Market Definition
The luxury tourism market was valued at USD 1112.9 billion in 2022 and it is anticipated to grow further till USD 2033.3 billion by 2032, at a CAGR of 6.2% during the forecast period.
The worldwide luxury travel market involves going to a certain location or having a travel experience that is distinguished by first-rate lodging and transportation options, delectable cuisine, knowledgeable staff, a personalized travel itinerary, unique travel experiences, and tours, etc. In essence, the market is branded by the exclusivity, singularity, and personalization of the travel experiences it offers. Customers in this sector are those who prioritize added value over trip package cost. Access to genuine experiences, locations, and people, as well as an immersion in the local culture, can also be included in luxury travel.
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Market Outlook
The worldwide luxury travel market is primarily driven by an increase in the number of domestic and international travellers with high disposable income levels. The expansion of this market is anticipated to be supported by the present trends of destination weddings, business retreats, travel blogging, destination shopping, cultural immersion, etc. This Luxury Travel Market has grown as working people, particularly millennials, seek opulent respites from their demanding work schedules. User-generated travel content has resulted in more successful luxury travel market promotion than traditional approaches in the age of the ubiquitous internet and social media, significantly boosting this sector. The expansion of the luxury travel market is significantly influenced by travel blogging in and of itself.
Market Restraints and Challenges
The decline in travelling activities owing to coronavirus pandemic coupled with rising political turmoil in the global market is anticipated to hinder the growth of the market.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Segmental Overview
The global luxury tourism market is segmented into type, tour type, generation, and region.
Major Players
The key players studied in the report are Abercrombie & Kent USA, LLC., Silversea Cruises, Thomas Cook (India) Ltd., TUI Group, Jet2 Holidays, G Adventures, Backroads, Travelopia, and Audley Travel among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – US$ 1,112.9 Billion
• Market Size in 2031 – US$ 2,033.3 Billion
• CAGR % – 6.2%
• Historic Period – 2016-2021
• Forecast Period – 2023-2032
• Base Year – 2022
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