DUBLIN–(BUSINESS WIRE)–The “Luxury Travel Market by Type of Tour, Age Group, and Type of Traveler: Global Opportunity Analysis and Industry Forecast, 2021-2027” report has been added to ResearchAndMarkets.com’s offering.
The key players profiled in this report include Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.
Luxury travel market epitomizes most desirable destinations, luxurious accommodations, convenient transport facilities, and authentic travel experience. Luxury travel aims to offer exotic experience to its travelers. Private jet planes, spas, special menus, private island rentals, and private yacht are some of the unique services offered to the luxury travelers.
Travelers, nowadays, love to experiment with destinations to gain deeper experience and absorb new cultures worldwide. To gain a valuable and unforgettable experience, people increasingly opt for unique trips which include cultural visit, cruising, and adventure activities. People spend large amount of money on luxury travel to avail the highest level of comfort and exclusive individual services. Europe and North America are the most preferred destinations for luxury travel.
Growth in inclination of people toward unique and exotic holiday experiences, rise in the middle & upper class expenditure, and growth in interest of people to spend more time with family are some of the factors that propel the growth of the luxury travel market. People opt for unique abroad holiday, cruising, and adventure trips for valuable experiences. Business travel has also evolved over the time and people tend to travel lavishly for business trips. Fluctuating economies in many regions act as a threat for the growth of the luxury travel market.
The luxury travel market is segmented on the basis of types of tours, age group, type of traveler, and region. Based on types of tours, the market is bifurcated into customized and private vacations, adventure and safari, cruise/ship expedition, small group journey, celebration and special event, and culinary travel and shopping.
Although the key developed countries such as the U.S., Germany hold a higher share of the luxury travel market, there has been a rise in demand for international luxury travel in the developing countries such as China and India. The drift is due to the increase in the per capita income of middle class travelers in the developing countries.
Positive impact of factors:
- Growing inclination of people towards unique and exotic holiday experiences
- Growing middle and upper middle-class spending
- Growing trend of online bookings
- Rising social media and its impact on travel industry
Negative impact of factors:
- Varying socio-economic conditions
- Impact of natural parameters
Factors acting as opportunity:
- Emerging new destinations
- Demand for enhanced service standards
Value chain analysis
- Travel planning
- Local travel
- Food and shopping
Porter’s five forces analysis
- Ability to control prices makes high bargaining power of suppliers
- Customer loyalty and value for money, results in low bargaining power of buyers
- Non-luxury travelling option results in low threat of substitutes
- Demand for high service standards and huge investments, lowers the threat of new entrants
- Low rivalry among competitors as the luxury travel market is a niche market
COVID-19 impact and analysis for luxury travel market
- Abercrombie & Kent Usa Llc
- Butterfield & Robinson
- Cox And Kings Ltd.
- Kensington Tours
- Micato Safari
- Scott Dunn Ltd.
- Tauck, Inc.
- Thomas Cook India Ltd.
- Travcoa Corporation
- Tui Group
Key Market Segments
By Type of Tour
- Customized & Private Vacation
- Adventure & Safari
- Cruise/Ship Expedition
- Small Group Journey
- Celebration & Special Event
- Culinary Travel & Shopping
By Age Group
- Millennial (21-30)
- Generation X (31-40)
- Baby Boomers (41-60)
- Silver Hair (60 and above)
By Type Of Traveller
- Absolute Luxury
- Aspiring Luxury
- Accessible Luxury
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
For more information about this report visit https://www.researchandmarkets.com/r/gkj3hn