Luxury Travel Market Size Expected To Reach USD 2.5 Trillion By 2025
Posted by Neha Bora on October 9th, 2019
San Francisco, 9 October 2019: The Report Luxury Travel Market Size, Share & Trends Analysis Report By Age Group (Millennial, Baby Boomers), By Tour (Safari & Adventure, Culinary Travel & Shopping), By Region, And Segment Forecasts, 2019 – 2025
The global luxury travel market size is expected to reach USD 2.5 trillion by 2025, expanding at a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. Increasing disposable income and consumer spending of middle and upper class, growing demand for accumulation of travel memories, increase in micro trips, and emerging tourism and corporate industries all across the globe are expected to drive the market.
Growing traveler’s preference for personalized service, reliable transport, exclusivity, and positive and professional interaction with staff is setting the primary benchmark for luxury travel. Growing political stability across the globe regarding gender, ethnicity, sexual orientation, human rights, racism, citizenship, and less hustle in visa offering are influencing the people’s decision over potential travel destination. Long haul travelers are seeking to create their own unique holiday and are demanding flexible itineraries for a combination of entertaining and relaxing travel. This personalization demand of the travelers is making their journey more convenient and full of experience.
Elite travelers are preferring to visit the unexplored destinations to gain experience and understand the new cultures worldwide. Moreover, they are planning unique trips that include cultural visit, cruising, and adventure activities putting experience over ownership. Travelers now care for access over acquisition and experience over possession, thereby contributing to the growth of the market. Micro trips have emerged as a new trend in the industry, which, in turn, is expected to boost the market growth in the forecast period. Travelers are squeezing in more travel itineraries into shorter time frames. To stay and spend quality time during short getaways in unique and remarkable type of accommodation is expected to become trendy in the forecast period
By tour type, the market is divided as customized and private vacations, safari and adventure, cruises, yachting, and small ship expeditions, celebration journeys, culinary travel and shopping, and others. Safari and adventure accounted for the largest share of 35.3% in the year 2018 as luxury travelers are seeking more depth to understand local culture, sense of adventure, and less crowded environment. Personalized vacation aimed at safari and adventure is getting popular among all age groups, thereby surging the segment growth.
On the basis of age group, the luxury travel market has been segmented into millennial, generation x, baby boomers, and silver hair. Millennial is the fastest growing segment with a CAGR of 5.4%. Millennials have a mindset for luxury and its meaningful consumption over owing stuff. They tend to be more independent in their religious and political views, more entrepreneurial, less likely to be married, distrustful of authority, better educated, and more travel oriented than any other generation. Millennials are shifting their focus from traditional pampering to a wider range of compelling experiences.
North America was the largest regional market in the year 2018 and this trend is expected to continue over the forecast period. In 2018, U.S. was the largest shareholder of this market with a share of 85.5% in North America as it is a global financial hub as well as one of the most popular tourist destinations for people across the world. Increase in shorter trip over long haul trips is expected to fuel the market growth over the forecast period.
Access Research Report of Luxury Travel Market @ www.grandviewresearch.com/industry-analysis/luxury-travel-market
Further key findings from the study suggest:
Browse more reports of this category by Grand View Research at: www.grandviewresearch.com/industry/clothing-footwear-and-accessories
Grand View Research has segmented the global luxury travel market on the basis of tour, age group, and region:
Luxury Travel Tour Outlook (Revenue, USD Billion, 2015 - 2025)
Luxury Travel Age Group Outlook (Revenue, USD Billion, 2015 - 2025)
Luxury Travel Regional Outlook (Revenue, USD Billion, 2015 - 2025)
Access Press Release of Luxury Travel Market @ www.grandviewresearch.com/press-release/global-luxury-travel-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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About the AuthorNeha Bora
Joined: September 16th, 2019
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