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Shibuya-ku, Tokyo, Japan, Japan, Sep 15, 2021, 01:59 /Comserve / -- According to Research Dive analysis, the global luxury travel market is estimated to generate a revenue of $1,369,120.7 million by 2028, increasing from $461,741.6 million in 2020, at a healthy CAGR of 8.8%.
Impact Analysis of COVID-19 on the Global Luxury Travel Market:
The global luxury travel market experienced a negative impact due to unprecedented lockdown and travel restrictions that has negatively impacted the luxury travel leading to cancellation of tours which has led to huge revenue loss. Many travel companies have shut down their operations due to restrictions on social gatherings, travel, cancellations of flights. Top tourist attractions such as cathedrals, amusement parks, jungle safaris, museums, and others were closed to contain the spread of COVID-19 virus. Many employees had to leave their jobs as travel companies were unable to accommodate the expenses. With airplanes on ground and hotels closed luxury travel industry was greatly affected by the pandemic. The socio-economic unrest brought by the pandemic has led to decrease in consumer spending on travel and purchase of non-essential goods. All these factors have led to negative impact on the luxury travel market during the forecast period.
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Luxury Travel Market Analysis:
The global luxury travel market experienced appreciable growth due to increase middle and upper-middle class spending, increase in demand for unique and exotic travel experience by the users. Luxury travel plays an important role in improving the physical and mental well-being of an individual that provides them relaxation and helps them in leading stress-free life. Luxury travel offers unique experience where the travelers can visit the places that are less explored and remains untouched. Luxury travel offers various advantages such as daily complimentary breakfast for two, complimentary lunch, dinner & spa treatment, business class flights, quick assistance if you encounter any issue during the travel. In addition, rise in the middle and upper middle-class group has led to increased consumer spending on luxury travel. All these factors are estimated to drive the growth of luxury travel market during the forecast period.
The tremendous socio-economic impact caused by coronavirus is estimated to restrain the market growth. This is majorly owing to rising health and safety concerns, and more tendency towards cash saving which is anticipated to create negative impact on the luxury travel market growth during the analysis period.
The technological advancements with ease of online booking, easy check-ins and check-outs, and growing popularity of travel due to influence of social media platforms is estimated to generate huge growth opportunities for the market in the upcoming years. Various luxury travel platforms such as Hipmunk, TripAdvisor provides enhanced experience to the users by engaging new guests and providing them complete travel details. The social media platforms such as Facebook, Instagram, and others have huge share in influencing the growth of travel industry as various people try to take advice from the people who have visited that place, and they also check the reviews and travel experience. In addition, the launch of innovative products such as smart suitcases, smart luggage tags, on-board technology for music lovers, safe storage technology for storing your valuables, air purifying technologies, language translation tools, and others are estimated to create enormous growth opportunities in the upcoming years.
Based on tour type, the global market for luxury travel market is divided into customized and private, adventure and safari, cruise/ship expedition, small group journey, celebration and special events, culinary travel and shopping. The adventure and safari sub-segment is anticipated to have the fastest market growth and generate a revenue of $543,892.0 million by 2028.
Based on age group, the market is classified into millennial, generation X, baby boomer, and silver hair. The baby boomer sub-segment generated a revenue of $180,031.3 million in 2020 and it is projected to grow rapidly by 2028.
Based on traveler type, the market is classified into absolute luxury, aspiring luxury, and accessible luxury. The absolute luxury sub-segment has generated a revenue of $148,115.0 million in 2020 and it is projected to grow exponentially by 2028.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific luxury travel market is anticipated to rise at a growth rate of 14.5% by 2028 from the revenue generated in 2020.
The companies involved in the global luxury travel market are Abercrombie & Kent USA, LLC., Cox & Kings Ltd., Butterfield & Robinson Inc., Scott Dunn Ltd., Kensington Tours Ltd., Micato Safaris, Thomas Cook Ltd., Meredith Corporation, LLC, Travcoa Corporation, and TUI AG
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