NEW YORK, Oct. 6, 2023 /PRNewswire/ — The luxury travel market is estimated to grow by USD 703.14 billion from 2022 to 2027, growing at a CAGR of 11.5%. The luxury travel market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer luxury travel market are Abercrombie and Kent USA LLC, Butterfield and Robinson Inc., Classic Journeys, Exodus Travels Ltd., G Adventures, Indigenous Tourism BC, Intrepid Group, Lindblad Expeditions Holdings Inc., Micato Safaris Inc., Myths and Mountains Inc., Odyssey World, Responsible Travel, Scott Dunn Ltd., Tandem Travel OOD, Tauck Inc., Travelopia Group, Wilderness Travel Inc., Geographic Expeditions Inc., and Absolute Travel Inc. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying
Company Offering:
- Abercrombie and Kent USA LLC – The company offers luxury travel services for countries such as Latin America, India, Egypt, France, and Antarctica.
- Absolute Travel Inc. – The company offers traveling packages for luxury music tours and concerts in New York.
- Butterfield and Robinson Inc. – The company offers luxury traveling across Africa, Europe, Latin America, and Asia.
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By Geography, the market is classified as Europe, North America, APAC, Middle East and Africa, and South America.
- Europe is projected to contribute 29% by 2027. The growth of the European market can be attributed to increasing disposable income, Baby Boomers’ increased spending power and numerous exotic locations, an increase in demand for personalized vacations, availability of easy transportation facilities, a fast-growing number of food and drink festivals, and the presence of major players. In Europe, the buying capacity of Baby Boomers is on the rise. This generation prefers to travel together with their families on multigenerational or tailormade vacations, including good meals and family activities. Furthermore, the growing number of gastronomical festivals and the expanding range of adventure sports, e.g., kitesurfing, mountain biking, or paragliding is attracting a high volume of domestic and international tourists to countries like the United Kingdom, Germany, Spain, and Switzerland. Hence, these factors are expected to drive market growth in the region during the forecast period.
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- Impactful driver- Increasing disposable incomes
- Key Trend – Trending sports tourism
- Major Challenges – Threat of natural calamities and other issues
Market Segmentation
- By Consumer, the market is classified into Domestic and International. The market share growth by the domestic segment will be significant during the forecast period. Supportive government regulations, lack of currency exchange issues, and familiarity with culture and language contribute to the growth of domestic luxury travel. Domestic tourism is a lucrative business, and due to the rising trend for micro trips and staycations, it will continue to grow. In comparison with international travel, luxury vacations at home are a cost-efficient option. In addition, domestic tourism and luxury travel are mainly aimed at encouraging tourists to visit natural cultural sites, with a view to informing them of their country’s history and culture. In Morocco, for example, domestic luxury travel packages take tourists to various tourist destinations throughout the country, such as the Atlas Mountains to the beach of Essaouira, the Sahara Desert to the palm groves of Todra Valley, and the medieval city of Fes to the spice markets of Marrakech. Hence, these factors are expected to drive segment growth during the forecast period.
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Related Reports
The travel market size is estimated to grow at a CAGR of 14.18% between 2022 and 2027. The market size is forecast to increase by USD 3,392.95 billion.
The luxury hotel market is estimated to decline at a CAGR of 4.5% between 2022 and 2027. The size of the market is forecast to increase by USD 54.46 billion.
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Consumer
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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Originally published at https://www.prnewswire.com/news-releases/luxury-travel-market-to-grow-by-usd-703-14-billion-from-2022-to-2027–the-market-is-fragmented-due-to-the-presence-of-prominent-companies-like-abercrombie-and-kent-usa-llc-butterfield-and-robinson-inc-and-absolute-travel-inc–301948688.html
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