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Luxury Tourism Market Size, By Type (Customized & Private Vacations, Celebration Journeys, Adventure & Sport Travel, Safari, Cruises Yachting & Small Ship), By Tour, By Generation, By Standard (Luxury, Ultra-luxury) & Forecast, 2023 - 2032

  • Report ID: GMI5038
  • Published Date: Feb 2023
  • Report Format: PDF

Luxury Tourism Market Size

Luxury Tourism Market size valued at USD 20 billion in 2022 and is projected to grow at over 15% CAGR from 2023 to 2032. Driven by a growing demographic of affluent consumers in the Asia Pacific. 
 

Luxury Tourism Market

The number of well-off people in Asia Pacific has increased in recent years on account of favorable government initiatives, which have improved economic scenarios and raised literacy rates in the region, bolstering the demand for recreational and leisure activities such as luxury tourism. The new age of wealthy and highly educated consumer base is more inclined towards convenient, comfortable, and luxurious travel. These preferences now primarily influence the purchasing decisions of travelers, and the global tourism sector is increasingly paying heed to these tastes.
 

Recently, the government of India rolled out several initiatives such as rationalization of port fees, infrastructure upgradation, and granting priority berthing to cruise ships to boost its cruise tourism sector.
 

Luxury Tourism Market Trends

Overall, the tourism sector is highly sensitive to geopolitical issues, with travelers generally avoiding destinations that have even a slightly dented image around their stability. A nation’s general domestic security situation and political stability directly dictates its status as a travel destination. Concerns such as ongoing protests, political strikes, and conflicts pose as key challenges for visitor engagement and tourism development, especially when it comes to providing luxury experiences.
 

Luxury Tourism Market Analysis

U.S. Luxury Tourism Market Share By Generation

With respect to the generation, the luxury tourism market size from baby boomers segment is expected to expand at a CAGR of 20% through 2032, fueled by growing preference of baby boomers to travel with family and friends. This generation typically spends more on luxury tourism to maintain good health, relax, and socialize. The people falling in this group are wealthier, have more free time than other generations, and are more inclined to spend more on leisure. They travel an average of four to five times annually, which is a great driving force for the market.
 

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The industry of luxury tourism surpassed USD 20 billion in 2022, led by the growing number of affluent travelers in Asia Pacific, the market is slated to expand at 15% CAGR from 2023 to 2032.

The industry for luxury tourism in North America held a valuation of over USD 2 billion in 2022, is slated to experience strong growth on account of the rising spending power of baby boomers and millennials.

The luxury standard segment accounted for 65% market share in 2022, the segment growth is expected to spurred by rising spending by millionaires on gastronomy tourism in coming years.

Some of the major leaders partaking in the market include Inspiring Travel Company, Lindblad Expeditions, National Geographic Expeditions, LLC, Scott Dunn Ltd., Jet2Holidays, Micato Safaris Inc., and Quasar Expeditions.

Luxury Tourism Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 325
  • Countries covered: 21
  • Pages: 350
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