Global Luxury Travel Market Predicted to Hit $1369.1 Billion
The global luxury travel market is expected to garner $1369.1 billion by 2028, growing at a CAGR of 8.8% from 2021 to 2028. The report provides all-inclusive insights into the present situation and future potential of the market by scrutinizing market drivers and restraints, opportunities, key segments, and regions.
The market is segmented based on tour type, age group, traveler type, and region.
The adventure & safari sub-segment of the tour type segment is estimated to witness leading growth by surpassing $543,892.0 million in the estimated period. This growth is mainly because of the growing demand for adventure & safari type of travel trips, as they offer travelers with exceptional and memorable experiences such as outstanding scenery, wildlife adventure, and unusual cultural encounters.
The baby boomer sub-segment of the age group segment is anticipated to observe highest growth and surpass $517,801.8 million in the estimated period. This growth is mainly because baby boomers generally have flexible schedules, which allows them to travel and go for longer trips.
The absolute luxury sub-segment of the traveler type segment is anticipated to observe maximum growth and collect a revenue of $757,089.2 million in the estimated period. This growth is mainly because of the rising adoption of luxury trips among travelers, as these trips offer admirable hotels, priority check-ins, decent food services, and better entertainment options such as night clubs, cruise dinner, on-demand services, and others.
Regionally, the Asia Pacific luxury travel market is projected to observe augmented growth with a CAGR of 14.5% in the estimated period. The growth of this region market is mostly owing to the rising economic development, growing desire among people to explore numerous places, increasing popularity for adventure trips, rising demand for ship/cruise tours among the youths in this region.