The luxury tourism market was valued at USD 1112.9 billion in 2022 and it is anticipated to grow further till USD 2033.3 billion by 2032, at a CAGR of 6.2% during the forecast period.

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The worldwide luxury travel market involves going to a certain location or having a travel experience that is distinguished by first-rate lodging and transportation options, delectable cuisine, knowledgeable staff, a personalized travel itinerary, unique travel experiences, and tours, etc. In essence, the market is branded by the exclusivity, singularity, and personalization of the travel experiences it offers. Customers in this sector are those who prioritize added value over trip package cost. Access to genuine experiences, locations, and people, as well as an immersion in the local culture, can also be included in luxury travel.

Market Trends and Drivers

The worldwide luxury travel market is primarily driven by an increase in the number of domestic and international travellers with high disposable income levels. The expansion of this market is anticipated to be supported by the present trends of destination weddings, business retreats, travel blogging, destination shopping, cultural immersion, etc. This Luxury Travel Market has grown as working people, particularly millennials, seek opulent respites from their demanding work schedules. User-generated travel content has resulted in more successful luxury travel market promotion than traditional approaches in the age of the ubiquitous internet and social media, significantly boosting this sector. The expansion of the luxury travel market is significantly influenced by travel blogging in and of itself.

Market Restraints and Challenges

The decline in travelling activities owing to coronavirus pandemic coupled with rising political turmoil in the global market is anticipated to hinder the growth of the market.

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Global Luxury Tourism Market Segmental Overview

The global luxury tourism market is segmented into type, tour type, generation, and region.

Global Luxury Tourism Market by Type

Based on the type, it is segmented into customized & private vacations, celebration journeys, adventure & sport travel, safari, cruises yachting & small ship, and others. The customized & private vacation segment is anticipated to dominate the market during the forecast period. The ease of coronavirus limitations also encouraged people to participate in leisure and recreational activities, which boosted the appeal of luxury travel in affluent nations like the United States.

Global Luxury Tourism Market by Tour Type

Based on the tour type, it is segmented into solo, and group. The solo tourism segment is anticipated to dominate the market during the forecast period. Traveling alone is no longer a niche sector and is growing in popularity. Because of the growing worries about mental health and the flexibility of remote work, the trend of solo travel is expected to continue.

Global Luxury Tourism Market by Generation

Based on the generation, it is segmented into millennials, generation X, baby boomers, and others. The millennials segment is anticipated to witness the fastest growth of the market during the forecast period. They are typically described as having a sense of luxury and a taste for exciting events. But in this market segment, baby boomers are anticipated to hold the largest market share. They tend to be more autonomous, have fewer significant obligations, are wealthier, have plenty of spare time to travel, and typically have a travel wish list. They are anticipated to generate the most income during the time of forecasting for the global luxury travel market.

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Major Players in the Global Luxury Tourism Market

The key players studied in the report are Abercrombie & Kent USA, LLC., Silversea Cruises, Thomas Cook (India) Ltd., TUI Group, Jet2 Holidays, G Adventures, Backroads, Travelopia, and Audley Travel among others.

COVID-19 Impact

The COVID-19 pandemic is having a negative impact on the sector because of closed borders, a decline in consumer disposable income, and stringent lockdown conditions in various nations. The World Tourism Organization’s most current statistics show that international visitor arrivals decreased by 93% in June 2020 compared to the same month in 2019 due to COVID-19’s severe effects on the sector. What defines luxury travel are individualised services, dependable transportation, exclusivity, and good & professional interactions with staff. Positive developments in attitudes regarding gender, ethnicity, sexual orientation, and race, as well as more lenient visa restrictions, have a significant impact on international travel.

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Research Scope

• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.

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