The luxury travel market was valued at $890.83 billion in 2023 and is estimated to reach $2.14 trillion by 2035, exhibiting a CAGR of 7.4% from 2024 to 2035.
Luxury travel is a high-end tour experience characterized by remarkable services, individualized attention, and exquisite accommodations for customers. This form of travel prioritizes the comfort and relaxation of travelers. The key attributes of luxury travel include staying at lavish accommodations with curated itineraries and customized services such as guides, chauffeur-driven vehicles, & catering to last-minute requests.
Exponential increase in the affluent population and rise in disposable income of middle-class families are the key drivers of the luxury travel market. In addition, surge in the popularity of experiential travel and personalized experiences has propelled the development of the market notably. In recent times, the trend of combining luxury travel with wellness experiences has gained significant traction. Several individuals now seek opportunities to escape stress and soothe their souls during traveling; therefore, several property owners are striving to offer wellness programs and spiritual getaways to their customers.
However, increase in the popularity of backpacking & solo traveling due to their affordability and regional experiences is presenting notable challenges to the luxury travel market. Moreover, geopolitical instability such as trade wars and regional conflicts make affluent travelers hesitant to spend expensive trips, thereby restraining the development of the market. On the contrary, rise in demand for local cultural experiences and participation in regional traditions is expected to open new avenues for the luxury travel market. For instance, Arival - an in-destination experiences providing firm - stated in one of its articles that private and cultural tours have experienced 200% year-on-year growth in 2023. This offers a remunerative opportunity to stakeholders to differentiate offerings and garner premium pricing through personalized, culturally rich itineraries.
Luxury travel is a high-end tour experience characterized by remarkable services, individualized attention, and exquisite accommodations for customers. This form of travel prioritizes the comfort and relaxation of travelers. The key attributes of luxury travel include staying at lavish accommodations with curated itineraries and customized services such as guides, chauffeur-driven vehicles, & catering to last-minute requests.
Exponential increase in the affluent population and rise in disposable income of middle-class families are the key drivers of the luxury travel market. In addition, surge in the popularity of experiential travel and personalized experiences has propelled the development of the market notably. In recent times, the trend of combining luxury travel with wellness experiences has gained significant traction. Several individuals now seek opportunities to escape stress and soothe their souls during traveling; therefore, several property owners are striving to offer wellness programs and spiritual getaways to their customers.
However, increase in the popularity of backpacking & solo traveling due to their affordability and regional experiences is presenting notable challenges to the luxury travel market. Moreover, geopolitical instability such as trade wars and regional conflicts make affluent travelers hesitant to spend expensive trips, thereby restraining the development of the market. On the contrary, rise in demand for local cultural experiences and participation in regional traditions is expected to open new avenues for the luxury travel market. For instance, Arival - an in-destination experiences providing firm - stated in one of its articles that private and cultural tours have experienced 200% year-on-year growth in 2023. This offers a remunerative opportunity to stakeholders to differentiate offerings and garner premium pricing through personalized, culturally rich itineraries.
Segment Review
The luxury travel market is segmented into type of tour, age group, type of traveler, and region. By type of tour, the market is divided into customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special event, and culinary travel & shopping. Depending on age group, it is classified into millennial, generation X, baby boomers, and silver hair. According to type of traveler, it is categorized into absolute luxury, aspiring luxury, and accessible luxury. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Singapore, India, and rest of Asia-Pacific), and LAMEA (Middle East, Latin America, and Africa).Key Findings
- By type of tour, the adventure & safari segment held the highest market share in 2023.
- Depending on age group, the generation X segment dominated the market in 2023.
- According to type of traveler, the aspiring luxury segment acquired a notable stake in the market in 2023.
- Region wise, Europe was the highest revenue generator in 2023.
Competition Analysis
The key players in the luxury travel market include Abercrombie & Kent Ltd., Cox and Kings Ltd., TUI Group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd., Kensington Tours, and Butterfield & Robinson Inc. These major players have adopted various key development strategies such as acquisition, agreement, partnership, product launch, and expansion to strengthen their foothold in the competitive market.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 2023 to 2035 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.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Average Selling Price Analysis / Price Point Analysis
- Brands Share Analysis
- Criss-cross segment analysis- market size and forecast
- Expanded list for Company Profiles
- Historic market data
- Import Export Analysis/Data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- List of customers/consumers/raw material suppliers- value chain analysis
- Market share analysis of players at global/region/country level
- Per Capita Consumption Trends
- Product Consumption Analysis
- Reimbursement Scenario
- SWOT Analysis
- Volume Market Size and Forecast
Key Market Segments
By Types of Tour
- Small group journey
- Celebration and special events
- Culinary travel and shopping
- Customized and private vacations
- Adventure and safari
- Cruise/ship expedition
By Age Group
- Millennial
- Generation X
- Baby Boomer
- Silver hair
By Types of Traveler
- Absolute luxury
- Aspiring luxury
- Accessible luxury
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Singapore
- Rest of Asia-Pacific
- LAMEA
- Middle East
- Latin America
- Africa
Key Market Players
- Micato Safaris
- Thomas Cook India Ltd.
- Zicasso, Inc.
- Kensington Tours Ltd.
- Scott Dunn Ltd.
- Tauck, Inc.
- TUI GROUP
- Abercrombie & Kent USA, LLC
- Travelopia Holdings Limited
- Butterfield & Robinson Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: LUXURY TRAVEL MARKET, BY TYPES OF TOUR
CHAPTER 5: LUXURY TRAVEL MARKET, BY AGE GROUP
CHAPTER 6: LUXURY TRAVEL MARKET, BY TYPES OF TRAVELER
CHAPTER 7: LUXURY TRAVEL MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Micato Safaris
- Thomas Cook India Ltd.
- Zicasso, Inc.
- Kensington Tours Ltd.
- Scott Dunn Ltd.
- Tauck, Inc.
- TUI GROUP
- Abercrombie & Kent USA, LLC
- Travelopia Holdings Limited
- Butterfield & Robinson Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
