Luxury Travel Market Hit USD 2.5 trillion by 2025: Grand View Research, Inc.
9-October-2019: The global luxury travel market
size is expected to reach USD 2.5 trillion by 2025, expanding at a CAGR of 4.6%
over the forecast period, according to a new report by Grand View Research,
Inc. Increasing disposable income and consumer spending of middle and upper
class, growing demand for accumulation of travel memories, increase in micro
trips, and emerging tourism and corporate industries all across the globe are
expected to drive the market.
Growing traveler’s
preference for personalized service, reliable transport, exclusivity, and
positive and professional interaction with staff is setting the primary
benchmark for luxury travel. Growing political stability across the globe
regarding gender, ethnicity, sexual orientation, human rights, racism, citizenship,
and less hustle in visa offering are influencing the people’s decision over
potential travel destination. Long haul travelers are seeking to create their
own unique holiday and are demanding flexible itineraries for a combination of
entertaining and relaxing travel. This personalization demand of the travelers
is making their journey more convenient and full of experience.
Elite travelers are
preferring to visit the unexplored destinations to gain experience and
understand the new cultures worldwide. Moreover, they are planning unique trips
that include cultural visit, cruising, and adventure activities putting
experience over ownership. Travelers now care for access over acquisition and
experience over possession, thereby contributing to the growth of the market.
Micro trips have emerged as a new trend in the industry, which, in turn, is
expected to boost the market growth in the forecast period. Travelers are
squeezing in more travel itineraries into shorter time frames. To stay and
spend quality time during short getaways in unique and remarkable type of
accommodation is expected to become trendy in the forecast period
By tour type, the
market is divided as customized and private vacations, safari and adventure,
cruises, yachting, and small ship expeditions, celebration journeys, culinary
travel and shopping, and others. Safari and adventure accounted for the largest
share of 35.3% in the year 2018 as luxury travelers are seeking more depth to
understand local culture, sense of adventure, and less crowded environment.
Personalized vacation aimed at safari and adventure is getting popular among
all age groups, thereby surging the segment growth.
On the basis of age
group, the luxury travel market has been segmented into millennial, generation
x, baby boomers, and silver hair. Millennial is the fastest growing segment
with a CAGR of 5.4%. Millennials have a mindset for luxury and its meaningful
consumption over owing stuff. They tend to be more independent in their
religious and political views, more entrepreneurial, less likely to be married,
distrustful of authority, better educated, and more travel oriented than any
other generation. Millennials are shifting their focus from traditional
pampering to a wider range of compelling experiences.
North America was
the largest regional market in the year 2018 and this trend is expected to
continue over the forecast period. In 2018, U.S. was the largest shareholder of
this market with a share of 85.5% in North America as it is a global financial
hub as well as one of the most popular tourist destinations for people across
the world. Increase in shorter trip over long haul trips is expected to fuel
the market growth over the forecast period.
In
depth research report on Luxury Travel Market
Further key findings from the study suggest:
·
By tour, the safari and adventure segment is projected to
ascend at a CAGR of 4.3% over the forecast period in luxury travel market
·
By age group, baby boomers held an overall revenue share of
over 40.0% in 2018
·
U.S., U.K., Germany, China, India, Brazil, and South Africa
are the major countries with the largest market in their respective regions.
Grand View Research
has segmented the global luxury travel market on the basis of tour, age group,
and region:
Luxury Travel Tour Outlook (Revenue, USD Billion, 2015 -
2025)
·
Customized & Private Vacations
·
Safari & Adventure
·
Cruises, Yachting & Small Ship Expeditions
·
Celebration Journeys
·
Culinary Travel & Shopping
·
Others
Luxury Travel Age Group Outlook (Revenue, USD Billion, 2015 -
2025)
·
Millennial
·
Generation X
·
Baby Boomers
·
Silver Hair
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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