Luxury Travel Market Size is expected to reach USD 2.5 trillion by 2019 - 2025

Luxury Travel Market Size is expected to
reach USD 2.5 trillion by 2019 - 2025
“Luxury Travel Market Size, Share & Trends Analysis
Report By Age Group (Millennial, Baby Boomers), By
Tour (Safari & Adventure, Culinary Travel &
Shopping), By Region, And Segment Forecasts, 2019
- 2025.”
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. 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
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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.
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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.
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
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U.S., U.K., Germany, China, India, Brazil, and South Africa are the major countries with the
largest market in their respective regions.
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