[132 Pages Report] Luxury Travel Market Insights 2022 Luxury travel today is defined less by thread count and Michelin stars and more by access to the people, places and experiences that represent all that is authentic about a destination. There’s no denying that comfort factors still apply and high standards of accommodation and dining will always feature on the luxury traveller’s wish list. However, today’s luxury traveller seeks more depth of understanding and immersion into local culture than ever before. People don’t just want to see – they want to participate. The sales process is also critical and whilst the online proposition can be an asset in terms of booking more simple arrangements, clients looking for luxury experiential travel require a deep level of sophisticated knowledge and confidence during the sales process.
Growing inclination of people towards unique and exotic holiday experiences, rise in middle and upper middle class spending and the increasing impact of social media on travel industry are the key factors that drive the market growth. Emerging new destinations coupled with rising service standards in the travel industry, is anticipated to further drive the demand for luxury travel, globally.
The Small Group Journey segment accounted for about 44% of the overall luxury travel market revenue, by tour type in 2015, as this is identified as the most popular vacation option among young and middle age group travelers. In addition, Customized and Private Vacation aimed at culinary and shopping, would witness the fastest growth, registering a CAGR of 9.1% during the forecast period. An increasing number of luxury travelers are indulging in these tours as they enable these travelers to experience the finest local delicacies and also buy some of the most exquisite handicrafts. These trips are getting popular among travelers of all age groups, especially the millennials (21 – 30 years). In 2015, approximately 45% of millennials took a trip based on culinary interest.
Scope of the Luxury Travel Market Report :
In 2019, The Worldwide Luxury Travel market size was USD 6156.8 million and it is expected to reach USD 10900 million by the end of 2026, with a CAGR of 8.4% during 2021-2026.
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Leading key players of Luxury Travel Market are
Luxury Travel Market Type Segment Analysis (Market size available for years 2022-2026, Consumption Volume, Average Price, Revenue, Market Share and Trend 2015-2027): Customized and Private Vacation, Adventure and Safari, Cruise/Ship Expedition, Small Group Journey, Celebration and Special Event, Others
Regions that are expected to dominate the Luxury Travel market are North America, Europe, Asia-Pacific, South America, Middle East and Africa and others
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