Global Luxury Travel Market 2017-2021
About Luxury Travel
Tourism refers to travel made by individuals to domestic or international destinations for a period not exceeding one year for business, leisure, and other purposes such as pilgrimage and wellness. In many countries, tourism accounts for the major sources of income and has a positive impact on the economy of both the source and host countries. The tourism industry has experienced an outstanding growth in the last six decades, especially in regions like Europe that had a large number of international travelers visiting for short breaks.
Technavio’s analysts forecast the global luxury travel market to grow at a CAGR of 6.83% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global luxury travel market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Luxury Travel Market 2017-2021
Technavio recognizes the following companies as the key players in the global luxury travel market: Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company, TCS World Travel, and TÜ ELITE.
Other Prominent Vendors in the market are: Backroads, Butterfield & Robinson, Classic Journeys, G Adventures, Journeys Within Tour, Touring Treasures, Wilderness Travel, and Zicasso.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is trending sports tourism. Sports tourism refers to tourism that involves travel from one destination, such as city, state, country, and region, to another to watch or participate in a game. In the last five to seven years, sports tourism has gained popularity, resulting in a large number of sports enthusiasts attending sporting events.”
According to the report, one driver in the market is growing spending capability. Per capita, disposable income has low volatility in developed countries, which is attributed to the increase in double-income households. This has a direct influence on the spending capability of individuals. As a result, the affordability of high-end products and services has increased in developing countries. Therefore, higher disposable incomes in Pacific Rim countries, such as Indonesia, Malaysia, and Vietnam, are expected to drive the market growth even further. In addition, the number of working women has increased considerably worldwide.
Further, the report states that one challenge in the market is threat of terrorism. As a result of increased terrorism over the recent years, the tourism industry has experienced direct impact on its revenue. Terrorism aims to inspire terror among people, which leads to a change in their behaviors. In 2014, the Association of British Travel Agents found that a number of popular holiday destinations were affected by the social, political, and economic unrest. For instance, in 2013, Egypt started with a high number of visitors but suffered a significant drop-off due to political unrest. Terrorism impacts a large number of industries associated with tourism such as hotels, airlines, and restaurants.
Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company, TCS World Travel, TÜ ELITE, Backroads, Butterfield & Robinson, Classic Journeys, G Adventures, Journeys Within Tour, Touring Treasures, Wilderness Travel, Zicasso