Luxury travel aims to provide unique and exceptional travelling experience to travelers. Through luxury traveling, 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, and 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.
Luxury travel refers to delivery of superior services and products in a unique and engaging way, to travelers traveling for family trips, or solo trips. Within the travel industry, the luxury travel market is one of the fastest growing markets globally.
Rise in inclination of people toward unique and exotic holiday experiences supported by the rise in disposable income, surge in middle and upper middle class population, and the increase in need of people to spend more time with family due to hectic lifestyles are some of the factors that propel the growth of the luxury travel market. To have valuable experiences, people opt for adventure trips, cruising, and unique holidays abroad. Fluctuating economies in many regions act as a threat for the growth of the luxury travel market.
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The luxury travel market is segmented on the basis of type of tour, age group, type of traveler, and region. In accordance to travelers’ type, the market is divided into absolute luxury, aspiring luxury, and accessible luxury. Based on the age group, the market is classified into millennial, generation X, baby boomers, and silver hair. By type of tour, the market is categorized into customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special events, and culinary travel & shopping. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
POTENTIAL BENEFITS FOR STAKEHOLDERS:
The study provides an in-depth analysis of the luxury travel market with current trends and future scenarios to elucidate the imminent investment pockets.
Current trends and future estimations are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold in the market.
The report offers information about key drivers, restraints, and opportunities with a detailed impact analysis.
Quantitative analysis of the current market and estimations from 2014 to 2026 is provided to showcase the financial competency.
Porter’s five forces model of the industry illustrate the potency of the buyers and suppliers.
Value chain analysis provides a clear understanding of the roles of stakeholders involved.