Selbyville, Delaware, April 22, 2021 (GLOBE NEWSWIRE) --
According to latest report “Luxury Tourism Market by Type (Customized & Private Vacations, Celebration Journeys, Adventure & Sport Travel, Safari, Cruises Yachting & Small Ship), Tour Type (Solo, Group), Generation (Millennial, Generation X, Baby Boomers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of luxury tourism will cross $45 billion by 2027. The market growth can be attributed to the improving economic conditions globally encouraging tourists to spend more of luxury travel.
There is a high demand for customized and private vacations that ensure high comfort and luxury to the elite class. People with extremely high disposable incomes prefer to enjoy vacations personalized to their individual demands. They undertake trips to experience luxury tours to exotic destinations and enjoy the authentic culture. Renowned personalities generally prefer to undertake customized and private vacations to ensure privacy throughout the journey, without interruptions or botherations caused by the media. There is an increasing demand for tailor-made private vacations that ensure more flexibility and freedom.
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There is a rise in the number of baby boomers actively seeking out memorable, personalized and authentic travel experiences. Boomers were planning on taking around 4-5 leisure trips in 2019, on which they planned to spend over USD 6,600 (around 20% to 50% more than their millennial or Gen X counterparts), according to AARP Travel’s ‘2019 Boomer Travel Trends’. These tours were projected to be split between international and domestic travel. Baby boomers aim to undertake luxury tours primarily for relaxation from the usual routine. The rise in the number of internet users in the generation, has further encouraged them to explore different travel destinations and tour company packages. This will support the luxury tourism market expansion during the forecast timeframe.
The rise in the number of international travelers visiting the U.S. to enjoy the diversified culture, will boost the luxury tourism market demand. According to International Trade Administration National Travel & Tourism Office, the U.S. travel and tourism industry accounted for 2.9% of the GDP in 2019. According to the U.S. Travel Association, in 2019, international and domestic travelers spent USD 1.1 trillion in the U.S. and directly supported around 9 million U.S. jobs. Although the pandemic has impacted the tourism sector in the country, the roll out of vaccines will help the market to regain traction by the end of 2021. The sharp rise in the number of international students and working professionals seeking permanent settlement in the country over the recent years largely contribute to the domestic industry growth.
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Companies functioning in the luxury tourism market are TUI Group, Travelopia, Thomas Cook (India) Ltd. (TCIL), Abercrombie & Kent USA, LLC, G Adventures, &Beyond, Lindblad Expeditions, Classic Journeys, Backroads, Jet2 Holidays, Audley Travel, Silversea Cruises, Scott Dunn Ltd., Inspiring Travel Company, and Butterfield & Robinson Inc.
Some major findings of the luxury tourism market report are:
- The increasing demand for comfortable and convenient travels globally, will support the industry demand. People are spending more on luxury tourism to ensure enhanced comfort throughout the journey.
- The rise in the number of tourists traveling to international destinations over the recent years, will also support the luxury tourism market progression. The rising disposable incomes globally, has resulted in the rise in the number of tourists opting for comfortable overseas travels to exotic destinations.
- The government organizations taking measures to develop the travel industry to ensure economic development will also support the industry. Government administrations are supporting new infrastructure development such as the construction of new museums, entertainment venues, parks and shopping centers to attract tourists.
- The ongoing pandemic negatively impacted the luxury travel market in 2020 due to the stringent lockdown measures and the closing of national borders in several countries globally. However, relaxations in the lockdowns coupled with the roll out of the vaccines is likely to positively impact the industry expansion in 2021.
- The improving economic conditions in Asia Pacific coupled with favorable government initiatives supporting tourism in countries such as India, South Korea and Australia will support the industry revenue.
Table of Contents (ToC) of the report:
Chapter 3 Luxury Tourism Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic on the luxury tourism market
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.4 Technological & innovation landscape
3.4.1 Voice and facial recognition
3.4.2 IoT and robotics
3.4.3 Contactless payments
3.4.4 Augmented Reality & Virtual Reality (VR)
3.4.5 Impact of AI and Big data
3.4.6 Cybersecurity measures
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.