The global luxury travel market was valued at $638.2 billion in 2021, and is projected to reach $1650.5 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.
Luxury travel services cover most desirable and premium experience in terms of luxurious accommodations, convenient transport facilities, and authentic travel experience. The service providers aim to provide outstanding services to its travelers. Private jet planes, spas, special menus, private island rentals, and private yacht are some of the unique services offered by the stakeholders to the travelers. Travelers, nowadays, focus on experimenting with destinations to gain experience in terms of cultures, foods, and other experiences. To gain a valuable and unforgettable experience, people increasingly opt for unique trips, which include cultural visit, cruising, and adventure activities. The luxury travel industry has emerged as one of the fastest growing sectors to contribute significantly to the global economic growth and development. Growth in disposable income and increase in upper middle class expenditure has raised the demand for higher service standards.
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The luxury travel market size is projected to be the fastest growing segment of the travel industry worldwide during the forecast period. The key drivers of rising luxury travel trend include 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. The growth luxury travel market is attributed to the increase in disposable income and growth in middle class population in countries such as China, Hong Kong, India, and Malaysia. As per recent statistics, Asia-Pacific millionaires now control more wealth than their peers in North America.
According to the market analysis, the luxury travel market is segmented into types of tour, age group, types of travelers, and region. As per types of tour, the market is categorized into customized and private vacations, adventure and safari, cruise/ship expedition, small group journey, celebration and special events and culinary travel and shopping. By age group, it is segregated into millennial, generation x, baby boomer and silver hair. Depending on types of travelers, it is segmented into absolute luxury, aspiring luxury and accessible luxury. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy and Rest of Europe), Asia-Pacific (China, India, Singapore and Rest of Asia-Pacific), and LAMEA (Middle East, Latin America and Africa).
On the basis of type of tour, the cruise/ship expedition segment accounted for around 4.6% of global luxury travel market share in 2021, and is expected to sustain its share throughout luxury travel market forecast period. Luxury cruising is gaining attraction and is expected to get tripled by the next decade. From the growth perspective, Asia-Pacific and LAMEA are the two potential markets, expected to witness considerably higher growth rates during the forecast period. Introduction of innovative cruise design concepts, new ship lengths, new and more exotic destinations around the globe, and new on-board and on-shore activities and themes drive the growth of the market for cruise/ship expedition. Luxury cruising is mostly opted by silver hair group since it is much more convenient, relaxing, and more glorious mode of traveling. With the advent of Crystal Cruises’ luxury travel portfolio has expanded into the luxury river cruise market and yachting & air market.
On the basis of age group, the millennial segment was valued at $83,842.5 million in 2021, and is expected to reach $242,050.1 million by 2031, with a CAGR of 10.1%. North America and Europe together accounted for about 67.4% of the millennial luxury travel market revenue in 2021, with the former constituting around 28%. From a growth perspective, Asia-Pacific and LAMEA are the two potential markets, expected to witness considerably higher growth rates over the forecast period. Millennial’s are avid travelers comprising of maximum number of population of traveling, on an average, millennial’s spend $527 a day on a trip which is 62% less than their older counterparts. They generally look for cultural and leisure breaks. Millennial’s are driven by wanderlust and breaking life’s monotony, these group of youngsters prefer short trips to culturally rich and different countries, also local shopping is a major factor of their traveling.
According to the luxury travel market trends, depending on types of travelers, the aspiring luxury segment was valued at $202,139.7 million in 2021, and is expected to reach $513,454.9 million by 2031, with a CAGR of 8.7%. Aspiring luxury class majorly comprises the millennial generation who prefer short, luxury trips, as they are moderately wealthy. This segment also comprise of ‘newly rich’, which are willing to pour money into the luxury travel industry and are the front-runner of this segment. Aspiring luxury travelers take an average of five business and leisure trips per year, owing to their high spending power and the potential to afford luxury traveling. Mid-income and aspirational shoppers are fostering the growth of upper premium brands and the second-hand market. Destinations such as Dubai have initiated programs to encourage investments in midmarket hotels such as releasing government land plots for three and fourstar hotel projects.
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Region wise, the North America was valued at $152,531.4 million in 2021, and is expected to reach $354,846.3 million by 2031, with a CAGR of 7.8%. The U.S. is driving the luxury travel market in North American region, with wealthiest of population and most outbound trips. Canada and Mexico’s luxury travel market also show a hike in the number of people opting for luxury travel owing to serene winter destinations in Canada and glittering white Caribbean beaches and private luxury resorts in Mexico. The luxury travelers are attracted to Mexico due to its established and highly exclusive resorts like Four Seasons and St. Regis in Punta Mita and high-end resorts in Los Cabos.
The players operating in the global luxury travel market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck, Thomas Cook Group PLC, Scott Dunn Ltd., Kensington Tours, Butterfield & Robinson Inc., TUI Group, Zicasso, Inc., Black Tomato, Backroads, Lindblad Expeditions and Exodus travels.
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Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury travel market analysis from 2021 to 2031 to identify the prevailing luxury travel market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the luxury travel market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global luxury travel market trends, key players, market segments, application areas, and market growth strategies.
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