The Global Luxury Travel Market size is expected to reach $1,574 billion by 2028, rising at a market growth of 6.3% CAGR during the forecast period.Exclusive and one-of-a-kind experiences, and highly individualized services, are linked with luxury travel. The sector is being driven by rising expenditure by affluent tourists who want to see undiscovered places and have novel experiences. The industry has been developing as a result of the rising trend of short vacations as well as the worldwide expanding tourist industry.
Given that spending on art, restaurants, culture, guides, and athletic events by luxury travelers is essential to the local economies of the places they visit, luxury travel plays a significant role in the distribution of wealth around the world. Travelers are searching for flexible schedules that combine entertainment and relaxation in order to build their own special experiences.
Numerous tourists, especially wealthy ones, are drawn to the growing popularity of cruises, yachts, and small ships. One of the most prominent customers in this market is thought to be High Net Worth Individuals (HNWIs). As a result, businesses in the sector have been focusing more on luxury water-based travel, like cruises.
Additionally, the prevalence of internet research has grown dramatically over time. During the forecast period, high-tech (smart) rooms are expected to fuel demand for luxury lodging and travel, offering guests total control over how they use their accommodations and choose to travel. The industry is expanding as a result of rising internet usage and the availability of social media. Also, the number of travel tales shared on social media sites like Instagram, Facebook, and blogging platforms has multiplied.ADVERTISEMENT
COVID-19 Impact Analysis
Worldwide, the COVID-19 pandemic has had an impact on every industry. Around the world, the tourism sector has been severely impacted, which has a negative effect on its related industries, including travel agencies, hospitality, tour operators, and all types of transportation services. The remaining people stayed at home out of dread of the virus itself, while almost the whole world’s population adjusted to their way of life under various travel limitations. As a result, the tourism industry virtually stopped.
Market Growth Factors
Travel Guidelines and Rules
Regarding VISA policies, each nation has its own distinct set of guidelines for visitors of various nationalities. Governments are, however, more frequently forcing tourists to get travel insurance in order to get a VISA. To visit countries like France, the United States, Norway, Belgium, Luxembourg, Finland, and Poland, among others, one must have travel health insurance.
This clause exists to make sure that visitors are adequately covered in the case of a medical emergency due to the high costs of medical care and hospitalization in the host nations. The travel and tourism business has consistently grown during the past ten years.
Social Media influencing travelers
Every element of our life, including the way we consume, has been altered by social media. Businesses have been profoundly impacted by these advances, mostly because they have made new marketing methods possible.
Undoubtedly a component of all of these is tourism, one of the most dynamic economic sectors in the world. People are now encouraged to talk about their travels. Social networking has changed how people make decisions as a result.
Marketing Restraining Factor:
Rising cases of chronic diseases restraining people to travel
The travel sector has been almost paralyzed by the pandemic. The COVID-19 pandemic has had an effect on the tourism sector because of the resulting travel restrictions and decline in demand from tourists. The spread of the coronavirus has had a significant impact on the tourist sector because several nations have imposed travel restrictions in an effort to stop it.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview2.1 Introduction2.1.1 Overview2.1.1.1 Market Composition & Scenario2.2 Key Factors Impacting the Market2.2.1 Market Drivers2.2.2 Market Restraints
Chapter 3. Competition Analysis – Global3.1 Recent Industry Wide Strategic Developments3.1.1 Partnerships, Collaborations and Agreements3.1.2 Product Launches and Product Expansions3.1.3 Acquisition and Mergers3.1.4 Geographical Expansions3.2 Top Winning Strategies3.2.1 Key Leading Strategies: Percentage Distribution (2018-2022)3.2.2 Key Strategic Move: (Partnerships, Collaborations & Agreements : 2018, Aug – 2022, Sep) Leading Players
Chapter 4. Global Luxury Travel Market by Tour4.1 Global Safari & Adventure Market by Region4.2 Global Celebration Journeys Market by Region4.3 Global Culinary Travel & Shopping Market by Region4.4 Global Cruises, Yachting, & Small Ship Expeditions Market by Region4.5 Global Customized & Private Vacations Market by Region4.6 Global Others Market by Region
Chapter 5. Global Luxury Travel Market by Age Group5.1 Global Baby Boomers Market by Region5.2 Global Generation X Market by Region5.3 Global Millennial Market by Region5.4 Global Silver Hair Market by Region
Chapter 6. Global Luxury Travel Market by Region
Chapter 7. Company Profiles7.1 TUI Group7.1.1 Company Overview7.1.2 Financial Analysis7.1.3 Segmental and Regional Analysis7.1.4 Recent Strategies and Developments7.1.4.1 Partnerships, Collaborations, and Agreements7.1.4.2 Geographical Expansions7.2 Lindblad Expeditions Holdings, Inc.7.2.1 Company Overview7.2.2 Financial Analysis7.2.3 Segmental Analysis7.2.4 Recent Strategies and Developments7.2.4.1 Partnerships, Collaborations, and Agreements7.2.4.2 Acquisition and Mergers7.3 Thomas Cook (India) Limited (Fairfax Financial Holdings Limited)7.3.1 Company Overview7.3.2 Financial Analysis7.3.3 Segmental Analysis7.4 Scott Dunn7.4.1 Company Overview7.4.2 Recent Strategies and Developments7.4.2.1 Partnerships, Collaborations, and Agreements7.4.2.2 Acquisition and Mergers7.5 Abercrombie & Kent USA, LLC7.5.1 Company Overview7.5.2 Recent Strategies and Developments7.5.2.1 Partnerships, Collaborations, and Agreements7.5.2.2 Acquisitions and Mergers7.6 Exodus Travels Limited7.6.1 Company Overview7.6.2 Recent Strategies and Developments7.6.2.1 Partnerships, Collaborations, and Agreements7.6.2.2 Acquisition and Mergers7.7 Travel Edge, Inc. (Navigatr Group)7.7.1 Company Overview7.7.2 Recent Strategies and Developments7.7.2.1 Partnerships, Collaborations, and Agreements7.8 Butterfield & Robinson, Inc.7.8.1 Company Overview7.9 Geographic Expeditions, Inc.7.9.1 Company Overview7.10. Micato Safaris7.10.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/5kjsuw
Older
Greyhound Providing Free Bus Tickets Home for Runaways this Holiday Season
Newer
A New Study Reveals How Early You Need to Arrive to Catch Your Flight Across 50 U.S. Airports More