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Global Luxury Travel Market Size, Share, Trends, Forecast: By Tour Type: Customised and Private Vacation, Adventure and Safari, Cruise and Ship Expedition, Small Group Journey, Celebration and Special Event, Culinary Travel and Shopping; By Age Group: Millennial (21-30 Years), Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Luxury Travel Market Outlook
The global luxury travel market size reached approximately USD 2.07 trillion in 2023. The market is assessed to grow at a CAGR of 5.5% between 2024 and 2032 to attain a value of around USD 3.38 trillion by 2032.
Key Trends in the Market
Luxury travel refers to a type of tourism that is associated with exclusive, personalised, and unique experiences. Luxury travellers typically choose high-end accommodations such as international hotels and exclusive boutique travel.
- One of the major factors aiding the luxury travel market growth is the increasing disposable incomes of the middle-class population. Although luxury travel has been traditionally associated with high-net-worth individuals, celebrities, influencers, and business tycoons, a growing young population with rising income levels and a knack for adventure and unique experiences is fuelling the market.
- The luxury travel market demand is being propelled by the growing demand for rejuvenating and relaxing travel experiences by affluent individuals amid the rising trend of self-care and the growing focus on overall well-being. With the affluent population prioritising their mental, physical, and spiritual health, the interest in luxury wellness travel, especially in countries like India, Thailand, Switzerland, and Japan, is increasing.
- The rising demand for personalised services and offerings is one of the key luxury travel market trends. Luxury travellers value tailored and unique experiences that can cater to their specific interests. To capitalise on this trend, luxury travel operators and agents are leveraging innovative technologies such as data analytics to analyse the preferences, interests, social media activities, and travel history of affluent travellers to provide them with exclusive and personalised luxury travel experiences.
High-end travellers are also demanding authentic, meaningful, and unique experiences, hence choosing offbeat destinations not frequented by the masses with personalised tours and exclusive services.
- The increasing trend of sustainable travel is significantly driving the luxury travel market development. Luxury travellers are willing to spend more on travelling responsibly, preserving local culture and biodiversity, and contributing to the local economy. Moreover, they are choosing low-carbon emission modes of transportation and eco-friendly luxury accommodations that use sustainable practices, renewable energy, and eco-friendly and responsibly sourced materials.
Market Analysis
Based on tour type, the luxury travel market segmentation includes customised and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, and culinary travel and shopping.
On the basis of age group, the market can be divided into millennial (21-30 years), Generation X (31-40 Years), baby boomers (41-60 years), and silver hair (60 years and above). The major regional markets for luxury travel include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global luxury travel market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Abercrombie & Kent Ltd.
- Scott Dunn Ltd.
- TUI Group
- Tauck, Inc.
- Lindblad Expeditions, LLC
- Taicoa Corporation (Micato Safaris, Inc.)
- Exodus Travels Limited
- Travelopia Holdings Limited
- Butterfield & Robinson Inc.
- Globus Travel Kft.
- Others
Market Share by Age Group
As per the luxury travel market analysis, millennials prefer luxury immersive and experimental travel that can provide them with spiritual awareness, physical enrichment, and intellectual nourishment. Moreover, luxury tours with a focus on culture, art, history, and music are gaining popularity among millennials seeking authentic and unique experiences.
Market Share by Region
The Asia Pacific accounts for a substantial portion of the luxury travel market share. Countries such as Thailand, India, Japan, Singapore, and Vietnam have emerged as leading destinations for travellers seeking a blend of comfort, luxury, natural beauty, and culture. The increasing number of luxury hotels, coupled with exceptional customer services and diverse locations in the region, is further aiding the market growth.
Besides, the surging number of high-net-worth-individuals (HNWI) and ultra-high-net-worth individuals (UHNWI), especially in countries like China, Japan, Singapore, and Hong Kong, are expected to positively impact the luxury travel market expansion in the coming years.
Competitive Landscape
Abercrombie & Kent Ltd., established in 1962, has been a pioneer in the luxury adventure travel sector. It is recognised as one of the premier travel companies in the world and offers its services in over 100 countries. The company offers different types of travel services, ranging from private jet journeys to small group journeys, and luxury expedition cruises.
Scott Dunn Ltd. is a leading travel operator that is headquartered in London, the United Kingdom. The company offers high-end adventurous holidays across the globe, from Antarctica to the Alps. It aims to use its expansive knowledge to create customised, personalised, immersive, and memorable travel experiences.
TUI Group has established its position as a reputed tourism platform company that offers services in prominent holiday destinations across the globe. With its focus on social, economic, and environmental sustainability, the company has created memorable trips for more than 21 million travellers.
Other luxury travel market players include Tauck, Inc., Lindblad Expeditions, LLC, Taicoa Corporation (Micato Safaris, Inc.), Exodus Travels Limited, Travelopia Holdings Limited, Butterfield & Robinson Inc., and Globus Travel Kft., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Tour Type |
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| Breakup by Age Group |
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| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Luxury Travel Market Analysis
8.1 Key Industry Highlights
8.2 Global Luxury Travel Historical Market (2018-2023)
8.3 Global Luxury Travel Market Forecast (2024-2032)
8.4 Global Luxury Travel Market by Tour Type
8.4.1 Customised and Private Vacation
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Adventure and Safari
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Cruise and Ship Expedition
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Small Group Journey
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Celebration and Special Event
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Culinary Travel and Shopping
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.5 Global Luxury Travel Market by Age Group
8.5.1 Millennial (21-30 Years)
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Generation X (31-40 Years)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Baby Boomers (41-60 Years)
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Silver Hair (60 Years and Above)
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global Luxury Travel Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Luxury Travel Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Luxury Travel Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Luxury Travel Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Luxury Travel Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Luxury Travel Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Abercrombie & Kent Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Scott Dunn Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 TUI Group
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Tauck, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Lindblad Expeditions, LLC
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Taicoa Corporation (Micato Safaris, Inc.)
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Exodus Travels Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Travelopia Holdings Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Butterfield & Robinson Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Globus Travel Kft.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Luxury Travel Market: Key Industry Highlights, 2018 and 2032
2. Global Luxury Travel Historical Market: Breakup by Tour Type (USD Trillion), 2018-2023
3. Global Luxury Travel Market Forecast: Breakup by Tour Type (USD Trillion), 2024-2032
4. Global Luxury Travel Historical Market: Breakup by Age Group (USD Trillion), 2018-2023
5. Global Luxury Travel Market Forecast: Breakup by Age Group (USD Trillion), 2024-2032
6. Global Luxury Travel Historical Market: Breakup by Region (USD Trillion), 2018-2023
7. Global Luxury Travel Market Forecast: Breakup by Region (USD Trillion), 2024-2032
8. North America Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023
9. North America Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032
10. Europe Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023
11. Europe Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032
12. Asia Pacific Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023
13. Asia Pacific Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032
14. Latin America Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023
15. Latin America Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032
16. Middle East and Africa Luxury Travel Historical Market: Breakup by Country (USD Trillion), 2018-2023
17. Middle East and Africa Luxury Travel Market Forecast: Breakup by Country (USD Trillion), 2024-2032
18. Global Luxury Travel Market Structure
Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 2.07 trillion.
The market is assessed to grow at a CAGR of 5.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 3.38 trillion by 2032.
The major market drivers are the rising disposable incomes of the young population, the increasing spending on travelling by millennials, and the surging demand for relaxing and rejuvenating luxury travel.
The rising demand for personalised offerings, the growing preference for sustainable and socially responsible luxury travel, and the surging preference for offbeat high-end destinations among affluent individuals are the key trends aiding the market expansion.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different age groups of luxury travel are millennial (21-30 years), Generation X (31-40 Years), baby boomers (41-60 years), and silver hair (60 years and above).
The major players in the market are Abercrombie & Kent Ltd., Scott Dunn Ltd., TUI Group, Tauck, Inc., Lindblad Expeditions, LLC, Taicoa Corporation (Micato Safaris, Inc.), Exodus Travels Limited, Travelopia Holdings Limited, Butterfield & Robinson Inc., and Globus Travel Kft., among others.
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