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Luxury Travel Market Size, Share & Industry Trends Analysis Report by Tour, Age Group (Baby Boomers, Generation X, Millennial and Silver Hair), Regional Outlook and Forecast, 2022-2028

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    Report

  • 187 Pages
  • October 2022
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5694456
The Global Luxury Travel Market size is expected to reach $1,574 billion by 2028, rising at a market growth of 6.3% CAGR during the forecast period.

Exclusive and one-of-a-kind experiences, and highly individualized services, are linked with luxury travel. The sector is being driven by rising expenditure by affluent tourists who want to see undiscovered places and have novel experiences. The industry has been developing as a result of the rising trend of short vacations as well as the worldwide expanding tourist industry.


Given that spending on art, restaurants, culture, guides, and athletic events by luxury travelers is essential to the local economies of the places they visit, luxury travel plays a significant role in the distribution of wealth around the world. Travelers are searching for flexible schedules that combine entertainment and relaxation in order to build their own special experiences.

Numerous tourists, especially wealthy ones, are drawn to the growing popularity of cruises, yachts, and small ships. One of the most prominent customers in this market is thought to be High Net Worth Individuals (HNWIs). As a result, businesses in the sector have been focusing more on luxury water-based travel, like cruises.

Additionally, the prevalence of internet research has grown dramatically over time. During the forecast period, high-tech (smart) rooms are expected to fuel demand for luxury lodging and travel, offering guests total control over how they use their accommodations and choose to travel. The industry is expanding as a result of rising internet usage and the availability of social media. Also, the number of travel tales shared on social media sites like Instagram, Facebook, and blogging platforms has multiplied.

COVID-19 Impact Analysis

Worldwide, the COVID-19 pandemic has had an impact on every industry. Around the world, the tourism sector has been severely impacted, which has a negative effect on its related industries, including travel agencies, hospitality, tour operators, and all types of transportation services. The remaining people stayed at home out of dread of the virus itself, while almost the whole world's population adjusted to their way of life under various travel limitations. As a result, the tourism industry virtually stopped.

Market Growth Factors

Travel Guidelines and Rules

Regarding VISA policies, each nation has its own distinct set of guidelines for visitors of various nationalities. Governments are, however, more frequently forcing tourists to get travel insurance in order to get a VISA. To visit countries like France, the United States, Norway, Belgium, Luxembourg, Finland, and Poland, among others, one must have travel health insurance. This clause exists to make sure that visitors are adequately covered in the case of a medical emergency due to the high costs of medical care and hospitalization in the host nations. The travel and tourism business has consistently grown during the past ten years.

Social Media influencing travelers

Every element of our life, including the way we consume, has been altered by social media. Businesses have been profoundly impacted by these advances, mostly because they have made new marketing methods possible. Undoubtedly a component of all of these is tourism, one of the most dynamic economic sectors in the world. People are now encouraged to talk about their travels. Social networking has changed how people make decisions as a result.

Marketing Restraining Factor:

Rising cases of chronic diseases restraining people to travel

The travel sector has been almost paralyzed by the pandemic. The COVID-19 pandemic has had an effect on the tourism sector because of the resulting travel restrictions and decline in demand from tourists. The spread of the coronavirus has had a significant impact on the tourist sector because several nations have imposed travel restrictions in an effort to stop it.



Tour Outlook

Based on tour, the luxury travel market is segmented into customized & private vacations, safari & adventure, cruises, yachting & small ship expeditions, celebration journeys, culinary travel & shopping and others. The culinary travel & shopping segment acquired a substantial revenue share in the luxury travel market in 2021. The main goals of culinary travel are to learn about local cuisine and culture while enjoying the local specialties. Cooking lessons, beer, historical culinary routes, wine, and spirits trails, food fairs, and festivals, and exploratory tours of food plants and processing facilities are all activities that tourists are taking part in.

Age Group Outlook

On the basis of age group, the luxury travel market is fragmented into millennial, generation X, baby boomers and silver hair. In 2021, the baby boomers segment held the largest revenue share in the luxury travel market. The people of this age have the time, money, and desire to travel, visit a number of exciting locations, and check off a variety of items on their bucket list, such as going on a luxury cruise around the world, having a lengthy vacation on a cruise ship, and visiting exotic ports. These elements hasten segment growth in the upcoming years.

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Regional Outlook

Region wise, the luxury travel market is analyzed across the North America, Europe, Asia Pacific and LAMEA. In 2021, the Europe region led the luxury travel market by generating the maximum revenue share. Even the most isolated regions of Europe are now more available to luxury visitors because of improved travel connectivity and the quick uptake of high-speed internet. This is encouraging people to travel to new, exotic places throughout the region, which is fostering the market growth there.

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include TUI Group, Lindblad Expeditions Holdings, Inc., Thomas Cook (India) Limited (Fairfax Financial Holdings Limited), Scott Dunn, Abercrombie & Kent USA, LLC, Exodus Travels Limited, Travel Edge, Inc. (Navigatr Group), Butterfield & Robinson, Inc., Geographic Expeditions, Inc. and Micato Safaris.

Recent Strategies Deployed in Luxury Travel Market

Partnerships, Collaborations and Agreements:

  • Sep-2022: TUI teamed up with National Geographic Expeditions. Under this collaboration, the TUI and National Geographic Expeditions would introduce National Geographic Day Tours. Further, National Geographic Expeditions would offer adventure travel with the TUI's range of small group & private tours, small ship expedition cruises, and river and private jets.
  • Jul-2022: Lindblad Expeditions partnered with OM System, a company primarily focuses on mirrorless interchangeable lens cameras, lenses, audio recorders, dictation devices, and accessories. This partnership would bring aboard the ultimate in equipment for their guests to experience with the latest OM SYSTEM Photo Gear Lockers.
  • Jun-2022: A&K Travel Group Ltd. has partnered with V.Ships Leisure, the world’s leading cruise ship manager, based in Monaco. “I am thrilled to start this new chapter and to be back in an industry that has always had, and always will have a special place in my heart. Thirty-five years ago, my family acquired control of Sitmar Cruises, building three of the first purpose-built cruise ships, and 30 years ago my family pioneered a new way of cruising. Our goal was to deliver the best experience, pampering guests from all over the world with around-the-clock butler service and extraordinary culinary experiences.
  • Jun-2022: Scott Dunn came into a partnership with APEXX, a multi-award-winning global payments platform. This partnership focused on growing transaction efficiency as well as boosting conversion rates all over the U.S. and Singapore.
  • Jan-2022: TUI joined hands with Mobi, a global nonprofit smart mobility consortium. The collaboration focused on implementing ML in cutting-edge digital operations platforms.
  • Nov-2021: TUI hotels came into a partnership with Sabre, a travel technology company. This partnership aimed at driving innovation, digital transformation & revenue generation by enhancing the consumer experience.
  • Jul-2021: Abercrombie & Kent entered into a partnership with Wheels Up, the leading brand in private aviation. This partnership aimed at delivering members-only experiences to explore the world in unparalleled luxury.
  • Jun-2021: TUI entered into a partnership with Nezasa, the industry-leading provider to travel brands. TUI aimed at driving the transformation of the market and strengthening its position as a leading player in multi-day tours.
  • Mar-2021: Exodus Travels and AWF partnered with Curated Safari Collection. Through this partnership, Exodus focused on ensuring tourism dollars are utilized responsibly to support regenerative & sustainable initiatives and organizations that benefit tourism places as well as the communities within.
  • Oct-2020: Thomas Cook came into a partnership with Accor, a global leader in augmented hospitality. Under this partnership, the companies would together launch Holiday Safe. The launch would focus on reassuring consumers with comprehensive health & safety protocols incorporated through Thomas Cook India and SOTC’s Assured Safe Travel Program along with Apollo Clinics and Accor's Cleanliness and Prevention ALLSAFE label, developed with and vetted by Bureau Veritas.
  • Jun-2020: TUI partnered with Booking.com, a Dutch online travel agency. This partnership would enable both companies to expand without parting with large chunks of cash that they currently require to be kept in reserve to ensure longevity.
  • Feb-2020: TUI extended its existing partnership with Royal Caribbean, a global cruise holding company. The expansion would help Royal Caribbean to grow its luxury and expedition cruise line along with keeping a share of the business. Also, the company gets the cash which would help pursue its digital strategy.

Product Launches and Product Expansions:

  • Jul-2022: Thomas Cook launched Vistara Getaways International. This launch majorly focused on targeting Vistara’s discerning consumers. Thomas Cook selected premium global hotel brands that include Dusit Thani in Thailand, Armani Hotel Dubai, Angsana Ihuru, and Banyan Tree Vabbinfaru in Maldives.

Acquisitions and Mergers:

  • Oct-2021: Lindblad Expeditions completed the acquisition of Classic Journeys, a family-owned and operated travel agency. The acquisition would broaden & deepen Linblad's platform of high-quality experiential product offerings in robust adventure travel sectors, that includes the cultural walking tour market.
  • Mar-2021: Lindblad Expeditions took over DuVine Cycling + Adventure, a leading luxury cycling & adventure travel company, and Off the Beaten Path LLC, a leading active travel operator with a specialization. From these acquisitions, the company aimed at broadening & deepening Lindblad’s platform of high-quality experiential product offerings in robust adventure travel sectors, that includes the rapidly increasing cycling tourism & domestic expedition market.

Geographical Expansions:

  • Mar-2022: TUI Blue expanded its business globally. With this expansion, TUI Blue aimed to grow with management and franchise agreements. TUI focused on the development of the latest regions for expansion in Southeast Asia, China, Africa, and the Middle East.

Scope of the Study

By Tour

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

By Age Group

  • Baby Boomers
  • Generation X
  • Millennial
  • Silver Hair

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • TUI Group
  • Lindblad Expeditions Holdings, Inc.
  • Thomas Cook (India) Limited (Fairfax Financial Holdings Limited)
  • Scott Dunn
  • Abercrombie & Kent USA, LLC
  • Exodus Travels Limited
  • Travel Edge, Inc. (Navigatr Group)
  • Butterfield & Robinson, Inc.
  • Geographic Expeditions, Inc.
  • Micato Safaris

Unique Offerings

  • Exhaustive coverage
  • The highest number of market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Luxury Travel Market, by Tour
1.4.2 Global Luxury Travel Market, by Age Group
1.4.3 Global Luxury Travel Market, by Geography
1.5 Research Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Recent Industry Wide Strategic Developments
3.1.1 Partnerships, Collaborations and Agreements
3.1.2 Product Launches and Product Expansions
3.1.3 Acquisition and Mergers
3.1.4 Geographical Expansions
3.2 Top Winning Strategies
3.2.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.2.2 Key Strategic Move: (Partnerships, Collaborations & Agreements : 2018, Aug - 2022, Sep) Leading Players
Chapter 4. Global Luxury Travel Market by Tour
4.1 Global Safari & Adventure Market by Region
4.2 Global Celebration Journeys Market by Region
4.3 Global Culinary Travel & Shopping Market by Region
4.4 Global Cruises, Yachting, & Small Ship Expeditions Market by Region
4.5 Global Customized & Private Vacations Market by Region
4.6 Global Others Market by Region
Chapter 5. Global Luxury Travel Market by Age Group
5.1 Global Baby Boomers Market by Region
5.2 Global Generation X Market by Region
5.3 Global Millennial Market by Region
5.4 Global Silver Hair Market by Region
Chapter 6. Global Luxury Travel Market by Region
6.1 North America Luxury Travel Market
6.1.1 North America Luxury Travel Market by Tour
6.1.1.1 North America Safari & Adventure Market by Country
6.1.1.2 North America Celebration Journeys Market by Country
6.1.1.3 North America Culinary Travel & Shopping Market by Country
6.1.1.4 North America Cruises, Yachting, & Small Ship Expeditions Market by Country
6.1.1.5 North America Customized & Private Vacations Market by Country
6.1.1.6 North America Others Market by Country
6.1.2 North America Luxury Travel Market by Age Group
6.1.2.1 North America Baby Boomers Market by Country
6.1.2.2 North America Generation X Market by Country
6.1.2.3 North America Millennial Market by Country
6.1.2.4 North America Silver Hair Market by Country
6.1.3 North America Luxury Travel Market by Country
6.1.3.1 US Luxury Travel Market
6.1.3.1.1 US Luxury Travel Market by Tour
6.1.3.1.2 US Luxury Travel Market by Age Group
6.1.3.2 Canada Luxury Travel Market
6.1.3.2.1 Canada Luxury Travel Market by Tour
6.1.3.2.2 Canada Luxury Travel Market by Age Group
6.1.3.3 Mexico Luxury Travel Market
6.1.3.3.1 Mexico Luxury Travel Market by Tour
6.1.3.3.2 Mexico Luxury Travel Market by Age Group
6.1.3.4 Rest of North America Luxury Travel Market
6.1.3.4.1 Rest of North America Luxury Travel Market by Tour
6.1.3.4.2 Rest of North America Luxury Travel Market by Age Group
6.2 Europe Luxury Travel Market
6.2.1 Europe Luxury Travel Market by Tour
6.2.1.1 Europe Safari & Adventure Market by Country
6.2.1.2 Europe Celebration Journeys Market by Country
6.2.1.3 Europe Culinary Travel & Shopping Market by Country
6.2.1.4 Europe Cruises, Yachting, & Small Ship Expeditions Market by Country
6.2.1.5 Europe Customized & Private Vacations Market by Country
6.2.1.6 Europe Others Market by Country
6.2.2 Europe Luxury Travel Market by Age Group
6.2.2.1 Europe Baby Boomers Market by Country
6.2.2.2 Europe Generation X Market by Country
6.2.2.3 Europe Millennial Market by Country
6.2.2.4 Europe Silver Hair Market by Country
6.2.3 Europe Luxury Travel Market by Country
6.2.3.1 Germany Luxury Travel Market
6.2.3.1.1 Germany Luxury Travel Market by Tour
6.2.3.1.2 Germany Luxury Travel Market by Age Group
6.2.3.2 UK Luxury Travel Market
6.2.3.2.1 UK Luxury Travel Market by Tour
6.2.3.2.2 UK Luxury Travel Market by Age Group
6.2.3.3 France Luxury Travel Market
6.2.3.3.1 France Luxury Travel Market by Tour
6.2.3.3.2 France Luxury Travel Market by Age Group
6.2.3.4 Russia Luxury Travel Market
6.2.3.4.1 Russia Luxury Travel Market by Tour
6.2.3.4.2 Russia Luxury Travel Market by Age Group
6.2.3.5 Spain Luxury Travel Market
6.2.3.5.1 Spain Luxury Travel Market by Tour
6.2.3.5.2 Spain Luxury Travel Market by Age Group
6.2.3.6 Italy Luxury Travel Market
6.2.3.6.1 Italy Luxury Travel Market by Tour
6.2.3.6.2 Italy Luxury Travel Market by Age Group
6.2.3.7 Rest of Europe Luxury Travel Market
6.2.3.7.1 Rest of Europe Luxury Travel Market by Tour
6.2.3.7.2 Rest of Europe Luxury Travel Market by Age Group
6.3 Asia Pacific Luxury Travel Market
6.3.1 Asia Pacific Luxury Travel Market by Tour
6.3.1.1 Asia Pacific Safari & Adventure Market by Country
6.3.1.2 Asia Pacific Celebration Journeys Market by Country
6.3.1.3 Asia Pacific Culinary Travel & Shopping Market by Country
6.3.1.4 Asia Pacific Cruises, Yachting, & Small Ship Expeditions Market by Country
6.3.1.5 Asia Pacific Customized & Private Vacations Market by Country
6.3.1.6 Asia Pacific Others Market by Country
6.3.2 Asia Pacific Luxury Travel Market by Age Group
6.3.2.1 Asia Pacific Baby Boomers Market by Country
6.3.2.2 Asia Pacific Generation X Market by Country
6.3.2.3 Asia Pacific Millennial Market by Country
6.3.2.4 Asia Pacific Silver Hair Market by Country
6.3.3 Asia Pacific Luxury Travel Market by Country
6.3.3.1 China Luxury Travel Market
6.3.3.1.1 China Luxury Travel Market by Tour
6.3.3.1.2 China Luxury Travel Market by Age Group
6.3.3.2 Japan Luxury Travel Market
6.3.3.2.1 Japan Luxury Travel Market by Tour
6.3.3.2.2 Japan Luxury Travel Market by Age Group
6.3.3.3 India Luxury Travel Market
6.3.3.3.1 India Luxury Travel Market by Tour
6.3.3.3.2 India Luxury Travel Market by Age Group
6.3.3.4 South Korea Luxury Travel Market
6.3.3.4.1 South Korea Luxury Travel Market by Tour
6.3.3.4.2 South Korea Luxury Travel Market by Age Group
6.3.3.5 Singapore Luxury Travel Market
6.3.3.5.1 Singapore Luxury Travel Market by Tour
6.3.3.5.2 Singapore Luxury Travel Market by Age Group
6.3.3.6 Malaysia Luxury Travel Market
6.3.3.6.1 Malaysia Luxury Travel Market by Tour
6.3.3.6.2 Malaysia Luxury Travel Market by Age Group
6.3.3.7 Rest of Asia Pacific Luxury Travel Market
6.3.3.7.1 Rest of Asia Pacific Luxury Travel Market by Tour
6.3.3.7.2 Rest of Asia Pacific Luxury Travel Market by Age Group
6.4 LAMEA Luxury Travel Market
6.4.1 LAMEA Luxury Travel Market by Tour
6.4.1.1 LAMEA Safari & Adventure Market by Country
6.4.1.2 LAMEA Celebration Journeys Market by Country
6.4.1.3 LAMEA Culinary Travel & Shopping Market by Country
6.4.1.4 LAMEA Cruises, Yachting, & Small Ship Expeditions Market by Country
6.4.1.5 LAMEA Customized & Private Vacations Market by Country
6.4.1.6 LAMEA Others Market by Country
6.4.2 LAMEA Luxury Travel Market by Age Group
6.4.2.1 LAMEA Baby Boomers Market by Country
6.4.2.2 LAMEA Generation X Market by Country
6.4.2.3 LAMEA Millennial Market by Country
6.4.2.4 LAMEA Silver Hair Market by Country
6.4.3 LAMEA Luxury Travel Market by Country
6.4.3.1 Brazil Luxury Travel Market
6.4.3.1.1 Brazil Luxury Travel Market by Tour
6.4.3.1.2 Brazil Luxury Travel Market by Age Group
6.4.3.2 Argentina Luxury Travel Market
6.4.3.2.1 Argentina Luxury Travel Market by Tour
6.4.3.2.2 Argentina Luxury Travel Market by Age Group
6.4.3.3 UAE Luxury Travel Market
6.4.3.3.1 UAE Luxury Travel Market by Tour
6.4.3.3.2 UAE Luxury Travel Market by Age Group
6.4.3.4 Saudi Arabia Luxury Travel Market
6.4.3.4.1 Saudi Arabia Luxury Travel Market by Tour
6.4.3.4.2 Saudi Arabia Luxury Travel Market by Age Group
6.4.3.5 South Africa Luxury Travel Market
6.4.3.5.1 South Africa Luxury Travel Market by Tour
6.4.3.5.2 South Africa Luxury Travel Market by Age Group
6.4.3.6 Nigeria Luxury Travel Market
6.4.3.6.1 Nigeria Luxury Travel Market by Tour
6.4.3.6.2 Nigeria Luxury Travel Market by Age Group
6.4.3.7 Rest of LAMEA Luxury Travel Market
6.4.3.7.1 Rest of LAMEA Luxury Travel Market by Tour
6.4.3.7.2 Rest of LAMEA Luxury Travel Market by Age Group
Chapter 7. Company Profiles
7.1 TUI Group
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Recent Strategies and Developments
7.1.4.1 Partnerships, Collaborations, and Agreements
7.1.4.2 Geographical Expansions
7.2 Lindblad Expeditions Holdings, Inc.
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental Analysis
7.2.4 Recent Strategies and Developments
7.2.4.1 Partnerships, Collaborations, and Agreements
7.2.4.2 Acquisition and Mergers
7.3 Thomas Cook (India) Limited (Fairfax Financial Holdings Limited)
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental Analysis
7.4 Scott Dunn
7.4.1 Company Overview
7.4.2 Recent Strategies and Developments
7.4.2.1 Partnerships, Collaborations, and Agreements
7.4.2.2 Acquisition and Mergers
7.5 Abercrombie & Kent USA, LLC
7.5.1 Company Overview
7.5.2 Recent Strategies and Developments
7.5.2.1 Partnerships, Collaborations, and Agreements
7.5.2.2 Acquisitions and Mergers
7.6 Exodus Travels Limited
7.6.1 Company Overview
7.6.2 Recent Strategies and Developments
7.6.2.1 Partnerships, Collaborations, and Agreements
7.6.2.2 Acquisition and Mergers
7.7 Travel Edge, Inc. (Navigatr Group)
7.7.1 Company Overview
7.7.2 Recent Strategies and Developments
7.7.2.1 Partnerships, Collaborations, and Agreements
7.8 Butterfield & Robinson, Inc.
7.8.1 Company Overview
7.9 Geographic Expeditions, Inc.
7.9.1 Company Overview
7.10. Micato Safaris
7.10.1 Company Overview

Companies Mentioned

  • TUI Group
  • Lindblad Expeditions Holdings, Inc.
  • Thomas Cook (India) Limited (Fairfax Financial Holdings Limited)
  • Scott Dunn
  • Abercrombie & Kent USA, LLC
  • Exodus Travels Limited
  • Travel Edge, Inc. (Navigatr Group)
  • Butterfield & Robinson, Inc.
  • Geographic Expeditions, Inc.
  • Micato Safaris

Methodology

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