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Luxury Tourism Market Size By Type (Customized & private vacations, Celebration journeys, Adventure & sport travel, Safari, Cruises yachting & small ship, Others), By Tour Type (Solo, Group), By Generation (Millennial, Generation X, Baby boomers, Others), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5038
  • Published Date: Aug 2022
  • Report Format: PDF

Luxury Tourism Statistics

Luxury Tourism Market size exceeded USD 17 billion in 2021 and is projected to observe 15% CAGR from 2022 to 2030.
 

With the rising number of millennials traveling to undertake sports and recreational activities, the demand for luxury tourism will increase considerably. As per data from the U.S. Census Bureau, the adult population aged 18 years and above rose to 258.3 million in 2021, comprising 77.8% of the U.S. population.
 

The acceptance of cruise vacations over land-based trips is providing a boost to the luxury travel market demand. According to statistics from the Cruise Lines International Association, 58% of the travelers who have not cruised and 74% of the cruisers plan to sail Up to 2030.
 

Global Luxury Tourism Market

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In the APAC countries including India, Japan, and China, increasing disposable incomes are contributing to the growth of tourism. Meanwhile, the presence of businesses offering cost-effective and seamless online booking services is encouraging more people to opt for luxury tourism in regions such as Latin America. For example, the Brazilian Luxury Travel Association (BLTA) promotes luxury travel in both domestic and international markets.
 

Recreational activities to fuel the customized and private vacations segment growth

The customized and private vacation type segment accounted for nearly 20% of the market share in 2021 owing to the gradual recovery in tours & travel post-2020. The ease in coronavirus restrictions also encouraged individuals to engage in leisure and recreation activities, accelerating the popularity of luxury tourism in developed economies such as the United States.
 

Global consumers are becoming more inclined toward watersports activities. This factor is generating growth opportunities for the cruises yachting & small ship segment, which registered a revenue of over USD 3,500 million in 2021.
 

Mental health awareness to augment the solo luxury travel market growth

Solo tourism is becoming more popular and is no longer a niche market. The trend of solo travel is forecast to continue due to the growing concerns about mental health and the flexibility of remote work. The global solo luxury tourism market is predicted to exhibit a growth rate of above 15% through 2030.
 

Significant recovery of the travel industry is also contributing to the adoption of solo trips to dedicate time to self-exploration. This trend is particularly prevalent among Gen Xers. According to the 2021 survey data from TripIt, more than 24% of Gen Xers are likely to take a trip by themselves in 2022, creating a strong outlook for the luxury tourism industry.
 

Social Media to influence the millennial luxury tourism sector

Japan Luxury  Tourism Market By Generation

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The luxury tourism industry from the millennial segment recorded a revenue of around USD 4,500 million in 2021. The increasing use of social media platforms and rapid technological advancements are impacting the awareness of luxury travel advantages among this generation.
 

Apart from millennials, luxury travel trends are becoming more prominent among baby boomers including retired workforces and other individuals who prefer traveling, especially in countries such as Japan. The luxury tourism market from the baby boomers segment is poised to attain approximately 20% gains through 2030. This is driven by their desire to travel with friends and families.
 

Exotic destinations segment to dominate the market in North America

Europe Luxury Tourism Market Size By Country

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North America luxury travel market valued at USD 2,000 million in 2021. Rising number of millennials planning solo trips across exotic destinations with optimum flexibility and freedom is one of the factors boosting regional growth.
 

Europe will emerge as a prominent hub for the luxury tourism industry and anticipated to witness substantial growth through 2030. This can be attributed to the efforts of regional key players to strengthen the market share.
 

International trip services will contribute to business growth

Some of the major companies partaking in the luxury tourism market include Abercrombie & Kent USA, LLC., Silversea Cruises, Thomas Cook (India) Ltd., TUI Group, Jet2 Holidays, G Adventures, Backroads, Travelopia, and Audley Travel, among others. These participants are emphasizing business expansion to expand their foothold in the market.
 

Impact of COVID-19 on the business growth

The COVID-19 pandemic has adversely impacted the luxury tourism industry due to disruptions in the hospitality services, travel agencies, tour operators, and other transportation modes. Nearly 90% of the global population adjusted to a new lifestyle, following varied travel limitations while the remaining people remained at home to maintain safety guidelines issued by various government organizations. However, the trend of solo traveling has picked up during the pandemic, providing opportunities for the market recovery.
 

The market research report on luxury travel includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2030, for the following segments:

Market, By Type

  • Customized & private vacations
  • Celebration journeys
  • Adventure & sport travel
  • Safari
  • Cruises yachting & small ship
  • Others

Market, By Tour Type

  • Solo
  • Group

Market, By Generation

  • Millennial
  • Generation X
  • Baby boomers
  • Others

The above information is provided on a regional and country basis for the following:

North America

  • U.S.
  • Canada

Europe

  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia

Asia Pacific

  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • Singapore
  • Australia

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Peru

Middle East & Africa

  • GCC
  • South Africa

 

Authors: Preeti Wadhwani, Saloni Gankar

Frequently Asked Questions (FAQ) :

The luxury tourism market size was valued at around USD 17 billion in 2021 and is set to depict a CAGR of over 15% between 2022-2030.

The customized and private vacations type segment held nearly 20% of the luxury tourism market share in 2021, owing to the ease of coronavirus restrictions and participation in leisure and recreational activities.

The global solo luxury tourism market is anticipated to exhibit a CAGR of around 15% through 2030, given the rise of mental health awareness.

The North America luxury tourism industry registered revenue of around USD 2,000 million in 2021, due to the rising millennial population planning for solo trips across exotic destinations.

Some of the major companies operating in the luxury tourism market include Abercrombie & Kent USA, LLC., Silversea Cruises, Thomas Cook (India) Ltd., TUI Group, Jet2 Holidays, G Adventures, Backroads, Travelopia, Audley Travel, and others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 20
  • Tables & Figures: 279
  • Countries covered: 21
  • Pages: 297

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