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| Luxury Travel Market |
Luxury travel provide unique experiences including premium accommodations, bespoke craftsmanship, complimentary access to high-end amenities and activities not readily available in mainstream travel. The demand for luxury travel experiences like private island getaways, opulent cruise trips, personalized tours of culturally rich locations and access to exclusive events is increasing among affluent travelers looking to indulge in unique experiences.
The global luxury travel market is estimated to be valued at
US$ 260.23 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key Trends:
The increased demand for unique travel experiences is one of the key trends
driving growth in the luxury travel market. More travelers now prefer
customized, tailored and specialized trips that offer one-of-a-kind experiences
and activities off the beaten path. Luxury travel companies are focusing on
curating exceptional itineraries and memorable trips for their clients through
unique accommodations and access to local culture and activities usually
unavailable to most travelers. This growing interest in individualized and
immersive travel among high-net-worth individuals is expected to boost the
luxury travel market substantially over the forecast period.
Segment Analysis
The global luxury travel market is dominated by the adventure travel segment.
Adventure travel, which includes tours focused on activities like
mountaineering, hiking, wildlife spotting etc account for nearly 30% of the
overall luxury travel market. The growing interest of millennials and
generation Z in experiencing unique destinations and indulging in adventure
sports has fueled the growth of this segment over other segments like business
travel. The adventure travel segment is expected to continue dominating the
luxury travel market during the forecast period.
Key Takeaways
The global Luxury
Travel Market Growth is expected
to witness high growth. The global luxury travel market is estimated to be
valued at US$ 260.23 Mn in 2023 and
is expected to exhibit a CAGR of 7.6%
over the forecast period 2023 to 2030.
North
America currently accounts for the largest share in the luxury travel market
owing to high disposable incomes and growing interest in unique travel
experiences among population in countries like United States and Canada. Europe
is also a significant market for luxury travel. Countries like France, Italy,
and United Kingdom have a strong presence of international luxury brands and
attractions that attract wealthy travelers globally.
Key players operating in the luxury travel market are Zoetis Inc., Elanco
Animal Health Incorporated, Boehringer Ingelheim International GmbH, Virbac,
Vetoquinol S.A., Dechra Pharmaceuticals PLC, Bayer AG, Ceva Sante Animale,
Kindred Biosciences, Inc., IDEXX Laboratories, Inc.. These companies are
focusing on expanding their luxury accommodation offerings and experiences
portfolios to tap the demand from millennial and generation Z travelers.
Partnerships with local guides and activity organizers is another strategy
being adopted by luxury travel companies to strengthen their experience
offerings.
For more insights, read- https://www.ukwebwire.com/luxury-travel-market-trends-size-and-share-analysis/
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