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Luxury Travel Market by Type (Customized & Private Vacations, Adventure & Safari, Cruise/Ship Expedition, Small Group Journey, Celebration & Special Events, Culinary Travel & Shopping) by Age Group (Millennial, Generation X, Baby Boomers, Silver Hair) by Type of Traveler (Absolute Luxury, Aspiring Luxury, Accessible Luxury): Global Industry Size, Share, Statistics and Forecast 2015 – 2027

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Published: | Report ID: 12555 | Report Format : PDF

Market Insights

Considering the ever-increasing pressures of adulthood in 2021, taking a holiday at least once a year is almost necessary. With all the daily office deadlines, household chores, and running around, one doesn’t just want but also needs a break from time to time to rejuvenate themselves and come back stronger than ever before.

Perhaps that is why the global luxury travel market is on the rise again, despite the after-effects of the Covid-19 pandemic. If anything, it was valued at USD 0.912 trillion earlier this year and is expected to hit USD 1.8 trillion by the end of 2027, thanks to a CAGR rate of nearly 7.98%. Interestingly, it is not just the rich and famous who are spending heavily on fancy travel packages. Thanks to the advent of social media, even younger and middle-class customers are seeking more materialism in their travels.

Luxury Travel Market

Why is that so? The obvious answer is rising disposable income amongst the youth in emerging countries like China, Indonesia, and India. This relatively richer generation operates with a “why not?” attitude. It is more than willing to dole out extra cash to make memories, and its Instagram accounts outshine those of its peers. There is also a growing preference for reliable transport and specialized services. This, coupled with more lenient visa application processes, has significantly boosted the luxury travel market.

Design Element 2

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CTA Design Element 3

Global luxury travel is a trillion-dollar industry. Amid COVID 19 situation, the revenue falls below the trillion-dollar market. However, the global travel industry is picking up pace with rapid vaccination and a decline in active and new cases of COVID 19 in a few countries. Showing rapid recovery, the luxury travel industry is predicted to garner revenue of USD 1,140.10 in 2021, with a growth rate of around 25% as compared to 2020.

Interesting Facts about Luxury Travel Industry

  • Luxury Travel is one of the worst affected sectors owing to COVID 19
  • Average expenditure incurred by luxury travelers ranges between USD 5,000 to USD 10,000 per trip
  • Over 40% of millennials consider cost is a barrier to their luxury traveling
  • Over 35% of millennials prefer luxury traveling
  • Americans spend the highest among all luxury travelers around the world

Adventure & Safari to Dominate Luxury Travelling 

Customized & Private Vacations, Adventure & Safari, Cruise/Ship Expedition, Small Group Journey, Celebration & Special Events, and Culinary Travel & Shopping are some of the major segments of luxury travel. Adventure & Safari will hold over 25% of the global luxury travel industry in 2020. Luxury travel services include a more premium experience in terms of accommodation, food, and entertainment. Think first-class airplane tickets, spas, rented yachts, and private islands. With online booking, one can easily browse through accommodation options, packaged deals, and potential discounts from anywhere in the world. Contact-less payment processes have also been deemed to influence the desire to travel positively.

Increased Air Transport Connectivity

Frequent and cheap flight connections have encouraged more and more people to head out to new countries and explore them in new ways. As a result, the 21st-century traveler focuses less on relaxation and more on experiencing a different culture, different foods, and adventure.

Personalized Travelling Experience for Customers Can be a Winning Imperative for Industry Participants

The global luxury travel market is a gold mine of possibilities. Considering the preference for personalized services, there are many small changes airlines, hotels, and tour operators can add to make their luxury customers at home. These include customized pillows for certain guests, beach-front dinner dates for honeymooners, sealing off certain parts of resorts or beaches, etc., for celebrities who wish to enjoy without being accosted by fans. Major companies are focusing on offering a luxurious experience to their customers. Major industry participants include but are not limited to TÜ Elite; TCS World Travel; Abercrombie & Kent USA; TUI Group; Micato Safaris; Butterfield & Robinson Inc.; Scott Dunn Ltd.; Cox & Kings Ltd.; Exodus travels; Lindblad Expeditions, TUI AG, Thomas Cook Ltd, Travcoa Corporation, Meredith Corporation LLC and Kensington Tours Ltd.

COVID 19 Pandemic Costs Hundred of Billions Loss to Luxury Travel Industry

The pandemic devastated the global travel industry last year. Revenues worth billions were lost, and thousands of tourism-related businesses ended up closing shop. The market is only now beginning to rise again, as travel restrictions ease and people become less fearful of catching Covid thanks to the vaccines.

Another threat to luxury travel is the lack of awareness about the facilities on offer. Generally speaking, the perks of luxury travel are meant solely for those who can afford them. However, as this rarely constitutes more than 1% of a country’s population, demand is typically low. Also, prices vary from country to country, making it hard to pick where to go.

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Baby Boomers to Lift the Luxury Travel Industry

Millennials, Generation X, Baby Boomers, and Silver Hair are major categories of the luxury travel industry based on age group. Among all age groups, baby boomers captured over 40% of the industry’s total revenue. While millennials are expected to emerge as one of the essential segments over the forecast period.

1.Preface
1.1.Report Description
1.1.1.Purpose of the Report
1.1.2.Target Audience
1.1.3.USP and Key Offerings
1.2.Research Scope
1.3.Research Methodology
1.3.1.Phase I – Secondary Research
1.3.2.Phase II – Primary Research
1.3.3.Phase III – Expert Panel Review
1.3.4.Approach Adopted
1.3.4.1.Top-Down Approach
1.3.4.2.Bottom-Up Approach
1.3.5.Assumptions
1.4.Market Segmentation

2.Executive Summary
2.1.Market Snapshot: Global Luxury Travel Market

3.Market Dynamics & Factors Analysis
3.1.Introduction
3.1.1. Global Luxury Travel Market Value, 2015-2027, (US$ Bn)
3.2.Market Dynamics
3.2.1.Key Growth Trends
3.2.2.Major Industry Challenges
3.2.3.Key Growth Pockets
3.3.Attractive Investment Proposition,2020
3.3.1.Type
3.3.2.Distribution Channel
3.3.3.Type of Traveller
3.3.4.Geography
3.4.Porter’s Five Forces Analysis
3.4.1.Threat of New Entrants
3.4.2.Bargaining Power of Buyers/Consumers
3.4.3.Bargaining Power of Suppliers
3.4.4.Threat of Substitute Types
3.4.5.Intensity of Competitive Rivalry
3.5.Value Chain Analysis

4.Market Positioning of Key Players, 2020
4.1.Company market share of key players, 2020
4.2.Top 6 Players
4.3.Top 3 Players
4.4.Major Strategies Adopted by Key Players

5.COVID 19 Impact Analysis
5.1.Global Luxury Travel Market Pre Vs Post COVID 19, 2019 – 2027
5.2.Impact on Import & Export
5.3.Impact on Demand & Supply

6.North America
6.1.North America Luxury Travel Market, by Country, 2015-2027(US$ Bn)
6.1.1.U.S.
6.1.2.Canada
6.1.3.Mexico
6.2.North America Luxury Travel Market, by Type, 2015-2027(US$ Bn)
6.2.1.Overview
6.2.2.Adventure & Safari
6.2.3.Cruise/Ship Expedition
6.2.4.Small Group Journey
6.2.5.Celebration & Special Events
6.2.6.Culinary Travel & Shopping
6.3.North America Luxury Travel Market, by Age Group, 2015-2027(US$ Bn)
6.3.1.Overview
6.3.2.Millennial
6.3.3.Generation X
6.3.4.Baby Boomers
6.3.5.Silver Hair
6.4.North America Luxury Travel Market, by Type of Traveller, 2015-2027(US$ Bn)
6.4.1.Overview
6.4.2.Absolute Luxury
6.4.3.Aspiring Luxury
6.4.4.Accessible Luxury

7.Europe
7.1.Europe Luxury Travel Market, by Country, 2015-2027(US$ Bn)
7.1.1.UK
7.1.2.France
7.1.3.Germany
7.1.4.Italy
7.1.5.Russia
7.1.6.Spain
7.1.7.Belgium
7.1.8.Netherland
7.1.9.Austria
7.1.10.Sweden
7.1.11.Poland
7.1.12.Denmark
7.1.13.Switzerland
7.1.14.Rest of Europe
7.2.Europe Luxury Travel Market, by Type, 2015-2027(US$ Bn)
7.2.1.Overview
7.2.2.Customized & Private Vacations
7.2.3.Adventure & Safari
7.2.4.Cruise/Ship Expedition
7.2.5.Small Group Journey
7.2.6.Celebration & Special Events
7.2.7.Culinary Travel & Shopping
7.3.Europe Luxury Travel Market, by Age Group, 2015-2027(US$ Bn)
7.3.1.Overview
7.3.2.Millennial
7.3.3.Generation X
7.3.4.Baby Boomers
7.3.5.Silver Hair
7.4.Europe Luxury Travel Market, by Type of Traveller, 2015-2027(US$ Bn)
7.4.1.Overview
7.4.2.Absolute Luxury
7.4.3.Aspiring Luxury
7.4.4.Accessible Luxury

8.Asia Pacific
8.1.Asia Pacific Luxury Travel Market, by Country, 2015-2027(US$ Bn)
8.1.1.China
8.1.2.Japan
8.1.3.South Korea
8.1.4.India
8.1.5.Australia
8.1.6.New Zealand
8.1.7.Taiwan
8.1.8.Southeast Asia
8.1.9.Central Asia
8.1.10.Rest of Asia Pacific
8.2.Asia Pacific Luxury Travel Market, by Type, 2015-2027(US$ Bn)
8.2.1.Overview
8.2.2.Customized & Private Vacations
8.2.3.Adventure & Safari
8.2.4.Cruise/Ship Expedition
8.2.5.Small Group Journey
8.2.6.Celebration & Special Events
8.2.7.Culinary Travel & Shopping
8.3.Asia Pacific Luxury Travel Market, by Age Group, 2015-2027(US$ Bn)
8.3.1.Overview
8.3.2.Millennial
8.3.3.Generation X
8.3.4.Baby Boomers
8.3.5.Silver Hair
8.4.Asia Pacific Luxury Travel Market, by Type of Traveller, 2015-2027(US$ Bn)
8.4.1.Overview
8.4.2.Absolute Luxury
8.4.3.Aspiring Luxury
8.4.4.Accessible Luxury

9.Latin America
9.1.Latin America Luxury Travel Market, by Country, 2015-2027(US$ Bn)
9.1.1.Brazil
9.1.2.Argentina
9.1.3.Peru
9.1.4.Chile
9.1.5.Colombia
9.1.6.Rest of Latin America
9.2.Latin America Luxury Travel Market, by Type, 2015-2027(US$ Bn)
9.2.1.Overview
9.2.2.Customized & Private Vacations
9.2.3.Adventure & Safari
9.2.4.Cruise/Ship Expedition
9.2.5.Small Group Journey
9.2.6.Celebration & Special Events
9.2.7.Culinary Travel & Shopping
9.3.Latin America Luxury Travel Market, by Age Group, 2015-2027(US$ Bn)
9.3.1.Overview
9.3.2.Millennial
9.3.3.Generation X
9.3.4.Baby Boomers
9.3.5.Silver Hair
9.4.Latin America Luxury Travel Market, by Type of Traveller, 2015-2027(US$ Bn)
9.4.1.Overview
9.4.2.Absolute Luxury
9.4.3.Aspiring Luxury

9.4.4.Accessible Luxury

10.Middle East
10.1.Middle East Luxury Travel Market, by Country, 2015-2027(US$ Bn)
10.1.1.UAE
10.1.2.KSA
10.1.3.Israel
10.1.4.Turkey
10.1.5.Iran
10.1.6.Rest of Middle East
10.2.Middle East Luxury Travel Market, by Type, 2015-2027(US$ Bn)
10.2.1.Overview
10.2.2.Customized & Private Vacations
10.2.3.Adventure & Safari
10.2.4.Cruise/Ship Expedition
10.2.5.Small Group Journey
10.2.6.Celebration & Special Events
10.2.7.Culinary Travel & Shopping
10.3.Middle East Luxury Travel Market, by Age Group, 2015-2027(US$ Bn)
10.3.1.Overview
10.3.2.Millennial
10.3.3.Generation X
10.3.4.Baby Boomers
10.3.5.Silver Hair
10.4.Middle East Luxury Travel Market, by Type of Traveller, 2015-2027(US$ Bn)
10.4.1.Overview
10.4.2.Absolute Luxury
10.4.3.Aspiring Luxury
10.4.4.Accessible Luxury

11.Africa
11.1.Africa Luxury Travel Market, by Country, 2015-2027(US$ Bn)
11.1.1.South Africa
11.1.2.Egypt
11.1.3.Nigeria
11.1.4.Rest of Africa
11.2.Africa Luxury Travel Market, by Type, 2015-2027(US$ Bn)
11.2.1.Overview
11.2.2.Customized & Private Vacations
11.2.3.Adventure & Safari
11.2.4.Cruise/Ship Expedition
11.2.5.Small Group Journey
11.2.6.Celebration & Special Events
11.2.7.Culinary Travel & Shopping
11.3.Africa Luxury Travel Market, by Age Group, 2015-2027(US$ Bn)
11.3.1.Overview
11.3.2.Millennial
11.3.3.Generation X
11.3.4.Baby Boomers
11.3.5.Silver Hair
11.4.Africa Luxury Travel Market, by Type of Traveller, 2015-2027(US$ Bn)
11.4.1.Overview
11.4.2.Absolute Luxury
11.4.3.Aspiring Luxury
11.4.4.Accessible Luxury

12.Global
12.1.Global Luxury Travel Market, by Type, 2015-2027(US$ Bn)
12.1.1.Overview
12.1.2.Customized & Private Vacations
12.1.3.Adventure & Safari
12.1.4.Cruise/Ship Expedition
12.1.5.Small Group Journey
12.1.6.Celebration & Special Events
12.1.7.Culinary Travel & Shopping
12.2.Global Luxury Travel Market, by Age Group, 2015-2027(US$ Bn)
12.2.1.Overview
12.2.2.Millennial
12.2.3.Generation X
12.2.4.Baby Boomers
12.2.5.Silver Hair
12.3.Global Luxury Travel Market, by Type of Traveller, 2015-2027(US$ Bn)
12.3.1.Overview
12.3.2.Absolute Luxury
12.3.3.Aspiring Luxury
12.3.4.Accessible Luxury

13.Company Profiles
13.1.TÜ Elite
13.2.TCS World Travel
13.3.Abercrombie & Kent USA
13.4.TUI Group
13.5.Micato Safaris
13.6.Butterfield & Robinson Inc.
13.7.Scott Dunn Ltd.
13.8.Cox & Kings Ltd.
13.9.Exodus travels
13.10.Lindblad Expeditions
13.11.TUI AG
13.12.Thomas Cook Ltd
13.13.Travcoa Corporation
13.14.Meredith Corporation LLC
13.15.Kensington Tours Ltd
13.16.Others

 

List of Figures
FIG. 1Global Luxury Travel Market: Research Methodology
FIG. 2Market Size Estimation – Top Down & Bottom up Approach
FIG. 3Global Luxury Travel Market Segmentation
FIG. 4Global Luxury Travel Market, by Type, 2019 (US$ Bn)
FIG. 5Global Luxury Travel Market, by Distribution Channel, 2019 (US$ Bn)
FIG. 6Global Luxury Travel Market, by Geography, 2019 (US$ Bn)
FIG. 7Attractive Investment Proposition, by Geography, 2019
FIG. 8Global Market Positioning of Key Luxury Travel Market Manufacturers, 2019
FIG. 9Global Luxury Travel Market Value Contribution, By Type, 2020 & 2027 (Value %)
FIG. 10Global Luxury Travel Market, by Customized & Private Vacations, Value, 2015-2027 (US$ Bn)
FIG. 11Global Luxury Travel Market, by Adventure & Safari, Value, 2015-2027 (US$ Bn)
FIG. 12Global Luxury Travel Market, by Cruise/Ship Expedition, Value, 2015-2027 (US$ Bn)
FIG. 13Global Luxury Travel Market, by Small Group Journey, Value, 2015-2027 (US$ Bn)
FIG. 14Global Luxury Travel Market, by Celebration & Special Events, Value, 2015-2027 (US$ Bn)
FIG. 15Global Luxury Travel Market, by Culinary Travel & Shopping, Value, 2015-2027 (US$ Bn)
FIG. 16Global Luxury Travel Market Value Contribution, By Type of Traveller, 2020 & 2027 (Value %)
FIG. 17Global Luxury Travel Market, by Absolute Luxury, Value, 2015-2027 (US$ Bn)
FIG. 18Global Luxury Travel Market, by Aspiring Luxury, Value, 2015-2027 (US$ Bn)
FIG. 19Global Luxury Travel Market, by Accessible Luxury, Value, 2015-2027 (US$ Bn)
FIG. 20Global Luxury Travel Market Value Contribution, By Age Group, 2020 & 2027 (Value %)
FIG. 21Global Luxury Travel Market, by Millennial, Value, 2015-2027 (US$ Bn)
FIG. 22Global Luxury Travel Market, by Generation X, Value, 2015-2027 (US$ Bn)
FIG. 23Global Luxury Travel Market, by Baby Boomers, Value, 2015-2027 (US$ Bn)
FIG. 24Global Luxury Travel Market, by Silver Hair, Value, 2015-2027 (US$ Bn)
FIG. 25U.S. Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 26Rest of North America Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 27U.K. Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 28Germany Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 29France Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 30Italy Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 31Spain Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 32Russia Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 33BENELUX Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 34Poland Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 35Austria Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 36Rest of Europe Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 37Japan Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 38China Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 39India Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 40South Korea Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 41Australia Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 42Southeast Asia Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 43Rest of Asia Pacific Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 44Middle East & Africa Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 45South Africa Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 46Nigeria Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 47Egypt Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 48GCC Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 49Israel Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 50Latin America Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 51Mechanicalzil Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 52Argentina Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 53Colombia Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 54Peru Luxury Travel Market, 2015-2027 (US$ Bn)
FIG. 55Chile Luxury Travel Market, 2015-2027 (US$ Bn)

List of Tables
TABLE 1Market Snapshot: Global Beauty Devices (Luxury Travel) Market
TABLE 2Global Luxury Travel Market, by Type, 2015-2027 (US$ Bn)
TABLE 3Global Luxury Travel Market, by Distribution Channel, 2015-2027 (US$ Bn)
TABLE 4Global Luxury Travel Market, by Geography, 2015-2027 (US$ Bn)
TABLE 5North America Luxury Travel Market, by Type, 2015-2027 (US$ Bn)
TABLE 6North America Luxury Travel Market, by Distribution Channel, 2015-2027 (US$ Bn)
TABLE 7North America Luxury Travel Market, by Country, 2015-2027 (US$ Bn)
TABLE 8Europe Luxury Travel Market, by Type, 2015-2027 (US$ Bn)
TABLE 9Europe Luxury Travel Market, by Distribution Channel, 2015-2027 (US$ Bn)
TABLE 10Europe Luxury Travel Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 11Asia Pacific Luxury Travel Market, by Type, 2015-2027 (US$ Bn)
TABLE 12Asia Pacific Luxury Travel Market, by Distribution Channel, 2015-2027 (US$ Bn)
TABLE 13Asia Pacific Luxury Travel Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 14Latin America Luxury Travel Market, by Type, 2015-2027 (US$ Bn)
TABLE 15Latin America Luxury Travel Market, by Distribution Channel, 2015-2027 (US$ Bn)
TABLE 16Latin America Luxury Travel Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 17Middle East Luxury Travel Market, by Type, 2015-2027 (US$ Bn)
TABLE 18Middle East Luxury Travel Market, by Distribution Channel, 2015-2027 (US$ Bn)
TABLE 19Middle East Luxury Travel Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 20Africa Luxury Travel Market, by Type, 2015-2027 (US$ Bn)
TABLE 21Africa Luxury Travel Market, by Distribution Channel, 2015-2027 (US$ Bn)
TABLE 22Africa Luxury Travel Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 23TÜ Elite: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 24TCS World Travel: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 25Abercrombie & Kent USA: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 26TUI Group: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 27Micato Safaris: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 28Butterfield & Robinson Inc.: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 29Scott Dunn Ltd.: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 30Cox & Kings Ltd.: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 31Exodus travels: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 32Lindblad Expeditions: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 33Thomas Cook Ltd: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 34Travcoa Corporation: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 35Meredith Corporation LLC: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments
TABLE 36Kensington Tours Ltd: Company Snapshot (Company Overview; Type Portfolio; Financial Information; Key Developments

Frequently Asked Questions:

How COVID 19 Impacted Luxury Travel Market?

Likewise other industries, COVID 19 also taken a toll on Luxury Travel market with over 28% decline in 2020 in its revenue as compare to 2019

Which is the leading regional market for Luxury Travel?

North America is the largest regional market with highest share in the total volume of Luxury Travel consumed in 2020

What is the major growth driving factors for global Luxury Travel market?

Growing disposable income and rising demand for luxury and comfort

Which is major segment in Luxury Travel market by type?

Safari & Adventure Travel segment dominated the Luxury Travel market in 2020

Which is major segment in Luxury Travel market by age group?

Baby Boomers was the largest distribution channel of Luxury Travel in 2020

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