Dublin, Dec. 13, 2022 (GLOBE NEWSWIRE) — “Global Luxury Travel Market Size, Share, Industry Trend Analysis Report, By Tour, Age Group (Baby Boomers, Generation X, Millennials, Silver Hair), Region Added another Outlook and Forecast, 2022-2028 report of ResearchAndMarkets.com Recruitment.
The global luxury travel market is expected to reach $1,574 billion by 2028, with market growth of 6.3% during the forecast period.
|Estimated market value in 2021 (USD)||$1037408.7 million|
|Projected Market Value (USD) to 2028||$1,573,970 million|
|compound annual growth rate||6.3%|
Exclusive, one-of-a-kind experiences and highly personalized service are combined with luxury travel. The sector is driven by increasing spending by wealthy tourists who want to see unknown places and have new experiences. The industry has developed as a result of the increasing trend of short vacations and the expansion of the global tourism industry.
Given that spending by luxury travelers on art, restaurants, culture, guides and sporting events is vital to the economies of the communities they visit, luxury travel plays an important role in the distribution of wealth around the world. Travelers are looking for flexible schedules that combine entertainment and relaxation to create a unique and exclusive experience.
Many tourists, especially the wealthy, are attracted to the growing popularity of cruises, yachts and small boats. One of the most prominent customers in this market is believed to be high net worth individuals (HNWIs). As a result, companies in this sector are focusing on luxury water travel such as cruises.
Moreover, the prevalence of Internet surveys has increased dramatically over time. During the forecast period, high-tech (smart) rooms are expected to stimulate demand for luxury accommodation and travel, giving guests complete control over how they use their accommodation and their travel choices. The industry is expanding as a result of increased internet usage and the availability of social media. And the number of travel stories shared on social media sites like Instagram, Facebook, and blogging platforms has doubled.
COVID-19 impact analysis
Across the globe, the COVID-19 pandemic is impacting every industry. Across the globe, the tourism sector has been severely impacted, adversely affecting related industries such as travel agencies, hospitality, tour operators and transport services of all kinds. While the rest stayed home out of fear of the virus itself, nearly the entire world’s population adjusted to lifestyles under varying travel restrictions.
Market growth factors
Travel guidelines and rules
Regarding VISA policies, each country has its own set of guidelines for visitors of different nationalities. However, the government more often forces travelers to take out travel insurance in order to obtain her VISA. Travel insurance is required to visit countries such as France, USA, Norway, Belgium, Luxembourg, Finland and Poland.
This clause exists to ensure that visitors are adequately compensated in the event of a medical emergency due to the high cost of medical care and hospitalization in the host country. The travel and tourism business has grown consistently over the last decade.
Social media influencing travelers
Every aspect of our lives is being transformed by social media, including the way we consume. Businesses have been greatly impacted by these advances, in large part because they have enabled new marketing techniques.
Arguably, the building block of all this is tourism, one of the world’s most dynamic economic sectors. People are encouraged to talk about travel now. Social networking has changed the way people make decisions as a result.
Rise in cases of chronic diseases restricting people from traveling
The travel sector has been nearly paralyzed by the pandemic. The COVID-19 pandemic is impacting the tourism sector due to travel restrictions and reduced demand from tourists. The spread of the coronavirus has had a major impact on the tourism sector as several countries have imposed travel restrictions to stop it.
Chapter 1 Market Scope and Methodology
Chapter 2 Market Overview
126.96.36.199 Market Composition and Scenario
2.2 Key Factors Affecting the Market
2.2.1 Market Driver
2.2.2 Market Constraints
Chapter 3 Competitive Analysis – Global
3.1 Recent industry-wide strategic developments
3.1.1 Partnerships, Collaborations and Agreements
3.1.2 Product Launch and Product Expansion
3.1.3 Acquisitions and mergers
3.1.4 Geographic expansion
3.2 Top Winning Strategies
3.2.1 Key Key Strategies: Proportion Distribution (2018-2022)
3.2.2 Key Strategic Moves: (Partnerships, Collaborations and Agreements: August 2018-September 2022) Major Players
Chapter 4 Global Luxury Travel Market by Tour
4.1 Global Safari & Adventure Market by Region
4.2 Global Celebration Journey Market by Region
4.3 Global Food Travel and Shopping Market by Region
4.4 Global Cruise, Yacht and Small Craft Expedition Market by Region
4.5 Global Customized Private Vacation Market by Region
4.6 Global Other Market by Region
5. Global Luxury Travel Market by Age Group
5.1 Global Baby Boomer Market by Region
5.2 Global Generation X Market by Region
5.3 Global Millennial Market by Region
5.4 Global Silver Hair Market by Region
6. Global Luxury Travel Market by Region
Chapter 7 Company Profile
7.1 TUI Group
7.1.1 Company Profile
7.1.2 Financial Analysis
7.1.3 Segment and Regional Analysis
7.1.4 Recent Strategies and Developments
188.8.131.52 Partnerships, Collaborations and Agreements
184.108.40.206 Geographic extension
7.2 Lindblad Expeditions Holdings, Inc.
7.2.1 Company Profile
7.2.2 Financial analysis
7.2.3 Segment Analysis
7.2.4 Recent Strategies and Developments
220.127.116.11 Partnerships, Collaborations and Agreements
18.104.22.168 Acquisitions and mergers
7.3 Thomas Cook (India) Limited (Fairfax Financial Holdings Limited)
7.3.1 Company Profile
7.3.2 Financial Analysis
7.3.3 Segment Analysis
7.4 Scott Dunn
7.4.1 Company Profile
7.4.2 Recent Strategies and Developments
22.214.171.124 Partnerships, Collaborations and Agreements
126.96.36.199 Acquisitions and mergers
7.5 Abercrombie & Kent USA, LLC
7.5.1 Company Profile
7.5.2 Recent Strategies and Developments
188.8.131.52 Partnerships, Collaborations and Agreements
184.108.40.206 Acquisitions and mergers
7.6 Exodus Travels Limited
7.6.1 Company profile
7.6.2 Recent Strategies and Developments
220.127.116.11 Partnerships, Collaborations and Agreements
18.104.22.168 Acquisitions and mergers
7.7 Travel Edge, Inc. (Navigatr Group)
7.7.1 Company profile
7.7.2 Recent Strategies and Developments
22.214.171.124 Partnerships, Collaborations and Agreements
7.8 Butterfield & Robinson Company
7.8.1 Company profile
7.9 Geographic Expeditions, Inc.
7.9.1 Company profile
7.10. Mikato Safari
7.10.1 Company profile
For more information on this report, please visit https://www.researchandmarkets.com/r/o4i0ar.
Global luxury travel market