PUBLISHER: Grand View Research | PRODUCT CODE: 1376013
PUBLISHER: Grand View Research | PRODUCT CODE: 1376013
Luxury Travel Market Size, Share & Trends Analysis Report By Tour (Safari & Adventure, Culinary Travel & Shopping), By Age Group (Millennial, Baby Boomers), By Region, And Segment Forecasts, 2023 - 2030
Luxury Travel Market Growth & Trends:
The global luxury travel market size is expected to reach USD 2.32 trillion by 2030, registering a CAGR of 7.7% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The growing desire to escape the stress, hustle-bustle, and routine of everyday life has driven the attraction for travelers. Moreover, the increasing life expectancy of people and improved health conditions even in old age are encouraging more and more individuals to follow an active lifestyle. Moreover, the new trend of micro trips is expected to boost the market growth during the forecasted period. The demand for luxury travel focused on wellness continues to increase, 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 the festivals and associated cultural rituals and 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 have a rich cultural heritage of fairs and festivals like Raasleela and Janmashtami Mela. 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 market are focusing on strategies, such as mergers and acquisitions, to gain a higher market 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 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:
- The culinary travel & shopping segment is anticipated to witness the fastest CAGR over the forecast period
- Culinary travel, often referred to as food tourism packages, encompass travel offerings that revolve around food and beverages. 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 a significant CAGR over the forecast period. 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 2022 due to the rising travel connectivity, coupled with rapid penetration of high-speed internet, which has made even the most remote places in European countries accessible to travelers
- This is driving the need to explore new and exotic locations across the region, thereby strengthening the 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. GVR's 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
- 3.4.1. Industry Analysis - Porter's
- 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, 2021 & 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 and 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, 2021 & 2030
- 6.2. Luxury Travel Market Estimates & Forecast, By Age-Group (USD Million)
- 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, 2021 & 2030
- 7.2. North America
- 7.2.1. North America luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.2.2. U.S.
- 7.2.2.1. Key country dynamics
- 7.2.2.2. U.S. luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Europe luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.3.2. UK
- 7.3.2.1. Key country dynamics
- 7.3.2.2. UK luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.3.3. Germany
- 7.3.3.1. Key country dynamics
- 7.3.3.2. Germany luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.3.4. France
- 7.3.4.1. Key country dynamics
- 7.3.4.2. France luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.4.2. India
- 7.4.2.1. Key Country Car Wash
- 7.4.2.2. India luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.4.3. China
- 7.4.3.1. Key country dynamics
- 7.4.3.2. China luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.5. Central & South America
- 7.5.1. Central & South America luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.5.2. Brazil
- 7.5.2.1. Key country dynamics
- 7.5.2.2. Brazil luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.6. Middle East & Africa (MEA)
- 7.6.1. Middle East & Africa luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
- 7.6.2. South Africa
- 7.6.2.1. Key country dynamics
- 7.6.2.2. South Africa luxury travel market estimates and forecast, 2017 - 2030 (USD Million)
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, 2022 (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 Million)
- 2. Luxury Travel market estimates & forecast, by age-group (USD Million)
- 3. U.S. macro-economic outlay
- 4. UK macro-economic outlay
- 5. Germany macro-economic outlay
- 6. France macro-economic outlay
- 7. China macro-economic outlay
- 8. India macro-economic outlay
- 9. Brazil macro-economic outlay
- 10. South Africa macro-economic outlay
- 11. 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, 2017 - 2030 (USD Million)
- 15. Safari & Adventure market estimates & forecasts, 2017 - 2030 (USD Million)
- 16. Cruises, yachting and small ship expeditions market estimates & forecasts, 2017 - 2030 (USD Million)
- 17. Celebration Journeys market estimates & forecasts, 2017 - 2030 (USD Million)
- 18. Culinary Travel market estimates & forecasts, 2017 - 2030 (USD Million)
- 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, 2017 - 2030 (USD Million)
- 22. Luxury travel market estimates & forecasts, for Generation X, 2017 - 2030 (USD Million)
- 23. Luxury travel market estimates & forecasts, for baby boomers, 2017 - 2030 (USD Million)
- 24. Luxury travel market estimates & forecasts, for silver hair, 2017 - 2030 (USD Million)
- 25. Luxury travel market estimates & forecasts, 2017 - 2030 (USD Million)
- 26. Luxury travel market revenue, by region, 2022 & 2030 (USD Million)
- 27. Regional marketplace: Key takeaways
- 28. North America Luxury travel market estimates & forecast, 2017 - 2030 (USD Million)
- 29. U.S. Luxury travel market estimates & forecast, 2017 - 2030 (USD Million)
- 30. Europe Luxury travel market estimates & forecasts, 2017 - 2030 (USD Million)
- 31. UK Luxury travel market estimates & forecasts, 2017 - 2030 (USD Million)
- 32. Germany Luxury travel market estimates & forecasts, 2017 - 2030 (USD Million)
- 33. France Luxury travel market estimates & forecasts, 2017 - 2030 (USD Million)
- 34. Asia Pacific Luxury travel market estimates & forecast, 2017 - 2030 (USD Million)
- 35. China Luxury travel market estimates & forecast, 2017 - 2030 (USD Million)
- 36. India Luxury travel market estimates & forecast, 2017 - 2030 (USD Million)
- 37. Central & South America Luxury travel market estimates & forecast, 2017 - 2030 (USD Million)
- 38. Brazil Luxury travel market estimates & forecast, 2017 - 2030 (USD Million)
- 39. Middle East & Africa Luxury travel market estimates & forecast, 2017 - 2030 (USD Million)
- 40. South Africa Luxury travel market estimates & forecast, 2017 - 2030 (USD Million)
