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Luxury Travel Market Growth (CAGR of 6.83%), Size, Statistics, key Trends, Developments and Opportunities: Radiant Insights, Inc.
Developing different methods to improve and maintain customer relations by offering them with high-class hospitality services is anticipated to amplify overall market value of luxury travel. Establishment of luxury travel & hotel chains by prominent industry players coupled with significant investment to improve existing luxury services, and adoption of high-class accommodations for corporate events and holiday trips is further driving market growth, in the recent years. The recent research & development activities to improve existing services coupled with emergence of new holiday destination are predicted to offer lucrative growth opportunities for market players in the near future. Increasing number of travellers are opting for luxurious holiday packages that includes required comfort features and finest quality of services, while cost associated with such packages have become a secondary consideration. Many organizations are opting for modification and upgradation in the services and infrastructure to provide full-filling experience to the customers, and to sustain them in the vast competitive market. Formulating various methodologies to engage and maintain customer relations by offering the high degree of hospitality is one of the key factors driving the market growth. Tourism refers to travel made by individuals to domestic or international destinations for a period not exceeding one year for business, leisure, and other purposes such as pilgrimage and wellness. In many countries, tourism accounts for the major sources of income and has a positive impact on the economy of both the source and host countries. The tourism industry has experienced an outstanding growth in the last six decades, especially in regions like Europe that had a large number of international travellers visiting for short breaks.
The luxury travel market is broadly categorized six major types based on type of travel such as customized holiday travels, adventure & safari, cruise vacations, small-scale vacations, celebration & special events, and culinary travel & shopping. The adventure & safari is considered as one of the fastest growing segment in the luxury travel market with substantial revenue generation in the last couple of years. Growing popularity of the adventure & safari market segment is attributed to increase in the number of independent travellers. The luxury travel market is divided into regional market segment such as North America , Europe , Asia-Pacific , Latin America and Africa . North America has shown major growth in recent years owing to the increasing upgradation in existing services and existence leading industry players in the region. Asia-Pacific region is predicted to hold major market share in the luxury travel market with massive growth in forecast period. Countries such as India , China , Indonesia and Japan are leading the Asia-Pacific's market with increase in number of the travellers each year and rise in the investment by leading industry players due to potential market opportunities. European region has also shown significant growth in the luxury travel market during recent years owing to the large number of initiatives undertaken by local governments to promote tourism in the region. The key players in the luxury hotel market are Abercrombie & Kent Ltd., Cox & Kings Ltd., Macato Safaris Ltd., Ker & Downey LLC, Tauck Co., Thomas Cook Group plc, Scott Dunn Ltd., Kensington Tours Ltd., Butterfield & Robinson Inc., TUI Group AG, Backroads Ltd., Lindblad Expeditions, and Exodus travels Limited.
The report covers the present scenario and the growth prospects of the global luxury travel market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Global Luxury Travel Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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Michelle Thoras.
Corporate Sales Specialist
Radiant Insights, Inc.
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