The Greece luxury travel market size was valued at $767.8 million in 2020, and is projected to reach $2,736.7 million by 2030, registering a CAGR of 11.5% from 2021 to 2030.
The luxury travel market represents the most desirable destinations, luxurious accommodations, convenient transportation, and an authentic travel experience. The goal of luxury travel is to provide its guests with exotic experiences. Some of the unique services offered to luxury travelers include private jet planes, spas, special menus, private island rentals, and private yachts.
Travelers nowadays prefer to try out new destinations to gain an in-depth experience and to learn about new cultures, such as those found in Greece. People are increasingly choosing one-of-a-kind trips that include cultural visits, cruising, and adventure activities to gain a valuable and unforgettable experience. People spend a lot of money on luxury travel to get the best level of comfort and personalized service.
Some of the factors driving the growth of the Greece luxury travel market include increase in people's desire for unique and exotic vacation experiences, rise in middle- and upper-class expenditure, and surge in people's desire to spend more time with family. People choose exotic foreign vacations and adventure trips to gain valuable experiences Business travel has also evolved over time, and people now travel excessively for business trips
The impact of COVID-19 pandemic on Greece luxury travel market was negative. The travel bans and lockdown restrictions resulted in decline in the tourist arrivals in Greece. There was 75% of decline in international tourist arrivals in the country. During 2020, tourist arrival in Greece was also recorded zero. This had shaken the economy of Greece to much extent. However, due to rapid pace of vaccination, the Greece luxury travel market is expected to recover in the upcoming years.
The Greece luxury travel market is segmented into type of tour, type of traveler, and age group. By Type of tour, the market is classified into customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special event, and culinary travel & shopping. By Type of traveler, the market is fragmented into absolute luxury, aspiring luxury, and accessible luxury. By age group, the market is categorized into millennial (21-30), generation x (31-40), baby boomers (41-60), and silver hair (60 and above).
The economy of Greece depends on the tourism and travel industry. The country offers different tourist attraction places such as beach resorts, hotels & facilities, marinas, spas & thermal springs, museums, archaeological sites, and cities.
The key players profiled in the Greece luxury travel market include Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.
The luxury travel market represents the most desirable destinations, luxurious accommodations, convenient transportation, and an authentic travel experience. The goal of luxury travel is to provide its guests with exotic experiences. Some of the unique services offered to luxury travelers include private jet planes, spas, special menus, private island rentals, and private yachts.
Travelers nowadays prefer to try out new destinations to gain an in-depth experience and to learn about new cultures, such as those found in Greece. People are increasingly choosing one-of-a-kind trips that include cultural visits, cruising, and adventure activities to gain a valuable and unforgettable experience. People spend a lot of money on luxury travel to get the best level of comfort and personalized service.
Some of the factors driving the growth of the Greece luxury travel market include increase in people's desire for unique and exotic vacation experiences, rise in middle- and upper-class expenditure, and surge in people's desire to spend more time with family. People choose exotic foreign vacations and adventure trips to gain valuable experiences Business travel has also evolved over time, and people now travel excessively for business trips
The impact of COVID-19 pandemic on Greece luxury travel market was negative. The travel bans and lockdown restrictions resulted in decline in the tourist arrivals in Greece. There was 75% of decline in international tourist arrivals in the country. During 2020, tourist arrival in Greece was also recorded zero. This had shaken the economy of Greece to much extent. However, due to rapid pace of vaccination, the Greece luxury travel market is expected to recover in the upcoming years.
The Greece luxury travel market is segmented into type of tour, type of traveler, and age group. By Type of tour, the market is classified into customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special event, and culinary travel & shopping. By Type of traveler, the market is fragmented into absolute luxury, aspiring luxury, and accessible luxury. By age group, the market is categorized into millennial (21-30), generation x (31-40), baby boomers (41-60), and silver hair (60 and above).
The economy of Greece depends on the tourism and travel industry. The country offers different tourist attraction places such as beach resorts, hotels & facilities, marinas, spas & thermal springs, museums, archaeological sites, and cities.
The key players profiled in the Greece luxury travel market include Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of current trends, estimations, and dynamics of the Greece luxury travel market from 2021 to 2030 to identify the prevailing market opportunities
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities
- Major countries in each region are mapped according to their revenue contribution to the industry The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players
- The report includes analyses of the regional as well as market, key players, market segments, application areas, and growth strategies
KEY MARKET SEGMENTS
By Type of Tour
- Customized & Private Vacations
- Adventure & Safari
- Cruise/Ship Expedition
- Small Group Journey
- Celebration & Special Events
- Culinary Travel & Shopping
By Type of Traveller
- Absolute Luxury
- Aspiring Luxury
- Accessible Luxury
By Age Group
- Millennial
- Generation X
- Baby Boomer
- Silver Hair
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Greece Luxury Market, by Type of Tour
Chapter 5: Greece Luxury Market, by Type of Traveler
Chapter 6: Greece Luxury Market, by Age Group
Chapter 7: Competition Landscape
Chapter 8: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a new report titled, “Greece Luxury Travel Market by Type of Tour, Type of Traveler, and Age Group: Opportunity Analysis and Industry Forecast, 2021–2030,”The Greece luxury travel market size was valued at $767.8 million in 2020, and is projected to reach $2,736.7 million by 2030, registering a CAGR of 11.5% from 2021 to 2030.
Greece is a popular tourist destination for many Europeans, attracting millions of visitors each year for their summer vacations. Its mainland and islands are among Europe’s most popular vacation spots. Greece is also known for festivals and events. Carnival is also organized annually in Greece, which attracts huge number of tourists. According to National Statistical Service of Greece, the Greece is ranked thirteenth in the world in terms of tourist destinations, with more than 30 million visitors every year. Majority of visitors come from Europe, particularly European Union countries, and the U.S., with less from other continents.
The Greece luxury travel market is experiencing rapid growth since last few years owing to the increase in interest of people in unique and exotic holiday destinations. Luxury travel is a niche market; however, it is gradually gaining market share in the Greece travel industry, owing to growth in disposable income and rise in living standards of people.
The Greece luxury travel market growth is attributable to presence of large number of luxury travel companies switching to new age technologies. This is to boost the luxury travel status and deliver guests with state-of-the-art facilities. Oculus rift-virtual reality device, Amazon eco-artificial intelligence, Go pro-wearable technology, and DaVinci 3D printing are some of the advanced technologies launched for the customers to enhance their travel experience. All these Greece luxury travel market trends is driving the Greece luxury travel market demand.
The Greece luxury travel market is segmented into type of tour, type of traveler, and age group. By type of tour, the market is classified into customized & private vacations, adventure & safari, cruise/ship expedition, celebration & special event, and culinary travel & shopping. By type of traveler, the market is fragmented into absolute luxury, aspiring luxury, and accessible luxury. By age group, the market is categorized into millennial (21-30), generation x (31-40), baby boomers (41-60), and silver hair (60 and above).
By type of tour, the adventure & safari segment was the highest revenue contributor in 2020, owing to the increased interest of people to explore new and exciting experiences while traveling. By type of traveler, the absolute luxury segment was the highest revenue contributor in 2020 and is expected to be the dominant segment during the forecast period. By age group, the baby boomer segment held the largest market Greece luxury travel market share in 2020.
The COVID-19 pandemic had a negative impact on Greece luxury tourism market. Tourist arrivals in Greece decreased as a result of travel bans and lockdown restrictions. International tourist arrivals in the country have decreased by 75%. In 2020, there were no tourist arrivals in Greece. This had a significant impact on the Greek economy. However, the Greece luxury travel market is expected to recover in the coming years due to the rapid pace of vaccination.
Surge in high net-worth individuals (HNIs) and rise in aspirations of young and rich millennial are expected to majorly foster the market growth in Greece. Baby boomer and generation X are the major contributors in the Greece luxury travel market.
The surge in interest of people to explore new places and to have unique travel experiences have encouraged the market players to offer trips that connect the travelers to the local culture of the destination and explore the unknown acquaintance of the place and its people. However, changing socio-economic conditions threatens the growth of the market.
Market players are coming up with new customized trips and travel plans, which cater to the need of the travelers. Major companies such as Abercrombie & Kent Ltd., and Cox & Kings Ltd., have a strong team of experts, who have knowledge about the tourist places and assist the travelers in opting for the best trip
Business expansion, acquisition, partnership, product launch, merger, and agreement are the primary strategies employed by market players. The key players in the Greece luxury travel industry include Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.
Key Findings Of The Study
- The Greece luxury travel market was valued at $767.8 million in 2020, and is projected to reach $2,736.7 million by 2030, registering a CAGR of 115% from 2021 to 2030
- By type of tour, the adventure & safari segment was the highest contributor to the market, with $341.4 million in 2020, and is estimated to reach $1,153.8 million by 2030, at a CAGR of 109% during the forecast period
- By type of traveler, the absolute luxury segment was the highest contributor to the market, with $474.2 million in 2020, and is estimated to reach $1,716.5 million by 2030, at a CAGR of 116% during the forecast period
- By age group, the baby boomer segment was the highest contributor to the market, with $286.2 million in 2020, and is estimated to reach $1,003.3 million by 2030, at a CAGR of 113% during the forecast period
Companies Mentioned
- Abercrombie & Kent USA LLC
- Butterfield & Robinson
- Cox & Kings Ltd.
- Kensington Tours
- Micato Safari
- Scott Dunn Ltd.
- Tauck, Inc.
- THOMAS COOK INDIA LTD.
- Travcoa Corporation
- TUI Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 147 |
| Published | February 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 921.46 million |
| Forecasted Market Value ( USD | $ 2736.7 million |
| Regions Covered | Greece |
| No. of Companies Mentioned | 10 |
