Luxury travel market size to grow by USD 703.14 Billion From 2022 to 2027: A Descriptive Analysis of Customer Landscape, Vendor Assessment, & Market Dynamics

NEW YORK, Dec. 6, 2022 /PRNewswire/ — Technavio categorizes the global luxury travel market as a part of the hotels, resorts, and cruise lines market, the parent market. The hotels, resorts, and cruise lines market covers companies engaged in operating hotels, resorts, and cruise ships, including travel agencies, tour operators, and related services. The global luxury travel market size is forecast to grow by USD 703.14 billion at a CAGR of 11.5% between 2022 and 2027.

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Global luxury travel market – Customer Landscape

To help companies evaluate and develop growth strategies, the report outlines –

Global luxury travel market – Vendor Analysis

Vendor Landscape – The global luxury travel market is fragmented with the presence of many global and regional vendors. The vendors in the market are making significant investments in designing, planning, branding, developing, expanding their existing products, service portfolios, and acquiring new players. They are also staying updated with the trending technologies and current affairs that are influential to their service lines to keep them competitive in the market. Some vendors are competing in terms of pricing, government licensing, service portfolio, and safety measures. During the forecast period, the competition in the market is expected to intensify with an increase in product offerings.

Vendor Offerings –

• Abercrombie and Kent USA LLC: The company offers luxury travel services for countries such as Latin America, India, Egypt, France, and Antarctica.

• Absolute Travel Inc.: The company offers traveling packages for luxury music tours and concerts in New York.

• Butterfield and Robinson Inc.: The company offers luxury traveling across Africa, Europe, Latin America, and Asia.

• Classic Journeys: The company offers luxury trips for private families, groups, and even wedding destinations and honeymoons.

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Global luxury travel market – Segmentation Assessment

Geography Overview

By geography, the global luxury travel market is segmented into Europe, North America, APAC, the Middle East and Africa, and South America. The report provides actionable insights and an accurate estimation of the contribution of all regions to the growth of the global luxury travel market.

• Europe will account for 29% of the market’s growth during the forecast period. The market in the region is estimated to grow at the fastest pace during the forecast period. Factors such as rising disposable income, the presence of a large baby boomer population, the presence of numerous exotic destinations, increasing demand for personalized vacations, and the presence of major vendors are contributing to the growth of the regional market. The increasing number of food and beverage festivals and the availability of easy transport facilities are also contributing to the growth of the luxury travel market in Europe.

Segment Overview

By type, the global luxury travel market is segmented into adventure, personalized, cruising and yachting, culinary, and others.

• The market share growth of the adventure segment will be higher than the other segments during the forecast period. The growth of the segment can be attributed to the rising inclination toward adventure travel among millennials and the increasing number of offerings of adventurous activities at exotic locations. Also, comprehensive travel packages offered by vendors are contributing to the growth of the segment.

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Global luxury travel market – Market Dynamics

• Impactful Driver – The increase in disposable income is driving the growth of the market. Globally, the disposable income of people has increased significantly over the years. This is driven by factors such as a rise in dual household income, per capita income, and rapid growth in employment rates. The growth in the disposable income of consumers has consequently increased their spending and purchasing power. This has encouraged consumers to increase their spending on travel and leisure activities with exotic holiday experiences. As a result of these factors, the market size is expected to increase during the forecast period.

• Key Trend – The increasing popularity of sports tourism is the key trend in the market. The demand for sports tourism is growing significantly across the world with the increasing number of sports enthusiasts attending sports events. Popular events such as the Cricket World Cup, FIFA World Cup, the Union of European Football Associations (UEFA) Champions League, Rugby World Cup, Wimbledon Tennis, and Formula One racing are attracting a large number of sports enthusiasts. With a rise in the number of sports every year, a large number of players in the market are offering packages that combine accommodation and sporting event tickets that include special or VIP seating. This growing trend will positively influence the global luxury tourism market during the forecast period.

• Major Challenge – The threat of natural calamities and other issues is the major challenge in the market. Events of political unrest and the sudden outbreak of pandemics have a direct impact on the tourism industry. For instance, the outbreak of COVID-19 led to travel suspension in most countries, which adversely affected the overall tourism industry. Similarly, the threat of natural calamities and environmental disasters can have a direct impact on biodiversity, human health, and also the tourism industry. Such factors reduce the growth potential in the market.

Driver, Trend & Challenges are the factors of market dynamics that state about consequences & sustainability of businesses, find a few insights from, a free sample report!

What are the key data covered in this luxury travel market report?

• CAGR of the market during the forecast period.

• Detailed information on factors that will drive the growth of the market between 2023 and 2027

• Precise estimation of the size of the luxury travel market and its contribution to the parent market.

• Accurate predictions about upcoming trends and changes in consumer behavior.

• Growth of the market industry across Europe, APAC, South America, North America, and the Middle East and Africa.

• Thorough analysis of the market’s competitive landscape and detailed information about vendors.

• Comprehensive analysis of factors that will challenge the growth of luxury travel market vendors.

Related Reports:

• The sports tourism market is estimated to grow at a CAGR of 12.88% between 2022 and 2027. The size of the market is forecast to increase by USD 559.75 billion. The increasing number of sporting events is notably driving the market growth, although factors such as the cancelation of sports events due to financial constraints may impede the market growth.

• The space tourism market is estimated to grow at a CAGR of 14.1% between 2022 and 2027. The size of the market is forecast to increase by USD 6,959.36 million. The increased spending on travel and tourism are is notably driving the market growth, although factors such as high risks associated with space tourism may impede the market growth.

Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Consumer

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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