Luxury Tourism Market size is set to surpass USD 82 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies a gradual rise in the number of senior citizen travelers, particularly in North America and Europe. As per a 2020 survey conducted by the American Association of Retired Persons, approximately 57% of the baby boomers planned a trip with friends and family. Millennials continue to capture attention across industries with travel and hospitality being no exception.
The senior cohort has more resources and time than other generations, making them ideal prospects for the luxury travel sector. According to data from ADWEEK, 29% of senior citizens prefer spending on luxury vacations. As comfort is one of the key factors considered for senior leisure travel, the luxury tourism industry share will rise commendably by 2030.
Based on tour type, the group segment accounted for more than 45% of the luxury tourism market share in 2021. As per the report, this growth can be attributed to shifting demographics including growing life expectancy, healthier lives, and rising spending power.
The luxury tourism industry size from the celebration journey segment recorded revenue worth around USD 1,800 million in 2021 due to the rising employment rate, cites the report.
Several luxury travel specialists are also introducing curative tours to cater to the demands of traveler groups. A notable example is the launch of Intriq Finesse, a collection of inclusive curative tours with a focus on immersive experiences, by Intriq Journey in April 2022. This new tour offering was intended to address the needs of small groups traveling across exotic destinations.
Browse key industry insights spread across 297 pages with 246 market data tables and 33 figures & charts from the report, “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” in detail along with the table of contents:
Based on generation, the generation X segment held nearly 30% of the global luxury tourism market revenue share in 2021.The rising acceptance of tours with family and friends drives luxury tourism growth among generation X. These individuals also prefer a place of relaxation to relieve stress and maintain a healthy work-life balance, providing a boost to luxury travel demand.
Regionally, the Europe market is posed to register gains at over 15% from 2022 to 2030. There is a strong presence of European industry participants, targeting to boost their business footprint and traveler base. This factor enables the country to emerge as a prominent hub for luxury tourism operators.
Some of the key participants operating in the luxury tourism market are profiled in the report include Audley Travel, Travelopia, Backroads, G Adventures, Jet2 Holidays, TUI Group, Thomas Cook (India) Ltd., Silversea Cruises, and Abercrombie & Kent USA, LLC, among others. The strategic landscape of the market leaders is projected to witness a series of value-added service launches and product range expansion. These players introduce plans to address the changing consumer demands to capitalize on the growing tourism sector.