New report forecasts huge growth in global luxury travel market
Research Dive forecasts the segment to reach $1,369.1 billion in 2028
The global luxury travel market is expected to gross $1369.1 billion by 2028, growing at a CAGR of 8.8% from 2021 to 2028.
The adventure and safari sub-segment of the travel type segment is estimated to witness leading growth by exceeding $543,892.0 million in the estimated period. This growth is primarily due to the increasing demand for safari and adventure travel as they offer travelers exceptional and memorable experiences, such as exceptional scenery, wildlife adventures and unusual cultural encounters.
The baby boomer sub-segment of the age group segment is anticipated to see the most growth and exceed $517,801.8 million in the forecast period. This growth is mainly due to baby boomers generally having flexible schedules, which allows them to travel and take longer trips.
The absolute luxury sub-segment of the traveler type segment will see maximum growth and collect revenue of $757,089.2 million in the estimated period. This growth is mainly due to the growing adoption of luxury travel among travelers, as these trips offer admirable hotels, priority check-ins, decent food services and better entertainment options such as night clubs, dinner cruises, on-demand services and others. .
Regionally, the Asia Pacific luxury travel market is anticipated to see further growth with a CAGR of 14.5% over the forecast period. The growth of the market in this region is mainly due to increasing economic development, the increasing desire of people to explore numerous places, the increasing popularity of adventure travel, and the increasing demand for boat/cruise travel among the youth of this region. .
Dinámica del mercado de viajes de lujo
El factor clave que impulsa el crecimiento del mercado global de viajes de lujo es un aumento significativo en la demanda de experiencias de viaje exclusivas e interesantes que ayuden a las personas a combatir el estrés. Además, se prevé que el aumento de los avances técnicos y la personalización en los viajes de lujo abran las puertas a oportunidades innovadoras para el crecimiento del mercado en el período proyectado. Sin embargo, se proyecta que el cambio frecuente en las condiciones socioeconómicas de varias regiones debido a incidentes, como ataques terroristas, disturbios, turbulencia política, desastres naturales y otros, disuada el crecimiento del mercado durante el período de pronóstico.
Impact of the COVID-19 pandemic on the luxury travel market
The COVID-19 pandemic has had a negative impact on the growth of the global luxury travel market in 2020. The implementation of the lockdown has halted the operation of the industry travel and tourism around the world. As a result, the demand for luxury travel has been greatly hampered. All these factors are hampering the growth of the market amid the pandemic period. However, as the pandemic is winding down from the end of 2021, several travel and tourism companies have restarted their normal processing; which is obliquely helping the global luxury travel market move forward.