Luxury travel today is defined less by thread count and Michelin stars and more by access to the people, places and experiences that represent all that is authentic about a destination. There’s no denying that comfort factors still apply and high standards of accommodation and dining will always feature on the luxury traveller’s wish list. However, today’s luxury traveller seeks more depth of understanding and immersion into local culture than ever before. People don’t just want to see – they want to participate.
The sales process is also critical and whilst the online proposition can be an asset in terms of booking more simple arrangements, clients looking for luxury experiential travel require a deep level of sophisticated knowledge and confidence during the sales process.
Growing inclination of people towards unique and exotic holiday experiences, rise in middle and upper middle class spending and the increasing impact of social media on travel industry are the key factors that drive the market growth. Emerging new destinations coupled with rising service standards in the travel industry, is anticipated to further drive the demand for luxury travel, globally.
The Small Group Journey segment accounted for about 44% of the overall luxury travel market revenue, by tour type in 2015, as this is identified as the most popular vacation option among young and middle age group travelers. In addition, Customized and Private Vacation aimed at culinary and shopping, would witness the fastest growth, registering a CAGR of 9.1% during the forecast period.
An increasing number of luxury travelers are indulging in these tours as they enable these travelers to experience the finest local delicacies and also buy some of the most exquisite handicrafts. These trips are getting popular among travelers of all age groups, especially the millennials (21 - 30 years). In 2015, approximately 45% of millennials took a trip based on culinary interest.
In 2018, the global Luxury Travel market size was 5200 million US$ and it is expected to reach 9920 million US$ by the end of 2025, with a CAGR of 8.4% during 2019-2025.
This report focuses on the global Luxury Travel status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Luxury Travel development in United States, Europe and China.
The key players covered in this study
--Thomas Cook Group
--Cox & Kings Ltd
--Abercrombie & Kent Ltd
--Butterfield & Robinson
Market segment by Type, the product can be split into
--Customized and Private Vacation
--Adventure and Safari
--Small Group Journey
--Celebration and Special Event
Market segment by Application, split into
Market segment by Regions/Countries, this report covers
--Central & South America
The study objectives of this report are:
--To analyze global Luxury Travel status, future forecast, growth opportunity, key market and key players.
--To present the Luxury Travel development in United States, Europe and China.
--To strategically profile the key players and comprehensively analyze their development plan and strategies.
--To define, describe and forecast the market by product type, market and key regions.
In this study, the years considered to estimate the market size of Luxury Travel are as follows:
--History Year: 2014-2018
--Base Year: 2018
--Estimated Year: 2019
--Forecast Year 2019 to 2025
For the data information by region, company, type and application, 2018 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.