The Global Luxury Travel Market Size Was Valued At USD 1.43 Trillion In 2021 And Is Projected To Reach USD 2.73 Trillion By 2028, Growing At A CAGR Of 9.7% From 2022 To 2028.
The global luxury travel market as a part of the global hotels, resorts, and cruise lines market within the global hotels, restaurants, and leisure market. The parent market, the global hotels, resorts, and cruise lines market, covers companies engaged in operating hotels, resorts, and cruise ships, including travel agencies, tour operators, and related services.
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Luxury Travel market report shares valuable information about global development status, opportunities, and challenges in near future, as past data analysed by industry experts which is helpful for you to take needful discussions. Luxury Travel market study offers information about the sales and revenue during the historic and estimated period of 2022 to 2028. Understanding the benefits of the segment in identifying the significance of different factors that help the industry progress.
Global Luxury Travel Market – Market Segmentation
By Type Of Tour
- Adventure Safari
- Customized Private
- Celebration Special Events
- Cruise/Ship Expedition, Others
By Age Group
- Millennial
- Generation X
- Baby Boomers
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Market Segment By Regions And Countries Level Analysis:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
Covid-19 Impact Analysis On Luxury Travel Market
COVID-19 began in Wuhan (China) in December 2019 and has since rapidly grown around the globe. In terms of confirmed cases and reported deaths, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the countries that have been most severely impacted. Because of the lockdowns, and business closures, COVID-19 has had an impact on the businesses and industries of numerous nations. The government of various countries around the world-imposed travels restrictions to avoid the spread of the coronavirus. During the pandemic hotels, and entry into the destination places were closed that are hugely impacted the travel market. Moreover, people across the globe were suffering from the financial crisis due to covid-19 lockdowns and business closures. Owing to the spread of the virus, peoples are more concerned about the Covid infection. They avoid spending time outdoors and they prefer to live at home. Thus, the demand for luxury travel is decreased during the pandemic. However, after the pandemic opening the luxury travel industry with advanced technology will provide an opportunity for the luxury travel market.
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Top Key Players Covered In Luxury Travel Market
- Abercrombie Kent USA, LLC. (USA)
- Cox Kings Ltd. (India)
- Butterfield Robinson Inc. (Canada)
- Scott Dunn Ltd. (UK)
- Kensington Tours Ltd. (US)
- Micato Safaris (India)
- Thomas Cook Ltd. (India)
- Meredith Corporation, LLC (US)
- Travcoa Corporation (California)
- TUI AG, (Germany), and other major players.
Key Industry Development In The Luxury Travel Market
In September 2022, Kensington Tours developed a new online portal that allows travel professionals to complete FIT quotes to more than 80 countries in record time.
In November 2021, a luxury travel provider company, White Desert launched Echo which provides access to the Antarctica continent for rarely-seen interior views and luxurious experiences.
Luxury Travel Market 2022-2028: Key Highlights
- CAGR of the market during the forecast period 2022-2028
- Detailed information on factors that will luxury travel market growth during the next five years
- Estimation of the luxury travel market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the luxury travel market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of luxury travel market vendors
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