by The global Luxury Travel Market is estimated to be valued at US$ 260.23 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The luxury travel market involves planning and arrangement of luxurious trips and tours for affluent travelers. It offers various high-end services and amenities like private jets, luxury cruises, exotic destinations, luxury lodging, gourmet meals, and more. Such offerings cater to the evolving needs of wealthy customers seeking unique travel experiences.
Market key trends:
One of the key trends driving the luxury travel market is the increasing popularity of adventure travel among affluent customers. Earlier, luxury vacations mostly involved leisure activities like sightseeing and relaxation. However, wealthy millennials and Generation Z travelers now prefer experiential luxury trips involving activities like hiking, camping, wildlife safaris, skiing, and outdoor adventures. They seek thrill-seeking adventures combined with high-end amenities offered by luxury travel companies. This has boosted the demand for tailored luxury adventure packages globally.
Segment Analysis
The global luxury travel market is segmented by travel type into customized and private vacations, adventure and safari, cruise/ship expedition, small group journey, celebration and special events, cultural and theme based holidays, and others. The customized and private vacations segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is due to increasing demand among high net worth individuals for exclusive and tailored travel experiences according to their preferences.
Key Takeaways
Global Luxury Travel Market Demand is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period, due to increasing digitalization and rising high net worth individual population.
Regional analysis
North America dominated the luxury travel market in 2022 due to a strong economy, rising number of HNIs, and increasing demand for luxurious travel experiences. Europe is expected to be the fastest growing market, exhibiting a CAGR of around 8.4% during the forecast period.
Key players
Key players operating in the luxury travel market are Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company, TCS World Travel, TÜ ELITE, Cox & Kings Ltd., Travcoa, Micato Safaris, Scott Dunn Ltd., Kensington Tours Ltd., and Butterfield & Robinson Inc.
The global luxury travel market size was valued at US$ 260.23 Mn in 2023. North America represents around 35% of the overall luxury travel spending globally followed by Europe and Asia Pacific. Key factors such as increasing affluence, changing lifestyle preferences, and digitalization are expected to support the market growth over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
