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Global Luxury Travel Market 2017-2021

Published: Oct, 2017 | Pages: 76 | Publisher: Technavio
Industry: Media | Report Format: Electronic (PDF)

The luxury travel market is subject to witness a substantial growth over the forecast period due to the rising inclination towards unique & exotic holiday experiences, increasing personal disposable income in both developed and developing economies across the globe, and growing middle and upper middle class population globally. Factors responsible for robust market growth include substantial impact of social media on luxury travel market, in the last few years.
 
Additionally, vast consumer base and emergence of new destinations along with improved service standards are expected to drive the growth of luxury travel market in the upcoming years. Globally, the luxury travel market is predicted to grow at higher CAGR of 6.83% during the period 2017-2021, providing numerous opportunities for market players to invest in research and development of the luxury travel industry.

With lowered prices of luxury holiday packages and growing demand for luxurious features and finest quality of services, are expected to boost the growth of the luxury travel market in the upcoming years. Additionally, increasing personal expenditure in developed and developing economies across the globe has led to substantial increase in the number of travelers opting for luxury travel, in the recent years. 

The recent technological advancement such as early adoption of IoT and RFID technology along with necessary modification and upgradation in the existing services and infrastructure, thus providing unique experience for the customers are predicted to drive market growth over the forecast period. Developing different methods to improve and maintain customer relations by offering them with high-class hospitality services is anticipated to amplify overall market value of luxury travel.

Establishment of luxury travel & hotel chains by prominent industry players coupled with significant investment to improve existing luxury services, and adoption of high-class accommodations for corporate events and holiday trips is further driving market growth, in the recent years. The recent research & development activities to improve existing services coupled with emergence of new holiday destination are predicted to offer lucrative growth opportunities for market players in the near future.

Increasing number of travelers are opting for luxurious holiday packages that includes required comfort features and finest quality of services, while cost associated with such packages have become a secondary consideration. Many organizations are opting for modification and upgradation in the services and infrastructure to provide full-filling experience to the customers, and to sustain themselves in the vast competitive market. Formulating various methodologies to engage and maintain customer relations by offering the high degree of hospitality is one of the key factors driving the market growth.

The luxury travel market is broadly categorized six major types based on type of travel such as customized holiday travels, adventure & safari, cruise vacations, small-scale vacations, celebration & special events, and culinary travel & shopping. The adventure & safari is considered as one of the fastest growing segment in the luxury travel market with substantial revenue generation in the last couple of years. Growing popularity of the adventure & safari market segment is attributed to increase in the number of independent travelers.

The luxury travel market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the increasing upgradation in existing services and existence leading industry players in the region. Asia-Pacific region is predicted to hold major market share in the luxury travel market with massive growth in forecast period. Countries such as India, China, Indonesia and Japan are leading the Asia-Pacific’s market with increase in number of the travelers each year and rise in the investment by leading industry players due to potential market opportunities. 

European region has also shown significant growth in the luxury travel market during recent years owing to the large number of initiatives undertaken by local governments to promote tourism in the region. The key players in the luxury hotel market are Abercrombie & Kent Ltd., Cox & Kings Ltd., Macato Safaris Ltd., Ker & Downey LLC, Tauck Co., Thomas Cook Group plc, Scott Dunn Ltd., Kensington Tours Ltd., Butterfield & Robinson Inc., TUI Group AG, Backroads Ltd., Lindblad Expeditions, and Exodus travels Limited.

About Luxury Travel

Tourism refers to travel made by individuals to domestic or international destinations for a period not exceeding one year for business, leisure, and other purposes such as pilgrimage and wellness. In many countries, tourism accounts for the major sources of income and has a positive impact on the economy of both the source and host countries. The tourism industry has experienced an outstanding growth in the last six decades, especially in regions like Europe that had a large number of international travelers visiting for short breaks.

Technavio's analysts forecast the global luxury travel market to grow at a CAGR of 6.83% during the period 2017-2021.

Covered in this report 
The report covers the present scenario and the growth prospects of the global luxury travel market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The market is divided into the following segments based on geography: 
• Americas
• APAC
• EMEA

Technavio's report, Global Luxury Travel Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. 

Key vendors 
• Abercrombie & Kent USA
• Absolute Travel
• Inspiring Travel Company
• TCS World Travel
• Tu ELITE

Other prominent vendors 
• Backroads
• Butterfield & Robinson
• Classic Journeys
• G Adventures
• Journeys Within Tour
• Touring Treasures
• Wilderness Travel
• Zicasso

Market driver  
• Growing spending capability
• For a full, detailed list, view our report 

Market challenge 
• Threat of terrorism
• For a full, detailed list, view our report 

Market trend 
• Trending sports tourism
• For a full, detailed list, view our report 

Key questions answered in this report 
• What will the market size be in 2021 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?

You can request one free hour of our analyst's time when you purchase this market report. Details are provided within the report.
 Table of Contents

PART 01: Executive summary

PART 02: Scope of the report

PART 03: Research Methodology

PART 04: Introduction
• Market outline

PART 05: Market landscape
• Market overview
• Global luxury travel market
• Five forces analysis

PART 06: Market segmentation by type
• Global luxury travel market by type
• Global domestic luxury travel market
• Global international luxury travel market

PART 07: Market segmentation by category
• Global luxury travel market by category
• Global luxury travel market by adventure travel
• Global luxury travel market by personalized vacation
• Global luxury travel market by cruising and yachting
• Global luxury travel market by culinary travel
• Global luxury travel market by others

PART 08: Buying criteria
• Buying criteria

PART 09: Geographical segmentation
• Global luxury travel market by geography
• Luxury travel market in EMEA
• Luxury travel market in Americas
• Luxury travel market in APAC

PART 10: Key leading countries
• Global luxury travel market by leading countries
• Luxury travel market in US
• Luxury travel market in Germany
• Luxury travel market in France
• Luxury travel market in China

PART 11: Decision framework

PART 12: Drivers and challenges
• Market drivers
• Market challenges

PART 13: Market trends

PART 14: Vendor landscape
• Competitive scenario
• Key leading vendors
• Other prominent vendors

PART 15: Appendix
• List of abbreviations

List of Exhibits

Exhibit 01: Global tourism market 2016-2021 ($ trillions)
Exhibit 02: Global tourism market 2016-2021 (billions of individuals)
Exhibit 03: Leading countries in tourism 2016
Exhibit 04: Global luxury travel market: Overview
Exhibit 05: Global luxury travel market 2016-2021 ($ billions)
Exhibit 06: Five forces analysis
Exhibit 07: Global luxury travel market by type 2016-2021 (% revenue share)
Exhibit 08: Global domestic luxury travel market 2016-2021 ($ billions)
Exhibit 09: Global international luxury travel market 2016-2021 ($ billions)
Exhibit 10: Global luxury travel market by category 2016-2021 (% revenue share)
Exhibit 11: CAGR comparison of global luxury travel market by category (%)
Exhibit 12: Global luxury travel market by adventure travel 2016-2021 ($ billions)
Exhibit 13: Global luxury travel market by personalized vacation 2016-2021 ($ billions)
Exhibit 14: Global luxury travel market by cruising and yachting 2016-2021 ($ billions)
Exhibit 15: Global luxury travel market by culinary travel 2016-2021 ($ billions)
Exhibit 16: Global luxury travel market by others 2016-2021 ($ billions)
Exhibit 17: Buying criteria of luxury travel
Exhibit 18: Global luxury travel market by geography 2016-2021 (% revenue share)
Exhibit 19: Revenue comparison of global luxury travel market by geography 2016-2021 ($ billions)
Exhibit 20: CAGR comparison of global luxury travel market by geography 2016-2021 ($ billions)
Exhibit 21: Luxury travel market in EMEA 2016-2021 ($ billions)
Exhibit 22: Luxury travel market in Americas 2016-2021 ($ billions)
Exhibit 23: Luxury travel market in APAC 2016-2021 ($ billions)
Exhibit 24: Key leading countries in global luxury travel market 2016 (% revenue share)
Exhibit 25: Luxury travel market in US 2016-2021 ($ billions)
Exhibit 26: Luxury travel market in Germany 2016-2021 ($ billions)
Exhibit 27: Luxury travel market in France 2016-2021 ($ billions)
Exhibit 28: Luxury travel market in China 2016-2021 ($ billions)
Exhibit 29: Global sports tourism market 2016-2021 ($ trillions)
Exhibit 30: Other prominent vendors

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