Luxury Travel Market Size to Grow by USD 703.14 Billion From 2022 to 2027, Assessment on Parent Market, Five Forces Analysis, Market Dynamics & Segmentation

NEW YORK, Nov. 21, 2022 /PRNewswire/ — The Global Luxury Travel Market share is set to increase by USD 703.14 billion from 2022 to 2027. Moreover, the market’s growth momentum will accelerate at a CAGR of 11.5% as per the latest market forecast report by Technavio. The market will also record a 10.35% Y-O-Y growth rate during the forecast period. To know more about the historic market size– Request a Free Sample Report!

Global Luxury Travel Market – Parent Market Analysis

Technavio categorizes the global luxury travel market as a part of the global hotels, resorts, and cruise lines market within the global hotels, restaurants, and leisure market. The parent market, the global hotels, resorts, and cruise lines market, covers companies engaged in operating hotels, resorts, and cruise ships, including travel agencies, tour operators, and related services. Technavio calculates the global hotels, restaurants, and leisure industry market size based on combined revenue generated by companies of casinos and gaming; leisure facilities; hotels, resorts, and cruise lines; and restaurants.

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Global Luxury Travel Market Characteristics with Five Forces–

The Global Luxury Travel Market is fragmented, and the five forces analysis by Technavio gives an accurate vision –

• Bargaining Power of Buyers

• The threat of New Entrants

• Threat of Rivalry

• Bargaining Power of Suppliers

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Global Luxury Travel Market – Customer Landscape

• The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence.

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Global Luxury Travel Market – Segmentation Assessment

Geography Segment Overview

Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Luxury Travel Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Luxury Travel Market size and actionable market understandings.

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Regional Highlights

• Europe is the fastest-growing region in the global luxury travel market compared to other regions. 29% of the market’s growth will originate from this region. The growth of this segment is attributed to factors such as the growing disposable income, the presence of numerous exotic destinations, the increasing spending capacity of Baby Boomers, the availability of easy transport facilities, the increasing demand for personalized vacations, the rapid increase in the number of food and beverage festivals, and the presence of major vendors.

Consumer Segment Overview

• The Global Luxury Travel Market as per consumer segmentation is categorized into Domestic and International.

• Revenue Generating Segment – The luxury travel market share growth by the domestic segment will be significant during the forecast period. The growth of the domestic segment is attributed to factors such as the lack of currency exchange issues, favorable government regulations, and familiarity with culture and language. Moreover, domestic luxury travel is cost-effective when compared to international travel.

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Global Luxury Travel Market – Market Dynamics

Major Driver Boosting the Market

• Increasing disposable incomes are driving the luxury travel market growth.

• Factors such as the increase in the number of dual households, rise in per capita income, and growth in the employment rate have led to an increase in disposable incomes worldwide.

• The rise in disposable income is expected to increase the spending and purchasing power of consumers.

• Therefore, the demand for luxury travel is increasing across the world, which, in turn, is fueling the growth of the market during the forecast period.

Major trends influencing the growth of the market

• Sports tourism is a primary trend in the market.

• The popularity of sports tourism has gained significantly in the last few years. As a result, a large number of sports enthusiasts are attending sporting events such as the Olympics, the Super Bowl, the Federation Internationale de Football Association (FIFA) World Cup, and the Cricket World Cup.

• Therefore, with the rising interest in sports, sports travel and tourism have been increasing every year.

• These factors will support the growth of the market during the forecast period.

Major Challenges Interrupting the Market Growth

• The threat of natural calamities and other issues may challenge the luxury travel market growth.

• The global travel and tourism industry is facing issues such as political unrest and a sudden outbreak of infectious diseases. The rising number of COVID-19 cases led to the suspension of travel activities, which negatively affected the overall tourism industry.

• In addition, the threat of natural calamities and other issues can also impact the revenue growth of the luxury travel market during the forecast period.

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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19-impacted market research reports.

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Luxury Travel Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will luxury travel market growth during the next five years

• Estimation of the luxury travel market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the luxury travel market

• Analysis of the market’s competitive landscape and detailed information on vendors

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

Related Reports

• The travel market is projected to grow by USD 451.19 billion with a CAGR of 13.86% during the forecast period 2021 to 2026. The market is segmented by sector (airline, hotel, travel activities, and others) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).

• The travel services market share in India is projected to grow by USD 11.78 billion with a CAGR of 11.38% during the forecast period 2021 to 2026. The market is segmented by booking (online and offline) and service (domestic flight services, hotel accommodation services, rail ticket services, cab services, and others).

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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 Us
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