Global Luxury Travel Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Luxury Travel Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global luxury travel market report has been segmented on the basis of tour type, category, and region.

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Global Luxury Travel Market: Overview

Luxury travel includes visiting a specific destination along with premium accommodation services and convenient services for transportation. These tours are designed and customized as per the requirements of the consumers and intended to offer an exotic experience of traveling.

Global Luxury Travel Market: Dynamics

Growing number of global travelers coupled with increasing disposable income of the population is one of the key factor anticipated to drive revenue growth of the target market. Currently, increasing inclination of young population towards international travelling and willingness to explore new destinations is another factor anticipated to influence growth of the global market. In addition, ongoing trends of a destination wedding, shopping, cultural visits etc., is one of the major factor expected to support growth of the target market. Working population has a hectic lifestyle and to revive from work-related stress they tend to buy luxurious travelling packages to spend quality time which is a factor expected to propel growth of the global market. Various types of discounts offered by travel agencies on travelling packages is another key factor expected to fuel the target market growth. In addition, travel agencies are adopting various strategies in order to increase sales such as publishing package prices on different websites, through which consumer can easily compare the options and prices and book the package online without need to go physical offices, hence anticipated to augment growth of the global market. Increasing arrangements of adventurous tours, owing to increasing demand among young population is a factor expected to propel the target market growth.

However, the cost of luxury travel packages is relatively high as compared to other packages which are a major factor anticipated to restraint growth of the target market. Moreover, high fragmentation of the market is a factor expected to hinder growth of the target market to a certain extent over the forecast period.

Global Luxury Travel Market: Segment Analysis

Among tour type, the domestic segment is expected to account for significant revenue share over the forecast period, attributable to attractive and affordable packages offered by the travel agencies.

Among category, adventure & safari segment is anticipated to register significant growth, owing to the rising popularity of adventurous traveling among the middle-age population.

Global Luxury Travel Market: Regional Analysis

Shifting focus of young populace towards a luxurious lifestyle and willingness to spend more on it is a major factor expected to support revenue growth of the Asia Pacific market. Moreover, the rapid growth of travels and tourism industry coupled with the growing number of domestic and international travelers is another factor anticipated to drive growth of the target market in the region. Increasing penetration of smartphones and Internet has led to increased usage of social media and other sites which aids to awareness regarding availability and offers of traveling packages at competitive prices which is another factor projected to propel growth of the target market. North America market for luxury travel is anticipated to witness robust growth, owing to increasing expenditure of working population on luxury services.

Global Luxury Travel Market Segmentation:

Segmentation by Tour Type:

International
Domestic

Segmentation by Category:

Cruise
Adventure & Safari
Culinary Travelling & Shopping
Rail Journey
Celebration
Customized & Private Vacations