Luxury Travel Market Global Forecast 2021

Luxury Travel Market Global Forecast 2021 - 2029

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Posted 2022-12-27 10:06:43

Luxury Travel Market Overview: The Luxury Travel market research provides a full competition picture, including the market share and company profiles of the major players in the worldwide industry. The scope of the research covers a complete examination of the Luxury Travel Market, as well as the causes for variances in the industry's growth in different areas.

Luxury Travel Market : was valued at USD 1,167.17 Billion in 2021, and is expected to reach USD 2,728.80 Billion by 2029, exhibiting a CAGR of 11.2 % during the forecast period (2022-2029)

Market Scope: To locate and collect material appropriate for this study, this research study makes considerable use of secondary sources, directories, and databases such as annual reports, press releases, journals, corporate websites, and databases.

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This Luxury Travel market report covers new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographies, and product approvals, product launches. To learn more about Maximize Market Research Luxury Travel market, please contact us for an Analyst Brief; our experts will assist you in making an informed market choice to achieve your goals.

Segmentation:

Based on Age Group, Baby Boomer dominated the luxury travel market in 2021 and is expected to hold the largest revenue share of the luxury travel industry during the forecast period. Travelers between the ages of 50 and 65 are the most active luxury travellers, with an average of 4-5 visits each year. Baby boomers spend the most money on travel of any age group, but they are only addressed by 5-10% of market players. Baby boomers control 70% of discretionary income in the United States and are expected to inherit $15 trillion over the next 20 years. Almost all baby boomers are expected to travel for pleasure, with 45% travelling both domestically and internationally, and 5% travelling only internationally. Europe and the Caribbean are the top destinations for Baby Boomers.

Key Players: The entire approach involves a review of the financial reports of the major market participants. Following the determination of the overall market size, the complete market was divided into many segments and sub-segments and checked with key industry professionals such as CEOs, VPs, directors, and marketing executives. The major players in the Luxury Travel market are

• Abercrombie & Kent USA, LLC• Virtuoso, Ltd.• Scott Dunn Ltd• Butterfield & Robinson Inc• TUI AG• Travcoa Corporation• Micato Safaris, Inc.• Ker & Downey• Tauck, Inc.• Black Tomato Group• Thomas Cook Group Plc• Cox & Kings Ltd• Kensington Tours Ltd• Zicasso, Inc.• Backroads• Lindblad Expeditions• Exodus Travels

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Regional Analysis: The region portion of the Luxury Travel market study also includes individual market affecting elements and changes in legislation in the market that affect present and future market trends. Current and future trends are discussed in order to estimate the entire market potential and to highlight profitable trends in order to obtain a firmer footing. The geographic market assessment is based on the existing scenario and predicted developments.

COVID-19 Impact Analysis on Luxury Travel Market:

Following the outbreak of the pandemic, end-user sectors where Luxury Travel are used had a fall in growth from January to May in a variety of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a suspension in operations. This resulted in a major decrease in the revenues of firms operating in these industries and, as a consequence, in demand for Luxury Travel manufacturers, influencing the growth of the Luxury Travel market in 2020. With lockdowns and a rising number of COVID-19 cases throughout the world, the demand for Luxury Travel from end-user businesses has decreased significantly.

Key Questions Answered in the Luxury Travel Market Report are:

Which are the major companies in the Luxury Travel market?
Which is the potential market for Luxury Travel in terms of the region?
What are the opportunities for new market entrants?
What is expected to drive the growth of the market in the next seven years?

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