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Luxury Travel Market Size, Share & Trends Analysis Report by Tour (Customized & Private Vacations, Safari & Adventure), Age Group (Millennial, Baby Boomers), Region, and Segment Forecasts, 2024-2030

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    Report

  • 85 Pages
  • December 2023
  • Region: Global
  • Grand View Research
  • ID: 5899588
The global luxury travel market size is expected to reach USD 2.32 trillion by 2030, registering a CAGR of 6.7% from 2024 to 2030. The growing desire to escape the stress, hustle-bustle, and routine of everyday life has attracted travelers. Moreover, the increasing life expectancy of people around the world and improved health conditions even in old age are encouraging more and more consumers to enjoy an active lifestyle. Moreover, the trend of micro trips is expected to boost industry growth. Tourists are visiting more travel places in shorter time periods. To stay and spend quality time and create memories during short time frames in a unique and remarkable type of accommodation is expected to become trendy in the forecast period.

The demand for luxury travel focused on wellness continues to grow, with travelers actively seeking experiences, itineraries, and products tailored to health, fitness, nutrition, appearance, sleep, and mindfulness. According to a 2021 American Express survey, 76% of respondents expressed a desire to allocate more of their travel budget toward improving their overall well-being, while 55% indicated a willingness to invest extra in wellness activities for future vacations. Although many spas and health retreats faced closures during the pandemic, the Global Wellness Institute anticipates a robust recovery, projecting an annual growth rate of 17% and an estimated market value of USD 150 billion by 2025. In terms of luxury cultural tourism, festivals have become a major focus, and notions of authenticity have become spots of attraction in the festivals.

Tourists seek an authentic experience of festivals and associated cultural rituals performed by locals and their traditional practices. For instance, in August 2022, the Indian government announced new waterways between Mathura, Vrindavan, and Agra to promote religious tourism. Under this project, the cruises to Gokul, Vrindavan, and Mathura will be connected by waterways on the Yamuna River at affordable rates. Vrindavan and Mathura havehave a rich cultural heritage of fairs and festivals, to name a few: Holi, Charkula dance, Raasleela, Latthmar Holikotsav, Yamuna Janmotsav, Janmashtami Mela, and many more. Social connectivity is another emerging trend among luxury travelers to connect and experience different societies and cultures. For example, G Adventures (formerly known as Gap Adventures) is a social enterprise and small-group adventure travel company that brings travelers closer to society and its culture.

G Adventures is capitalizing on the social connectivity trend by providing an opportunity for local communities to connect and socialize with travelers seeking cultural exploration. Companies in the industry are focusing on strategies, such as mergers and acquisitions, to gain higher industry share and increase their service footprint. In June 2021, Inspirato LLC, the innovative luxury travel subscription brand, and Thayer Ventures Acquisition Corp., a publicly traded special purpose acquisition company, announced that they have entered into a definitive merger agreement that will result in Inspirato becoming a publicly listed company. This merger enabled the company to increase and broaden its service capabilities and bolster its package offerings.

Luxury Travel Market Report Highlights

  • Culinary travel & shopping is anticipated to be the fastest-growing segment from 2024 to 2030. The primary purpose of culinary travel, often referred to as food tourism packages, is to experience the unique foods and beverages of a particular region or area and understand the culture. These packages are tailored to include destinations, sites, attractions, or events with a focus on the culinary aspect
  • The millennial segment is expected to witness substantial growth from 2024 to 2030. Millennials prioritize experiences over material possessions, valuing the memories and personal growth that luxury travel can provide. Millennials are hence shifting their focus from traditional pampering to a wider range of compelling traveling experiences
  • Europe dominated the global market in 2023 due to rising travel connectivity, coupled with rapid penetration of high-speed internet, which has made even the most remote places in countries like Germany accessible to travelers. This is driving the need to explore new, exotic, and exciting locations across the region, thereby boosting the regional market growth

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Tour Outlook
2.3. Age-group Outlook
2.4. Regional Outlook
Chapter 3. Luxury Travel Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Booking Mode Trends & Outlook
3.2.2. Profit Margin Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.3.3. Industry Challenges
3.3.4. Industry Opportunities
3.4. Industry Analysis Tools
3.4.1. Industry Analysis - Porter’s
3.4.1.1. Supplier Power
3.4.1.2. Buyer Power
3.4.1.3. Substitution Threat
3.4.1.4. Threat from New Entrant
3.4.1.5. Competitive Rivalry
3.5. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Demographic Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
Chapter 5. Luxury Travel Market: Tour Estimates & Trend Analysis
5.1. Tour Movement Analysis & Market Share, 2023 & 2030
5.2. Luxury Travel Market Estimates & Forecast, By Tour (USD Million)
5.2.1. Customized & Private Vacations
5.2.2. Safari & Adventure
5.2.3. Cruises, Yachting & Small Ship Expeditions
5.2.4. Celebration Journeys
5.2.5. Culinary Travel & Shopping
5.2.6. Others
Chapter 6. Luxury Travel Market: Age-group Estimates & Trend Analysis
6.1. Age-group Movement Analysis & Market Share, 2023 & 2030
6.2. Luxury Travel Market Estimates & Forecast, By Age-Group (USD Billion)
6.2.1. Millennial (21-30)
6.2.2. Generation X (31-40)
6.2.3. Baby Boomers (41-60)
6.2.4. Silver Hair (60+)
Chapter 7. Luxury Travel Market: Regional Estimates & Trend Analysis
7.1. Regional Movement Analysis & Market Share, 2023 & 2030
7.2. North America
7.2.1. North America luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.2.2. U.S.
7.2.2.1. Key country dynamics
7.2.2.2. U.S. luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.2.3. Canada
7.2.3.1. Key country dynamics
7.2.3.2. Canada luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.2.4. Mexico
7.2.4.1. Key country dynamics
7.2.4.2. Mexico luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.3. Europe
7.3.1. Europe luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.3.2. UK
7.3.2.1. Key country dynamics
7.3.2.2. UK luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.3.3. Germany
7.3.3.1. Key country dynamics
7.3.3.2. Germany luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.3.4. France
7.3.4.1. Key country dynamics
7.3.4.2. France luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.3.5. Italy
7.3.5.1. Key country dynamics
7.3.5.2. Italy luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.4. Asia-Pacific
7.4.1. Asia-Pacific luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.4.2. India
7.4.2.1. Key country car wash
7.4.2.2. India luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.4.3. China
7.4.3.1. Key country dynamics
7.4.3.2. China luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.4.4. Uzbekistan
7.4.4.1. Key country dynamics
7.4.4.2. Uzbekistan luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.5. Central & South America
7.5.1. Central & South America luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.5.2. Brazil
7.5.2.1. Key country dynamics
7.5.2.2. Brazil luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.6. Middle East & Africa (MEA)
7.6.1. Middle East & Africa luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.6.2. South Africa
7.6.2.1. Key country dynamics
7.6.2.2. South Africa luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.6.3. Saudi Arabia
7.6.3.1. Key country dynamics
7.6.3.2. Saudi Arabia luxury travel market estimates and forecast, 2018-2030 (USD Billion)
7.6.4. UAE
7.6.4.1. Key country dynamics
7.6.4.2. UAE luxury travel market estimates and forecast, 2018-2030 (USD Billion)
Chapter 8. Competitive Landscape
8.1. List of Companies Covered in this Report
8.1.1. TUI Group
8.1.2. Butterfield & Robinson Inc.
8.1.3. Cox & Kings Ltd.
8.1.4. Scott Dunn Ltd.
8.1.5. Abercrombie & Kent USA, LLC
8.1.6. Lindblad Expeditions
8.1.7. Geographic Expeditions, Inc.
8.1.8. Micato Safaris
8.1.9. Exodus Travels Limited
8.1.10. Travel Edge (Canada) Inc.
8.2. Recent Developments & Impact Analysis, By Key Market Participants
8.3. Company Categorization
8.4. Participant’s Overview
8.5. Financial Performance
8.6. Product Benchmarking
8.7. Company Market Share Analysis, 2023 (Value % Share)
8.8. Company Heat Map Analysis
8.9. Strategy Mapping
8.9.1. Sustainability
8.9.2. Expansion
8.9.3. Acquisition
8.9.4. Partnerships
8.9.5. New Itinerates/Ship Launch
List of Tables
1. Luxury Travel market estimates & forecast, by tour (USD Billion)
2. Luxury Travel market estimates & forecast, by age-group (USD Billion)
3. U.S. macro-economic outlay
4. Canada macro-economic outlay
5. Mexico macro-economic outlay
6. UK macro-economic outlay
7. Germany macro-economic outlay
8. France macro-economic outlay
9. Italy macro-economic outlay
10. China macro-economic outlay
11. India macro-economic outlay
12. Uzbekistan macro-economic outlay
13. Brazil macro-economic outlay
14. South Africa macro-economic outlay
15. Saudi Arabia macro-economic outlay
16. UAE macro-economic outlay
17. Recent developments & impact analysis, by key market participants
List of Figures
1. Luxury travel market segmentation
2. Information procurement
3. Primary research pattern
4. Primary research approaches
5. Primary research process
6. Market Snapshot
7. Segment Snapshot
8. Competitive Landscape Snapshot
9. Luxury travel market - Industry value chain analysis
10. Luxury travel market dynamics
11. Luxury travel market: PORTER’s analysis
12. Luxury travel market, by tour: Key takeaways
13. Luxury travel market, by tour: Market share, 2022 & 2030
14. Customized & Private Vacations market estimates & forecasts, 2018-2030 (USD Billion)
15. Safari & Adventure market estimates & forecasts, 2018-2030 (USD Billion)
16. Cruises, yachting and small ship expeditions market estimates & forecasts, 2018-2030 (USD Billion)
17. Celebration Journeys market estimates & forecasts, 2018-2030 (USD Billion)
18. Culinary Travel market estimates & forecasts, 2018-2030 (USD Billion)
19. Luxury travel market, by age-group: Key takeaways
20. Luxury travel market, by age-group: Market share, 2022 & 2030
21. Luxury travel market estimates & forecasts, for millennials, 2018-2030 (USD Billion)
22. Luxury travel market estimates & forecasts, for generation X, 2018-2030 (USD Billion)
23. Luxury travel market estimates & forecasts, for baby boomers, 2018-2030 (USD Billion)
24. Luxury travel market estimates & forecasts, for silver hair, 2018-2030 (USD Billion)
25. Luxury travel market estimates & forecasts, 2018-2030 (USD Billion)
26. Luxury travel market revenue, by region, 2022 & 2030 (USD Billion)
27. Regional marketplace: Key takeaways
28. North America Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
29. U.S. Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
30. Canada Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
31. Mexico Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
32. Europe Luxury travel market estimates & forecasts, 2018-2030 (USD Billion)
33. UK Luxury travel market estimates & forecasts, 2018-2030 (USD Billion)
34. Germany Luxury travel market estimates & forecasts, 2018-2030 (USD Billion)
35. France Luxury travel market estimates & forecasts, 2018-2030 (USD Billion)
36. Italy Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
37. Asia-Pacific Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
38. China Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
39. India Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
40. Uzbekistan Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
41. Central & South America Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
42. Brazil Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
43. Middle East & Africa Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
44. South Africa Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
45. Saudi Arabia Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
46. UAE Luxury travel market estimates & forecast, 2018-2030 (USD Billion)
47. Company Categorization

Companies Mentioned

  • TUI Group
  • Butterfield & Robinson Inc.
  • Cox & Kings Ltd.
  • Scott Dunn Ltd.
  • Abercrombie & Kent USA, LLC
  • Lindblad Expeditions
  • Geographic Expeditions, Inc.
  • Micato Safaris
  • Exodus Travels Limited
  • Travel Edge (Canada) Inc.

Methodology

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Table Information