Luxury Travel Industry Dynamics 2019-2025
A research study on the luxury travel market has been designed through complete primary research as well as secondary research methodologies. In addition, this research study also features an inclusive qualitative and quantitative evaluation by studying data gathered from several market players and market predictors across various key factors in this market. By doing so, this market report assesses the attractiveness of every major segment of luxury travel industry over the estimate period.
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The global luxury travel market size is expected to hit USD 354.7 billion value at a highest CAGR of 7.4% during the forecast period. Increasing preferences towards exotic and unique holidays, growing spending, and the rising influences of social media on travelling industry are some of the major factors fueling the global luxury travel market growth. However, increasing new tourist places contributed to the global luxury travel market growth.
However, digitized payments have made the travel experience more convenient for consumers. Hence, the accessibility of virtual payment services allows people to pay securely without making use of credit or debit cards. Such factors draw more people to choose luxury travel services, and it ultimately help to fuel the global luxury travel market growth.
The market segmentation is done with the help of application, age group, and region. Based on age group, the market has been sub-segmented into generation X, millennials, silver hair, and baby boomers. Based on application this market is divided into personalized travel, cruising and yachting, culinary and adventure travel among others. However, the adventure travel segment dominated for the highest global luxury travel market share in the year 2017. It is likely to one of the highest segment in the coming years.
By geographical regions, this market is classified as Europe, Asia-Pacific, North America, MEA, and Latin America. However, Asia Pacific region is likely to dominate for highest global luxury travel market share, mainly followed by China. Likewise, India is one of the fastest developing region due to the growing number of travelers wish to travel other regions.
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As a strategic step, several companies in the global luxury travel market are following expansions and acquisitions. The major players in the global luxury travel market include Abercrombie and Kent, Cox and Kings, Micato Safaris, The Luxury Safari Company Ltd., Ker & Downey, Thomas Cook, Scott Dunn, Butterfield and Robinson and Natural Habitat Adventures among others.
Key segments of the global luxury travel market
Age Group Overview, 2015-2025 (USD Million)
- Generation X
- Baby Boomers
- Silver Hair
Application Overview, 2015-2025 (USD Million)
- Adventure Travel
- Personalized Vacations
- Cruising and Yachting
- Culinary Travel
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Rest of the World
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