New report reveals huge growth in luxury tourism in the coming years
According to a Research Dive report, the segment will generate $ 1,369,103.8 million and will exhibit a CAGR of 8.8% from 2021 to 2028
People's demand for exotic vacations for a unique travel experience is increasing rapidly. A luxury trip is a break that people take to relax and these vacations are worry-free that helps reduce stress. These are the main factors that are expected to drive the growth of the global luxury travel market during the review period. In addition, ongoing technological advancements in luxury travel provide the convenience of booking, offer the best deals and discounts, provide the ability to view all accommodation options along with anticipated contactless payment options to generate opportunities for massive growth for the global market by 2028. However,
The COVID-19 outbreak has had a negative impact on the global luxury travel market during the pandemic. The decline in the market growth rate is primarily attributed to social distancing measures, travel restrictions, and unprecedented lockdowns to slow the spread of the life-threatening coronavirus. In addition, many tourism companies and tourism-related sectors such as accommodation, catering, transportation and retail have closed their operations and have also faced serious revenue losses. However, various companies are helping society with their technological advancements and initiatives to recover from the chaotic situation.
The research report segments the global luxury travel market by travel type, age group, traveler type, and region.
- Depending on the type of trip, the cruise / ship expedition subsegment is projected to grow at the fastest rate and generate revenues of $ 115,479.0 million by 2028. This is primarily due to the growing popularity of cruise / ship expeditions. boats as it offers smooth adventure. experience and allows travelers to explore the places the earth cannot touch.
- Based on age group, the baby boomers sub-segment was valued at $ 180,031.3 million in 2020 and is projected to gain a dominant market share in the global industry by 2028. This is mainly due to the generation Postwar people can travel and opt for longer vacations due to their flexible hours. .
- Based on traveler type, the absolute luxury subsegment accounted for $ 253,468.1 million in 2020 and is projected to generate the most market share over the forecast period. This is primarily due to the excellent hotels, priority check-ins, food services, on-demand service, and improved entertainment such as nightclubs and dinner cruises.
- Based on the region, the Asia Pacific luxury travel market is expected to grow at the fastest rate and reach up to $ 447,151.1 million by 2028. This growth is mainly due to economic growth, the increasing popularity of adventure and the desire to explore various places among the young population.
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