Luxury Travel Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global luxury travel market is anticipated to grow at a significant CAGRof nearly 9.0% during the forecast period (2022-2028).Luxury travelprovidesthe most desirable and premium experience in terms of luxurious accommodations, convenient transport facilities, and authentic travel experience.The major factor expected to drive the market growth is the rising disposable income and an increase in upper-middle-class expenditure which has raised the demand for higher service standards. In addition, the inclination of people toward unique and exotic holiday experiences, increase in the middle- & upper-class disposable income & related expenditure, and growth in need and interest of people to spend more time with family will lead to the growth of the market during the forecast period. Moreover, the emerging trend of modern campsites or innovative glamping accommodations, coupled with the rising awareness among people about eco-friendly travel solutions are supporting to drive the market growth.Continuous technological advancements in luxury travel providesthe convenience of booking and offers the best deal and discounts, which provides thefacility to see all accommodation options. This will further drive the growth of the global luxury travel market during the forecast period.

Some major players in the market includeCox & Kings Ltd., Abercrombie and Kent USA, LLC, and Butterfield & Robinson Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in June 2021, Inspirato LLCproclaimed its merger agreement with Thayer Ventures Acquisition Corp., a publicly-traded special purpose acquisition company, enabling Inspirato to go public on Nasdaq Exchange in order to maximize its global expansion. Furthermore, in May 2021, Almosafer Travel Groupunveiled a new luxury travel concierge service that targets discerning Saudis that are looking to explore far-flung destinations. Further, they offered to a ‘members only’ group of customers that are eligible for the service to reap its benefits, from luxury hotels and unique experiences to exclusive value adds.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • ByType of Traveler
  • By Age Group
  • By Types of Tour
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

 

• Competitive Landscape-Cox & Kings Ltd., Abercrombie and Kent USA, LLC, and Butterfield & Robinson Inc., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Luxury Travel Market Report by Segment

ByType of Traveler

• Absolute Luxury
• Aspiring Luxury
• Accessible Luxury

By Age Group

• Millennials
• Generation X
• Baby Boomers
• Silver Hair

By Types of Tour

• Customized and Private Vacations
• Adventure &Amp; Safari
• Cruise/Ship Expedition
• Small-Group Journey
• Celebration and Special Events
• Culinary Travel and Shopping