Luxury Travel Market
Description
The luxury travel market was valued at $890,839.10 million in 2023 and is estimated to reach $2,149,683.40 million by 2035, exhibiting a CAGR of 7.4% from 2024 to 2035.
Luxury travel is a high-end tour experience characterized by remarkable services, individualized attention, and exquisite accommodations for customers. This form of travel prioritizes the comfort and relaxation of travelers. The key attributes of luxury travel include staying at lavish accommodations with curated itineraries and customized services such as guides, chauffeur-driven vehicles, & catering to last-minute requests.
Exponential increase in the affluent population and rise in disposable income of middle-class families are the key drivers of the luxury travel market. In addition, surge in the popularity of experiential travel and personalized experiences has propelled the development of the market notably. In recent times, the trend of combining luxury travel with wellness experiences has gained significant traction. Several individuals now seek opportunities to escape stress and soothe their souls during traveling; therefore, several property owners are striving to offer wellness programs and spiritual getaways to their customers.
However, increase in the popularity of backpacking & solo traveling due to their affordability and regional experiences is presenting notable challenges to the luxury travel market. Moreover, geopolitical instability such as trade wars and regional conflicts make affluent travelers hesitant to spend expensive trips, thereby restraining the development of the market. On the contrary, rise in demand for local cultural experiences and participation in regional traditions is expected to open new avenues for the luxury travel market. For instance, Arival—an in-destination experiences providing firm—stated in one of its articles that private and cultural tours have experienced 200% year-on-year growth in 2023. This offers a remunerative opportunity to stakeholders to differentiate offerings and garner premium pricing through personalized, culturally rich itineraries.
Segment Review
The luxury travel market is segmented into type of tour, age group, type of traveler, and region. By type of tour, the market is divided into customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special event, and culinary travel & shopping. Depending on age group, it is classified into millennial, generation X, baby boomers, and silver hair. According to type of traveler, it is categorized into absolute luxury, aspiring luxury, and accessible luxury. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Singapore, India, and rest of Asia-Pacific), and LAMEA (Middle East, Latin America, and Africa).
Key Findings:
By type of tour, the adventure & safari segment held the highest market share in 2023.
Depending on age group, the generation X segment dominated the market in 2023.
According to type of traveler, the aspiring luxury segment acquired a notable stake in the market in 2023.
Region wise, Europe was the highest revenue generator in 2023.
Competition Analysis
The key players in the luxury travel market include Abercrombie & Kent Ltd., Cox and Kings Ltd., TUI Group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd., Kensington Tours, and Butterfield & Robinson Inc. These major players have adopted various key development strategies such as acquisition, agreement, partnership, product launch, and expansion to strengthen their foothold in the competitive market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury travel market analysis from 2023 to 2035 to identify the prevailing luxury travel market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the luxury travel market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global luxury travel market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Types of Tour
Small group journey
Celebration and special events
Culinary travel and shopping
Customized and private vacations
Adventure and safari
Cruise/ship expedition
By Age Group
Millennial
Generation X
Baby Boomer
Silver hair
By Types of Traveler
Absolute luxury
Aspiring luxury
Accessible luxury
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Singapore
Rest of Asia-Pacific
LAMEA
Middle East
Latin America
Africa
Key Market Players
Micato Safaris
Thomas Cook India Ltd.
Zicasso, Inc.
Kensington Tours Ltd.
Scott Dunn Ltd.
Tauck, Inc.
TUI GROUP
Abercrombie & Kent USA, LLC
Travelopia Holdings Limited
Butterfield & Robinson Inc.The research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
Luxury travel is a high-end tour experience characterized by remarkable services, individualized attention, and exquisite accommodations for customers. This form of travel prioritizes the comfort and relaxation of travelers. The key attributes of luxury travel include staying at lavish accommodations with curated itineraries and customized services such as guides, chauffeur-driven vehicles, & catering to last-minute requests.
Exponential increase in the affluent population and rise in disposable income of middle-class families are the key drivers of the luxury travel market. In addition, surge in the popularity of experiential travel and personalized experiences has propelled the development of the market notably. In recent times, the trend of combining luxury travel with wellness experiences has gained significant traction. Several individuals now seek opportunities to escape stress and soothe their souls during traveling; therefore, several property owners are striving to offer wellness programs and spiritual getaways to their customers.
However, increase in the popularity of backpacking & solo traveling due to their affordability and regional experiences is presenting notable challenges to the luxury travel market. Moreover, geopolitical instability such as trade wars and regional conflicts make affluent travelers hesitant to spend expensive trips, thereby restraining the development of the market. On the contrary, rise in demand for local cultural experiences and participation in regional traditions is expected to open new avenues for the luxury travel market. For instance, Arival—an in-destination experiences providing firm—stated in one of its articles that private and cultural tours have experienced 200% year-on-year growth in 2023. This offers a remunerative opportunity to stakeholders to differentiate offerings and garner premium pricing through personalized, culturally rich itineraries.
Segment Review
The luxury travel market is segmented into type of tour, age group, type of traveler, and region. By type of tour, the market is divided into customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special event, and culinary travel & shopping. Depending on age group, it is classified into millennial, generation X, baby boomers, and silver hair. According to type of traveler, it is categorized into absolute luxury, aspiring luxury, and accessible luxury. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Singapore, India, and rest of Asia-Pacific), and LAMEA (Middle East, Latin America, and Africa).
Key Findings:
By type of tour, the adventure & safari segment held the highest market share in 2023.
Depending on age group, the generation X segment dominated the market in 2023.
According to type of traveler, the aspiring luxury segment acquired a notable stake in the market in 2023.
Region wise, Europe was the highest revenue generator in 2023.
Competition Analysis
The key players in the luxury travel market include Abercrombie & Kent Ltd., Cox and Kings Ltd., TUI Group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd., Kensington Tours, and Butterfield & Robinson Inc. These major players have adopted various key development strategies such as acquisition, agreement, partnership, product launch, and expansion to strengthen their foothold in the competitive market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury travel market analysis from 2023 to 2035 to identify the prevailing luxury travel market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the luxury travel market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global luxury travel market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Types of Tour
Small group journey
Celebration and special events
Culinary travel and shopping
Customized and private vacations
Adventure and safari
Cruise/ship expedition
By Age Group
Millennial
Generation X
Baby Boomer
Silver hair
By Types of Traveler
Absolute luxury
Aspiring luxury
Accessible luxury
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Singapore
Rest of Asia-Pacific
LAMEA
Middle East
Latin America
Africa
Key Market Players
Micato Safaris
Thomas Cook India Ltd.
Zicasso, Inc.
Kensington Tours Ltd.
Scott Dunn Ltd.
Tauck, Inc.
TUI GROUP
Abercrombie & Kent USA, LLC
Travelopia Holdings Limited
Butterfield & Robinson Inc.The research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
Table of Contents
248 Pages
- CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
- CHAPTER 2: EXECUTIVE SUMMARY
- 2.1. CXO perspective
- CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter’s five forces analysis
- 3.3.1. Moderate bargaining power of suppliers
- 3.3.2. Moderate threat of new entrants
- 3.3.3. Moderate threat of substitutes
- 3.3.4. Moderate intensity of rivalry
- 3.3.5. Moderate bargaining power of buyers
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Growth in inclination of people towards unique and exotic holiday experiences
- 3.4.1.2. Growth in middle and upper middle class spending
- 3.4.1.3. Growth in trend of online bookings
- 3.4.1.4. The rise of social media and its impact on travel industry
- 3.4.2. Restraints
- 3.4.2.1. Varying socio-economic conditions
- 3.4.2.2. Economic instability
- 3.4.3. Opportunities
- 3.4.3.1. Rise in Digital Transformation and Virtual Luxury Travel
- CHAPTER 4: LUXURY TRAVEL MARKET, BY TYPES OF TOUR
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Customized and private vacations
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Adventure and safari
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. Cruise/ship expedition
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
- 4.5. Small group journey
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country
- 4.6. Celebration and special events
- 4.6.1. Key market trends, growth factors and opportunities
- 4.6.2. Market size and forecast, by region
- 4.6.3. Market share analysis by country
- 4.7. Culinary travel and shopping
- 4.7.1. Key market trends, growth factors and opportunities
- 4.7.2. Market size and forecast, by region
- 4.7.3. Market share analysis by country
- CHAPTER 5: LUXURY TRAVEL MARKET, BY AGE GROUP
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Millennial
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Generation X
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Baby Boomer
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
- 5.5. Silver hair
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country
- CHAPTER 6: LUXURY TRAVEL MARKET, BY TYPES OF TRAVELER
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Absolute luxury
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Aspiring luxury
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Accessible luxury
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
- CHAPTER 7: LUXURY TRAVEL MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Types of Tour
- 7.2.3. Market size and forecast, by Age Group
- 7.2.4. Market size and forecast, by Types of Traveler
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Market size and forecast, by Types of Tour
- 7.2.5.1.2. Market size and forecast, by Age Group
- 7.2.5.1.3. Market size and forecast, by Types of Traveler
- 7.2.5.2. Canada
- 7.2.5.2.1. Market size and forecast, by Types of Tour
- 7.2.5.2.2. Market size and forecast, by Age Group
- 7.2.5.2.3. Market size and forecast, by Types of Traveler
- 7.2.5.3. Mexico
- 7.2.5.3.1. Market size and forecast, by Types of Tour
- 7.2.5.3.2. Market size and forecast, by Age Group
- 7.2.5.3.3. Market size and forecast, by Types of Traveler
- 7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Types of Tour
- 7.3.3. Market size and forecast, by Age Group
- 7.3.4. Market size and forecast, by Types of Traveler
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. Germany
- 7.3.5.1.1. Market size and forecast, by Types of Tour
- 7.3.5.1.2. Market size and forecast, by Age Group
- 7.3.5.1.3. Market size and forecast, by Types of Traveler
- 7.3.5.2. France
- 7.3.5.2.1. Market size and forecast, by Types of Tour
- 7.3.5.2.2. Market size and forecast, by Age Group
- 7.3.5.2.3. Market size and forecast, by Types of Traveler
- 7.3.5.3. Spain
- 7.3.5.3.1. Market size and forecast, by Types of Tour
- 7.3.5.3.2. Market size and forecast, by Age Group
- 7.3.5.3.3. Market size and forecast, by Types of Traveler
- 7.3.5.4. Italy
- 7.3.5.4.1. Market size and forecast, by Types of Tour
- 7.3.5.4.2. Market size and forecast, by Age Group
- 7.3.5.4.3. Market size and forecast, by Types of Traveler
- 7.3.5.5. Rest of Europe
- 7.3.5.5.1. Market size and forecast, by Types of Tour
- 7.3.5.5.2. Market size and forecast, by Age Group
- 7.3.5.5.3. Market size and forecast, by Types of Traveler
- 7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Types of Tour
- 7.4.3. Market size and forecast, by Age Group
- 7.4.4. Market size and forecast, by Types of Traveler
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Market size and forecast, by Types of Tour
- 7.4.5.1.2. Market size and forecast, by Age Group
- 7.4.5.1.3. Market size and forecast, by Types of Traveler
- 7.4.5.2. India
- 7.4.5.2.1. Market size and forecast, by Types of Tour
- 7.4.5.2.2. Market size and forecast, by Age Group
- 7.4.5.2.3. Market size and forecast, by Types of Traveler
- 7.4.5.3. Singapore
- 7.4.5.3.1. Market size and forecast, by Types of Tour
- 7.4.5.3.2. Market size and forecast, by Age Group
- 7.4.5.3.3. Market size and forecast, by Types of Traveler
- 7.4.5.4. Rest of Asia-Pacific
- 7.4.5.4.1. Market size and forecast, by Types of Tour
- 7.4.5.4.2. Market size and forecast, by Age Group
- 7.4.5.4.3. Market size and forecast, by Types of Traveler
- 7.5. LAMEA
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Types of Tour
- 7.5.3. Market size and forecast, by Age Group
- 7.5.4. Market size and forecast, by Types of Traveler
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Middle East
- 7.5.5.1.1. Market size and forecast, by Types of Tour
- 7.5.5.1.2. Market size and forecast, by Age Group
- 7.5.5.1.3. Market size and forecast, by Types of Traveler
- 7.5.5.2. Latin America
- 7.5.5.2.1. Market size and forecast, by Types of Tour
- 7.5.5.2.2. Market size and forecast, by Age Group
- 7.5.5.2.3. Market size and forecast, by Types of Traveler
- 7.5.5.3. Africa
- 7.5.5.3.1. Market size and forecast, by Types of Tour
- 7.5.5.3.2. Market size and forecast, by Age Group
- 7.5.5.3.3. Market size and forecast, by Types of Traveler
- CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product mapping of top 10 player
- 8.4. Competitive dashboard
- 8.5. Competitive heatmap
- 8.6. Top player positioning, 2023
- CHAPTER 9: COMPANY PROFILES
- 9.1. TUI GROUP
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.2. Zicasso, Inc.
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.3. Thomas Cook India Ltd.
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
- 9.4. Scott Dunn Ltd.
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.5. Micato Safaris
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.6. Kensington Tours Ltd.
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Key strategic moves and developments
- 9.7. Butterfield & Robinson Inc.
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Key strategic moves and developments
- 9.8. Tauck, Inc.
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Key strategic moves and developments
- 9.9. Travelopia Holdings Limited
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Key strategic moves and developments
- 9.10. Abercrombie & Kent USA, LLC
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Key strategic moves and developments
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