Le Lézard
Classified in: Tourism and vacations, Sports and recreation, Covid-19 virus
Subject: MRR

Luxury Travel Market to Reach $1650.5 Billion, Globally, by 2031 at 8.9% CAGR: Allied Market Research


Growing number of HNIs population and rise in aspiration of young and rich millennials to explore new places and have unique travel experiences drive the global market.

PORTLAND, Ore., Feb. 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Luxury Travel Market by Types of Tour (Customized and Private Vacations, Adventure and Safari, Cruise/Ship Expedition, Small Group Journey, Celebration and Special Events, Culinary Travel and Shopping), by Age Group (Millennial, Generation X, Baby Boomer, Silver Hair), by Types of Traveler (Absolute Luxury, Aspiring Luxury, Accessible Luxury): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global luxury travel industry accrued a sum of $638.2 billion in 2021 and is estimated to generate $1650.5 billion by 2031, witnessing a CAGR of 8.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Download Free Sample Report: https://www.alliedmarketresearch.com/request-sample/1662

Drivers, Restraints, and Opportunities

Growing number of HNIs population and rise in aspiration of young and rich millennials to explore new places and have unique travel experiences fuel the growth of the global luxury travel market. However, changing socio-economic conditions hinders global market growth. On the other hand, a rise in demand for unique travel experiences will present new growth opportunities for the global luxury travel market in the coming years.

Covid-19 Scenario

The adventure and safari segment to dominate in terms of revenue during the forecast period

Based on types of tour, the adventure and safari segment contributed to the largest share of more than two-fifths of the global luxury travel market in 2021 and is expected to maintain a progressive growth during the forecast period. Launch of new services, access to new destination markets, and increase in tourism by European and South American travelers who are mainly interested in experiencing wilderness and enjoying serene surroundings are key drivers of this segment Millennials are also inclined towards adventure and safari travelling types of tourism activities. However, the cruise/ship expedition segment is projected to witness the fastest CAGR of 10.9% from 2022 to 2031. The introduction of innovative cruise design concepts, new ship lengths, new and more exotic destinations around the globe, and new on-board and on-shore activities and themes drive the growth of the segment.

The absolute luxury segment to achieve a noteworthy growth during the forecast period

Based on types of traveler, the absolute luxury segment held the largest share of more than half of the global luxury travel market in 2021 and is expected to exhibit the largest revenue growth during the forecast period. The same segment would grow at the fastest CAGR of 9.0% in 2031. The absolute luxury segment comprises households with $30+ million net worth, with annual spending of over $230 billion on luxury goods, and account for over 20% of all luxury purchases, including travel. Travel is the second most popular pastime among high-budget tourists.

Europe to garner the largest revenue by 2031

Based on region, the market in Europe was the largest in 2021, accounting for more than one-third of the global luxury travel market and dominate in terms of revenue during the forecast period. Growth in inclination of people toward unique and exotic holiday experiences, rise in travel expenditure by middle & upper class people, and growing interest of people to spend more time with family are some of the factors that propel the growth of the Europe luxury travel market. However, the market in Asia-Pacific is likely to show the fastest CAGR of 11.1% during the forecast period. Wellness tourism and medical tourism are growing in developed countries in Asia-Pacific due to the continuous increasing rate of double-income households, leading to higher purchasing power and relatively low volatility in disposable income in the region. The growth of Southeast Asia, namely Malaysia, Indonesia and Vietnam, is also projected to fuel the Asia-Pacific luxury travel market.

Interested to Procure the Research Report? Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/1662

Leading Market Players

Trending Reports in Consumer Goods Industry (Book Now with 10% Discount):

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/consumer-goods
Follow Us on Blog: https://www.dailyreportsworld.com

Logo - https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research


These press releases may also interest you

at 19:53
The Greater Toronto Airports Authority ("GTAA") today reported its financial and operating results for 2023.  Passenger activity significantly increased by 9.2 million, or 25.8 per cent, from 35.6 million to 44.8 million in 2023, when compared to...

at 19:00
Quhuo Limited ("Quhuo," the "Company," "we" or "our"), a leading gig economy platform focusing on life services in China, today announced that it will report unaudited financial results for the second half and full year 2023 before the open of the...

at 17:38
GoBoat, an innovator in personal adventure watercraft, proudly showcases its innovative dog dock ramp, making it easier than ever to bring your furry four-legged companions along for any adventure....

at 17:20
Suncadia ? an award-winning mountain resort and residential community located a scenic 80 miles east of...

at 16:38
Visalia, the nation's first Certified Autism Destination, recognizes Autism Awareness month in April. Visit Visalia and local tourism partners will highlight Visalia's initiative: Every day is autism acceptance day in our community. A recent survey...

at 16:15
Buckle up, Ontario! KFC Canada rolls out an unbeatable offer. Introducing the ?$4.95 Fill Up,' available in original recipe or spicy, priced at $4.95 plus tax. This new offer is sure to be a go-to for consumers seeking a delicious quality meal that...



News published on and distributed by: