Luxury Travel Market Outlook 2023-2028:
• Luxury tourism market size in 2022: In 2022, the global luxury tourism market will reach USD 2,049.2 billion.
• 2023 Luxury Travel Market Forecast: IMARC Group expects the market size to reach USD 2,683.9 billion by 2028.
• Luxury travel market growth (2023-2028): The market growth rate (CAGR) is expected to be 4.2% during 2023-2028.
Luxury travel goes beyond the ordinary, offering a seamless blend of luxurious accommodation, fine dining and carefully selected activities to satisfy the wishes and tastes of the most discerning clientele. From secluded villas on private islands, gourmet tours to immersive cultural experiences, luxury travel is about creating memorable moments that transcend time and place. This elite segment of the travel industry caters to those who seek not just a vacation, but immersive and transformative experiences that reflect their status, preferences and aspirations.
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The global luxury travel market is experiencing phenomenal growth, driven by the rise of affluent middle classes in emerging economies. With rising disposable income, a new generation of travelers seeks upscale and authentic experiences, driving demand for luxury accommodations, personalized service and unique destinations. Additionally, the emergence of experiential travel is reshaping luxury travel preferences. Travelers increasingly value experiences over material possessions and seek immersive activities that provide insight into local culture and traditions. This change has prompted luxury travel providers to curate bespoke itineraries offering authentic encounters, including private guides, cultural workshops and access to exclusive events. Sustainability is also a defining trend in the luxury travel market. Discerning travelers now value environmentally friendly and responsible travel choices.
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Report Highlights and Segments:
Reports are categorized as follows:
Segmentation by Tourism Type:
• Customized private holidays
• Expedition and hunting
• Cruises and ship expeditions
• Small group travel
• Celebrations and special events
• Food tour and shopping
Breakdown by age group:
• Millennials (ages 21-30)
• Generation X (31-40)
• Baby Boomers (41-60)
• Silver hair (60+)
Breakdown by Passenger Type:
• Absolute luxury
• Desirable luxury
• Accessible luxury
Regional division:
• North America (US, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, etc.)
• Europe (Germany, France, UK, Italy, Spain, etc.)
• Latin America (Brazil, Mexico, etc.)
• Middle East/Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, etc.)
The competitive environment:
The report also explores the competitive landscape within the market and provides a comprehensive profile of the key players. Some of the major players are:
• Abercrombie & Kent USA LLC.
• Butterfield & Robinson
• Cox & Kings Limited
• Exodus Travel Ltd. (Travelopia)
• Kensington Travel Ltd
• Wedding tour
• Scott Dunn Ltd.
• Tucker
• Thomascook.in (Fairbridge Capital (Mauritius) Limited)
• TUI Group
If you require specific information that is not included in the report, we will provide that information as part of your customization.
about Us:
IMARC Group is a leading market research company providing management strategies and market research worldwide. We work with clients across industries and geographies to uncover their most valuable opportunities, solve their most critical challenges and transform their businesses.
IMARC Group’s information products include key market trends, scientific, economic and technological developments for business leaders in the pharmaceutical, industrial and high-tech sectors. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverages, travel, nanotechnology, and innovative processing methods are the firm’s top areas of expertise.
