Luxury travel refers to delivery of superior services and products in a unique and engaging way, to travelers travelling for family trips, or solo trips. Within the travel industry, luxury travel market is one of the fastest growing markets globally. Luxury travel aims to provide unique and exceptional travelling experience to travelers. Through luxury travelling, people often try to discover new destinations apart from the standard vacation packages. Travelers are more interested to explore lesser known exotic destinations so as to learn and absorb the local culture and have a whole new life experience. People spend large sum of money on luxury travel to avail highest level of comfort and exclusive services. Private jet planes and yachts spas, special customized menus, private island rentals are some of the popular services offered by the market players operating in the luxury travel market. Europe and Caribbean are the most preferred destinations for luxury travel.
Growing inclination of people towards unique and exotic holiday experiences supported by the rising disposable income, the surging middle and upper middle class population and the increasing need of people to spend more time with family due to hectic lifestyles are some of the factors that propel the growth of luxury travel market. To have valuable experiences, people opt for unique holidays abroad, cruising, and adventure trips. Fluctuating economies in many regions act as a threat for the growth of luxury travel market.
The luxury travel market is segmented on the basis of types of tours, age groups, types of travelers, and geography. In accordance to travelers’ type, the luxury travel market comprises absolute luxury, aspiring luxury, and accessible luxury. Based on the age group, the market is segmented into millennial, generation x, baby boomers, and silver hair. Types of tour segment comprises customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special events, and culinary travel & shopping. Based on geography, the market is segmented into North America (U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Singapore, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
POTENTIAL BENEFITS FOR STAKEHOLDERS:
The market is segmented on the basis of types of travelers, types of tours, age group, and geography.
BY TRAVELER TYPE
BY TYPES OF TOURS
BY AGE GROUP
*Other players in the value chain include (profiles not included in the report)
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