Dublin, Dec. 13, 2022 (GLOBE NEWSWIRE) — “Global Luxury Travel Market Size, Share and Industry Trends Analysis Report by Tour, Age Group (Baby Boomers, Generation X, Millennial and Silver Hair), Regional Outlook and Forecast , 2022-2028” added the report ResearchAndMarkets.com’s The offer of
The Global Luxury Travel Market size is expected to reach USD 1,574 billion by 2028, growing at a market growth of 6.3% CAGR during the forecast period.
| The report attribute | The details |
| number of pages | 187 |
| Forecast period | 2021 – 2028 |
| Estimated market value (USD) in 2021 | 1037408.7 million dollars |
| Estimated market value (USD) by 2028 | 1573970 million dollars |
| Compound Annual Growth Rate | 6.3% |
| Regions covered | global |
Exclusive and unique experiences, and highly individualized services, are associated with luxury travel. The sector is being driven by increased spending by affluent tourists who want to see undiscovered places and have new experiences. The industry has been developing as a result of the growing trend of short vacations as well as the expanding tourism industry worldwide.
As spending on art, restaurants, culture, guides and athletic events by luxury travelers is essential to the local economies of the countries they visit, luxury travel plays an important role in the distribution of wealth around the world. Travelers are looking for flexible schedules that combine fun and relaxation in order to build their own unique experiences.
Many tourists, especially wealthy ones, are attracted by 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 (HNWI). As a result, businesses in this sector have focused more on luxury water-based travel such as cruises.
Additionally, the prevalence of online research has increased dramatically over time. During the forecast period, high-tech (smart) rooms are expected to fuel demand for luxury accommodations and travel, offering guests complete control over how they use their accommodations and choose to travel. The industry is expanding as a result of the increased use of the Internet and the availability of social media. Also, the number of travel stories shared on social media sites like Instagram, Facebook and blogging platforms has multiplied.
Analysis of the impact of COVID-19
Around the world, the COVID-19 pandemic has had an impact on every industry. Worldwide, the tourism sector has been severely affected, which has a negative effect on related industries, including travel agencies, hospitality, tour operators and all types of transport services. The remaining people stayed at home for fear of the virus itself, while almost the entire world’s population adjusted to their lifestyles under various travel restrictions. As a result, the tourism industry practically came to a standstill.
Market Growth Factors
Travel instructions and rules
Regarding VISA policies, each nation has its own separate set of guidelines for visitors of different nationalities. However, governments are increasingly forcing tourists to take out travel insurance in order to obtain a VISA. To visit countries such as France, the United States, Norway, Belgium, Luxembourg, Finland and Poland, among others, you must have travel health insurance.
This clause exists to ensure that visitors are adequately covered in the event of a medical emergency due to the high costs of medical care and hospitalization in host countries. The travel and tourism business has grown steadily over the past ten years.
Social media influencing travelers
Every element of our lives, including the way we consume, has been changed by social media. Businesses have been profoundly affected by these advances, primarily because they have made new marketing methods possible.
Undoubtedly a component of all these is tourism, one of the most dynamic economic sectors in the world. People are now encouraged to talk about their journeys. Social media has changed the way people make decisions as a result.
Marketing limiting factor:
Increasing cases of chronic diseases that prevent people from traveling
The travel sector is almost paralyzed by the pandemic. The COVID-19 pandemic has affected the tourism sector due to travel restrictions and a drop in tourist demand. The spread of the coronavirus has had a significant impact on the tourism sector, as some countries have imposed travel restrictions in an attempt to stop it.
Main topics covered:
Chapter 1. Market Scope and Methodology
Chapter 2. Market overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Main factors influencing the market
2.2.1 Market leaders
2.2.2 Market restrictions
Chapter 3. Competitive analysis – global
3.1 Recent industry-wide strategic developments
3.1.1 Partnerships, Collaborations and Agreements
3.1.2 Product Launch and Product Expansion
3.1.3 Acquisition and mergers
3.1.4 Geographical expansions
3.2 Main winning strategies
3.2.1 Key Key Strategies: Percentage Share (2018-2022)
3.2.2 Key strategic move: (Partnerships, Collaborations and Agreements: 2018, August – 2022, September) Key Players
Chapter 4. Global Luxury Travel Market by Tour
4.1 Global Safari and Adventure Market by Region
4.2 Global holiday travel market by region
4.3 Global Culinary Travel and Shopping Market by Region
4.4 Global small ship cruises, yachts and expeditions market by region
4.5 Global Personalized and Private Vacations Market by Region
4.6 Global Others Market by Region
Chapter 5. Global Luxury Travel Market by Age Group
5.1 Global Baby Boomers Market by Region
5.2 Global Generation X Market by Regions
5.3 Global Millennial Market by Regions
5.4 Global Silver Hair Market by Region
Chapter 6. Global Luxury Travel Market by Region
Chapter 7. Company Profiles
7.1 TUI Group
7.1.1 Company Summary
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Strategies and recent developments
7.1.4.1 Partnerships, Collaborations and Agreements
7.1.4.2 Geographical extensions
7.2 Lindblad Expeditions Holdings, Inc.
7.2.1 Company Summary
7.2.2 Financial Analysis
7.2.3 Segmental analysis
7.2.4 Strategies and recent developments
7.2.4.1 Partnerships, Collaborations and Agreements
7.2.4.2 Acquisition and mergers
7.3 Thomas Cook (India) Limited (Fairfax Financial Holdings Limited)
7.3.1 Company Summary
7.3.2 Financial Analysis
7.3.3 Segmental analysis
7.4 Scott Dunn
7.4.1 Company Summary
7.4.2 Recent strategies and developments
7.4.2.1 Partnerships, Collaborations and Agreements
7.4.2.2 Acquisition and mergers
7.5 Abercrombie & Kent USA, LLC
7.5.1 Company Summary
7.5.2 Recent strategies and developments
7.5.2.1 Partnerships, Collaborations and Agreements
7.5.2.2 Acquisitions and mergers
7.6 Exodus Travels Limited
7.6.1 Company Summary
7.6.2 Recent strategies and developments
7.6.2.1 Partnerships, Collaborations and Agreements
7.6.2.2 Acquisition and mergers
7.7 Travel Edge, Inc. (Navigator Group)
7.7.1 Company Summary
7.7.2 Recent strategies and developments
7.7.2.1 Partnerships, Collaborations and Agreements
7.8 Butterfield & Robinson, Inc.
7.8.1 Company Summary
7.9 Geographic Expeditions, Inc.
7.9.1 Company Summary
7.10. Micato Safaris
7.10.1 Company Summary
For more information about this report, visit https://www.researchandmarkets.com/r/o4i0ar
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Global Luxury Travel Market
