Luxury Travel Market
Opportunities and Forecasts, 2015 – 2022
Published Date: Sept 2016
No of Pages: 110
LUXURY TRAVEL MARKET OVERVIEW • Luxury Travel Market report, published by Allied Market Research, forecasts that the global market is expected to garner $198 billion by 2022, registering a CAGR of 15.5% during the period 2016-2022.
• In 2015, North America and Europe collectively accounted for around 66% of the overall market revenue. • 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. Read more on:- https://www.alliedmarketresearch.com/luxury-travel-market
LUXURY TRAVEL MARKET SEGMENTATION BY TYPES OF TOURS • Customized and Private Vacation • Adventure and Safari • Cruise/Ship Expedition • Small Group Journey • Celebration and Special Event • Culinary Travel and Shopping BY AGE GROUP • Millennial (21‐30) • Generation X (31‐40) • Baby Boomers (41‐60) • Silver Hair (60 and above) BY TYPES OF TRAVELLERS • Absolute Luxury • Aspiring Luxury • Accessible Luxury
LUXURY TRAVEL MARKET SEGMENT OVERVIEW • The adventure and safari 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, tours aimed at culinary and shopping experience, would witness the fastest growth, registering a CAGR of 7.8% 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 70% of millennials took a trip based on culinary interest.
• Baby boomers segment is projected to hold the highest market share in the overall luxury travel market, by age group, as they have been identified as the highest travel spenders.
KEY BENEFITS OF LUXURY TRAVEL MARKET
The study provides an in-depth analysis of the global luxury travel market with current trends and future estimations to elucidate the imminent investment pockets. The report provides a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities. The report provides actual historical figures for 2014 and 2015 and provides forecasts from 2016 to 2022, considering 2015 as base. Competitive intelligence highlights the business practices followed by leading players across various regions.
LUXURY TRAVEL MARKET KEY FINDINGS • In the year 2015, adventure and safari segment led the overall luxury travel market revenue, and is projected to grow at a CAGR of 5.8% during the forecast period. • Adventure and safari is the most sought after tour type, with travelers from Europe, Latin America, and North America, comprising 78% of overall international departures in this segment in 2015. • The millennials age group segment is expected to grow at a CAGR of 8.1%, owing to rising popularity of travel among this generation and the fact that they travel more often than the other generations. • Absolute luxury traveler segment is projected to generate largest revenue in the luxury travel market. • Asia-Pacific is estimated to witness significant growth during the forecast period (2016 to 2022), with China being the major stakeholder.
KEY DRIVERS OF LUXURY TRAVEL MARKET
KEY PLAYERS IN INDUSTRY
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Abercrombie & Kent Ltd Cox & Kings Ltd Macato Safaris Ker & Downey Tauck Thomas Cook Group Scott Dunn Ltd Kensington Tours Butterfield & Robinson Inc
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LUXURY TRAVEL MARKET BY REGION
North America, Europe, Asia-Pacific, LAMEA
DEFIBRILLATORS MARKET
Luxury travel market has a huge growth potential and would see immense demand from the emerging markets. Exposure to social media, growing disposable income and easy visa availability are some of the factors which are propelling the growth of the market. Nowadays, luxury travelers are seeking unique traveling experience, thus opting for exotic and unexplored destinations. Yogita Sharma
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