Luxury Travel Market Scope
Luxury travel is a realm of exploration that transcends the conventional, offering an elevated and exclusive experience for those seeking opulence and comfort. At its essence, luxury travel is characterized by a commitment to providing discerning travelers with unparalleled service, tailored itineraries, and sumptuous accommodations. It goes beyond the ordinary, focusing on the finer details that transform a journey into a curated masterpiece. Luxury travel is not just a physical journey but a sensorial and transformative experience, leaving an indelible mark on those who indulge in its refined pleasures. It is a symphony of sophistication, a celebration of the extraordinary, and an invitation to explore the world in unparalleled style. The Luxury travel companies can cater to the evolving desires of their high-end clientele and ensure their place in the flourishing market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Abercrombie & Kent USA, LLC (United States), Cox & Kings Ltd (India), Saks Fifth Avenue (United States), Inspirato (United States), TUI Group (Germany), Ker & Downey (United States), Tauck (United States), Thomas Cook Group PLC (United Kingdom), Scott Dunn Ltd. (United Kingdom) and Kensington Tours (United States) |
CAGR | 8.9% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Luxury Travel market throughout the predicted period.
Abercrombie & Kent USA, LLC (United States), Cox & Kings Ltd (India), Saks Fifth Avenue (United States), Inspirato (United States), TUI Group (Germany), Ker & Downey (United States), Tauck (United States), Thomas Cook Group PLC (United Kingdom), Scott Dunn Ltd. (United Kingdom) and Kensington Tours (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Butterfield & Robinson Inc. (Canada), Black Tomato (United States), Backroads (United States), Lindblad Expeditions (United States) and Exodus Travels (Canada).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Luxury Travel market by Type and Region with country level break-up.
On the basis of geography, the market of Luxury Travel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In March 2023, Saks Partners with Inspirato to Bring Luxury Travel Subscriptions to Saks Customers. Through the new partnership, nearly 3,000 Saks stylists will be empowered as Inspirato brand ambassadors to introduce their clients to Inspiratos luxury travel subscription offerings, both online and in Saks Fifth Avenue stores.
In August 2023, Abercrombie & Kent has launched an exciting new private jet expedition in response to the growing desire for immersive wildlife encounters. This exclusive journey aims to enchant those passionate about exploring the Earth's most stunning natural marvels, all within the lap of luxury. The meticulously crafted itinerary sweeps travelers on a global odyssey, immersing them in the untouched beauty and diverse wildlife of some of the world's most pristine regions.
Influencing Trend:
An Increasing Interest in Very Exclusive Products
Market Growth Drivers:
Rising Inclination of People towards Unique and Exotic Holiday Experiences and Growing Social Media and Its Impact on Travel Industry
Challenges:
Increased awareness of environmental issues
Restraints:
High costs associated with luxury travel experiences
Opportunities:
Advancements in digital technology provide opportunities for the luxury travel sector and Increasing focus on wellness and experiential travel creates
Key Target Audience
Luxury Travel Service Providers, Tourism Industry, Travel Solution Providers, Governmental Bodies and Research Firms