Market by Age Group, 2015 – 2027
Global Luxury Travel Market by Type of Traveler, 2015 – 2027
Global Luxury Travel Market by Company, 2015 – 2027
Blog: Target Market Size
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