Luxury Travel Market Size, Share, Growth, Statistics and Industry Research Report, 2019 to 2025

17/ott/2019 14:52:11 Grand View Research Contatta l'autore

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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 Functional Functional a new report by Grand View Research, Inc. Increasing disposable income and consumer spending of middle and growing class, growing demand, accumulating travel, increasing tourism 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 in the Globe on Gender, Ethnicity, sexual orientation, human rights, racism, citizenship, and less hustle in visa Long haul travelers are looking to create their own unique holiday and demanding itineraries for a combination of entertaining and relaxing travel. This personalization demand for 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 new cultures worldwide. Moreover, they are planning unique trips that include cultural visits, cruising, and adventure activities putting experience over ownership. Travelers now care for access to acquisition and experience over possession, thus 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 market growth in the forecast period. Travelers are squeezing in more travel itineraries into shorter time frames. To stay and spend quality time is short to get trendy in the forecast period

By tour type, customized and private market, safari and adventure, cruises, yachting, and small ship expeditions, 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 independent of 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 is the largest regional market in the year 2018 and this trend is expected to continue over the forecast period. In 2018, US was the largest shareholder of this market with a share of 85.5% in North America. Increase in shorter trip over long trips is expected to fuel the market growth over the forecast period.

Further key findings from the study suggest :

  • 4.3% over the forecast for luxury travel market by tour, the safari and adventure segment
  • By age group, baby boomers held an overall revenue share of over 40.0% in 2018
  • US, UK, Germany, China, India, Brazil, and South Africa are the major countries with the largest market in their respective regions.

Grand View Research has segmented the global luxury travel market on the basis of tour

Luxury Travel Tour Outlook (Revenue, USD Billion, 2015 - 2025)

  • Customized & Private Vacations
  • Safari & Adventure
  • Cruises, Yachting & Small Ship Expeditions
  • Celebration Journeys
  • Culinary Travel & Shopping
  • Others

Luxury Travel Age Group Outlook (Revenue, USD Billion, 2015 - 2025)

  • Millennial
  • Generation X
  • Baby Boomers
  • Silver Hair

Luxury Travel Regional Outlook (Revenue, USD Billion, 2015 - 2025)

  • North America
    • US
  • europe
    • UK
    • germany
  • Asia Pacific
    • India
    • china
  • Central & South America
    • brazil
  • Middle East & Africa
    • South Africa

Access full research report on global luxury travel market: www.grandviewresearch.com/industry-analysis/luxury-travel-market  

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