The global luxury travel market size is expected to reach at USD 2.5 Trillion by 2025 to expand at CAGR of 4.6%. Elite travelers are preferring to visit unexplored destinations to gain experience and understand the new cultures worldwide. Moreover, they are planning unique trips that include cultural visits, cruising, and adventure activities putting experience over ownership.
Travelers now care for access over acquisition and experience over possession, thereby contributing to the growth of the market. Micro trips the new trend in the industry is expected to boost the market in the forecasted period. Travelers are squeezing in more travel itineraries into shorter time frames. To stay and spend quality time during short getaways in a unique and remarkable type of accommodation is expected to become trendy in the forecast period.
Amid the pandemic, countries around the world are juggling hard to restore normalcy and move forward adhering to safety protocols. However, the travel industry being severely hit by the pandemic is surviving gradually as countries resume to ease travel restrictions. This has led in adoption of novel practice for safety and hygiene. Several travel advisors are now ensuring flexibility in bookings without any hassle of terms and conditions.
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Luxury Travel Market Report Highlights
• By tour, the safari and adventure segment is projected to ascend at a CAGR of 4.3% over the forecast period in luxury travel market
•By age group, baby boomers held an overall revenue share of over 40.0% in 2018
•U.S., U.K., Germany, China, India, Brazil, and South Africa are the major countries with the largest market in their respective regions.
•North America is the large market for luxury travel owing to popularity of travel destinations and easy availability of air travel.
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Luxury Travel Market Segmentation
Grand View Research has segmented the global luxury travel market on the basis of tour, age group, and region:
Luxury Travel Tour Outlook (Revenue, USD Billion, 2015 - 2025)
• Customized & Private Vacations
• Safari & Adventure
• Cruises, Yachting & Small Ship Expeditions
• Celebration Journeys
• Culinary Travel & Shopping
• Others
Luxury Travel Age Group Outlook (Revenue, USD Billion, 2015 - 2025)
• Millennial
• Generation X
• Baby Boomers
• Silver Hair
Luxury Travel Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• The U.S.
• Europe
• Germany
• The U.K.
• Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East & Africa
• South Africa
List of Key Players of Luxury Travel Market
• TÜ Elite.
• TCS World Travel
• Abercrombie & Kent USA
• TUI Group.
• Micato Safaris
• Butterfield & Robinson Inc.
• Scott Dunn Ltd.
• Cox & Kings Ltd.
• Exodus travels
• Lindblad Expeditions
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About Grand View Research
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
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