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Luxury Travel Market Size to Reach USD 39300 Million by 2028 at CAGR 8.4% - Valuates Reports

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Valuates Reports

23 Feb, 2022, 15:00 GMT

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BANGALORE, India, Feb. 23, 2022 /PRNewswire/ -- The Luxury Travel Market is Segmented by Type (Customized and Private Vacation, Adventure and Safari, Cruise/Ship Expedition, Small Group Journey, Celebration and Special Event, Others), Age Group (Millennial, Generation X, Baby Boomers). The report covers global opportunity analysis and industry forecasts from 2022 to 2028.

The luxury travel market size was valued at USD 22200 Million in 2021, and it is anticipated to reach USD 39300 Million by 2028, registering a CAGR of about 8.4% during the forecast period (2022–2028).

Major Factors Driving The Growth Of The Luxury Travel Market :

The luxury travel market is expected to be driven by rising middle-and upper-class disposable income and consumer spending, rising demand for accumulating travel memories, and an increase in micro trips. In addition, the growing use of the internet and the presence of social media are driving the market forward.

The primary benchmark for the luxury travel market is growing traveler preference for personalized service, reliable transportation, exclusivity, and positive and professional interactions with staff.

Furthermore, growing political stability around the world in terms of gender, ethnicity, sexual orientation, human rights, racism, citizenship, and visa availability is propelling the luxury travel market forward.

Get your sample today: https://reports.valuates.com/request/sample/QYRE-Othe-1O497/Luxury_Travel_Market

Trends Influencing The Growth Of The Luxury Travel Market:

The luxury travel market is likely to be driven by an increase in the number of people who prefer solo luxury tourism to achieve their travel goals without distractions or interruptions.

Consumer spending, rising millennial spending, and tourism sector expansion are all contributing to the growth of the luxury travel market. Growing middle-class populations are important contributors to market expansion. Consumers are rapidly increasing their travel spending as a result of increased disposable income and celebrations and special events. Furthermore, rising affluence and government relaxation of visa restrictions on travelers are propelling the market forward at a rapid pace.

Consumer spending on travel is increasing as the working population grows, with a greater number of women in the workforce. As a result, the market has seen an increase in the number of female travelers, which is driving the market's growth. According to statistics, luxury travel has become popular and a top priority for most people in terms of future spending options. Market leaders are devising unique strategies to target the growing middle-class segment in order to capitalize and attract more customers.

The increasing use of the internet and the presence of social media are propelling the luxury travel market forward. Traditional advertising is less effective than user-generated travel content. Furthermore, travel storytelling on social media platforms such as Instagram, Facebook, and blogging websites has exploded.

Browse the Table of Contents and List of figures at: https://reports.valuates.com/reports/QYRE-Othe-1O497/luxury-travel

Luxury Travel Market Share Analysis

Based on region, Asia-Pacific held the largest Luxury Travel market share of about 33%. Europe is in second, accounting for about 30% market share.

Based on age group, the Millennial segment is expected to be the most lucrative segment. Luxury and meaningful consumption are more important to millennials than owning things. They are more religiously and politically independent, more entrepreneurial, less likely to marry, distrustful of authority, better educated, and more travel-oriented than any previous generation.'

Report Customization Request: https://reports.valuates.com/request/customisation/QYRE-Othe-1O497/Luxury_Travel_Market

Top Companies In The Luxury Travel Market:

Major companies discussed in this report include TUI Group, Thomas Cook Group, Jet2 Holidays, Cox & Kings Ltd, Lindblad Expeditions, Travcoa, Scott Dunn, Abercrombie & Kent Ltd, Micato Safaris, Tauck, Al Tayyar, Backroads, Zicasso, Exodus Travels, Butterfield & Robinson, etc.

"The top 5 companies are expected to hold about 14% of the market share".

Chapter Cost Request: https://reports.valuates.com/request/chaptercost/QYRE-Othe-1O497/Luxury_Travel_Market

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SIMILAR REPORTS

-  The global Business Travel Market size was valued at USD 695.9 billion in 2020 and is projected to reach USD 2001.1 billion by 2028 growing at a Compound Annual Growth Rate (CAGR) of 13.2% from 2021-2028.

-  Global Travel Agencies Market contains segmentation By Type (International and Domestic Airline Bookings, Tour and Packaged Travel Bookings, Accommodation Bookings, Cruise Bookings, Car Rental, Others), By Application (Corporations, Individual Travelers) and Regional Opportunities.

-  Global Corporate Travel Agency Market contains segmentation By Type (Consulting Services, Transportation & Accommodation, Meetings & Events Management, Others), By Application (Large Enterprises, SMEs) and Regional Opportunities.

-  Global Online Travel Agency (OTA) Market contains segmentation By Type (Online, Offline), By Application (Making Reservations, Translation Services, Direction Guidance, Audio Guidance, Other) and Regional Opportunities.

-  The global Online Travel market size is projected to reach USD 1012890 Million by 2028, from USD 593480 Million in 2021, at a CAGR of 7.5% during 2022-2028.

-  The global Business Travel Management Service market size is projected to reach USD 10280 Million by 2028, from USD 7421.8 Million in 2021, at a CAGR of 4.7% during 2022-2028.

-  The global Baby Travel Bags market size is estimated to be worth USD 441.9 Million in 2022 and is forecast to a readjusted size of USD 568.9 Million by 2028 with a CAGR of 4.3% during the review period.

-  The global Travel Pillow market size is estimated to be worth USD 486.8 Million in 2022 and is forecast to a readjusted size of USD 656.1 Million by 2028 with a CAGR of 5.1% during the review period.

-  The global leisure travel market size was valued at USD 1,006.5 billion in 2019, and is projected to reach USD 1,737.3 billion by 2027, registering a CAGR of 22.6% from 2021 to 2027.

-  The global travel insurance market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027

-  The global Hotel and Hospitality Management Software market size is projected to reach USD 3637.2 Million by 2027, from USD 2540.7 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.2% during 2021-2027

-  Global Travel Agencies Market Size, Status and Forecast 2021-2027

-  Global Travel Management Services Market Insights, Forecast to 2028

-  Global Travel Application Market Insights and Forecast to 2028

-  Global Sustainable Travel Market Insights and Forecast to 2028

-  Global Custom Travel Services Market Insights, Forecast to 2028

To see the full list of related reports on the Luxury Travel

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs. 

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources

CONTACT US:
Valuates Reports
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For U.S. Toll-Free Call  +1-(315)-215-3225
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