Adroit Market Research - Industry Insights
Global Luxury Travel Market by Age Group (Millennials, Generation X, Baby Boomer and Silver Hair), by Application (Adventure Travel, Personalized Vacations, Cruising and Yachting, Culinary Travel and Others), by Region and Forecast 2018 to 2025
Jun 2019
Total Pages: 82
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The global luxury travel market is expected to be worth USD 354.7 billion by 2025 driven by the increasing number of tourists across the globe. Patterns in the luxury travel industry demonstrate habits of consuming high material possibilities tourists, expressing their social status in order to offer them unique experiences and to express themselves towards a costly vacation. Although people have had difficult and severely tired conditions in recent years because of job losses, lower living conditions, luxury travel and an increase in the number of tourists spent per trip as well. Thus, the presence of a wealthy customer segment can be seen in the current travel industry with great financial means willing to pay for expensive services.
.png "Global Luxury Travel Market, 2014-2025 (USD Billion)")
Luxury tourism has become one of the biggest and fastest growing economic sectors in the world and has grown in the last couple of decades almost uninterrupted. As new rich citizens emerge in various parts of the world, the travel industry is expanding to meet their demands. Emerging middle classes are also looking for the material aspect of luxury travel, more mature markets are looking for a new kind of luxury. Luxury travel represents both the supply and in particular the demand for a particular category of the tourism sector.
Global trends in the travel industry include increased disposable income, lower airfares, higher demand for "genuine" travel, and increased social media influence. The increase is mainly due to higher demand in all demographics for "experiential" travel. The naming gift–experience travels is all about the experience, whether it's a culture, an environment or both. Many tourists complain that they visited a place but did not feel it, that they ended up at a destination and jumped back home on an airplane without having a deeper connection with their destination.
Luxury travel has become relatively more diverse, although, the term luxury has turned out to be blurred owing to the introduction of a large number of new services and products depending on the taste of the traveler as well as market trends. However, currently, luxury means a wide range of things not outdated but somehow the old luxury travel remains to be the original icon for the tourists. The major players in the market include Abercrombie & Kent, Cox and Kings, Micato Safaris, The Luxury Safari Company Ltd., Ker & Downey, Thomas Cook, Scott Dunn, Rothschild Safaris, Butterfield & Robinson and Natural Habitat Adventures among others.
Key segments of the global luxury travel market
Age Group Overview, 2015-2025 (USD Million)
- Millennials
- Generation X
- Baby Boomers
- Silver Hair
Application Overview, 2015-2025 (USD Million)
- Adventure Travel
- Personalized Vacations
- Cruising and Yachting
- Culinary Travel
- Others
Regional Overview, 2015-2025 (USD Million)
- North America
- US
- Canada
- Europe
- UK
- Russia
- Spain
- France
- Germany
- Rest of Europe
- Asia Pacific
- China
- Japan
- Southeast Asia
- India
- Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- KSA
- Turkey
- Egypt
- Rest of MEA
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global luxury travel market.
- We have been studying the luxury travel industry. As an extension of this market, we found out that luxury travel has a prominent role in adventure travel. However, luxury travelers are preferring to spend more on personalized vacations.
- Increasing tourism across the globe as well as rising consumer spending especially in India and China are projected to accelerate the development of luxury travel market over the foreseeable years.
What does the report include?
- The study on global luxury travel market includes qualitative factors such as drivers, restraints, and opportunities
- Additionally, the market has been evaluated using the value chain and Porter’s five forces analysis.
- The study covers qualitative and quantitative analysis of the market segmented on the basis of age group and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
- The study includes the profiles of key players in the market with a significant global and/or regional presence.
- The report covers a key section about luxury safari tourism especially focused on Middle East & Africa region.
Who should buy this report?
This study is suitable for industry participants and stakeholders in the luxury travel market. The report will benefit:
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to luxury travel market.
- Venture capitalist looking into investing capital.
- Government organizations, regulatory authorities, policymakers and financial organizations looking for hygienic solutions.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The Luxury travel industry is set to rise majorly due to an increase in the baby boomer population across the globe. Globally, operators are increasingly aware of the important impact on the tourism industry by baby boomers (born between 1946 and 1964). In fact, this growing section of the population already starts to make a major' economic impact' by requiring a range of tourism services not previously taken into account. The baby-boomer market is attracting travel companies more and more and is frequently promoted in Europe, particularly in response to the fluctuating seasonal demand. The population of baby boomers in the last decade has been growing rapidly. Increased technological acceptability among baby boomers and rising trends in international holidays are some factors driving the baby boomer tourism as a whole. The important population shift has begun to have a notable impact on the age group and destinations of the holidays undertaken. The increasing population of baby boomers is expected to drive the overall tourism industry growth which in turn is projected to increase the demand for luxury travel market over the foreseeable years.
Growing travel & tourism industry across the world
The travel & tourism industry is flourishing day by day across the world. It is one of the world’s largest industries. In 2016, it contributed around USD 7.6 trillion to the global economy. Some of the most popular tourist destinations are the US, France, Thailand, and others. European countries receive the greatest number of international tourists every year. In 2017, 670.6 million international tourists visited Europe. They come here to visit places, attend concerts and visit different tourist destinations.
By age group, the millennials segment is expected to witness the fastest growth of 8.3% between 2018-2025. Millennials (born from 1982 to 2000) took the center stage globally across all consumer markets. The population cohort represents a large part of the world's population and is one of the households ' top wage earners. This fact makes millennials one of the tourism industry's most vital customer targets. Millennials are exceedingly connected, technologically progressive, globally mindful and way more inclined to experiment with new products and ideas than the previous generations ever were. The baby boomers segment dominated the market with a whopping 34.8% share in 2017. Baby boomers boast of any generation's largest spending power. Baby boomers makeup about 20% of the population but account for 80% of travel industry spending. Technology has probably made travel easier for everyone–from easy travel booking, easy research and trip comparison, to staying connected on the go. In a financial way, boomer travel is different from other traveling demographics. This is a demographic that has the money and time to spend –and they are prepared to spend both.
.png "Share of population - Age 65 and above (select countries)")
While key developed countries like the U.S. hold a higher share of the luxury travel market, demand for international luxury travel has risen in developing countries like China and India. The drift is due to the increase in middle-class travelers' per capita income in developing countries. Geographically, Europe dominated the market with a share of nearly 37% in 2017. A huge number of tourist destinations, high disposable incomes as well as friendly governmental policies for tourists are some key factors driving the Europe luxury travel market. However, Asia-Pacific is anticipated to witness the fastest growth over the forecast period. Luxury travelers around the globe have risen with the highest growth in the Asia Pacific. This remained the major driver of growth for the outbound travel industry in the world. China dominates the Asia Pacific luxury travel industry, followed by Singapore with around 7 million trips per year. India is recognized as the region's fastest growing country with an increasing number of affluent travelers traveling outside Asia.
The global luxury travel market is expected to be worth USD 354.7 billion by 2025 driven by the increasing number of tourists across the globe. Patterns in the luxury travel industry demonstrate habits of consuming high material possibilities tourists, expressing their social status in order to offer them unique experiences and to express themselves towards a costly vacation. Although people have had difficult and severely tired conditions in recent years because of job losses, lower living conditions, luxury travel and an increase in the number of tourists spent per trip as well. Thus, the presence of a wealthy customer segment can be seen in the current travel industry with great financial means willing to pay for expensive services.
Luxury tourism has become one of the biggest and fastest growing economic sectors in the world and has grown in the last couple of decades almost uninterrupted. As new rich citizens emerge in various parts of the world, the travel industry is expanding to meet their demands. Emerging middle classes are also looking for the material aspect of luxury travel, more mature markets are looking for a new kind of luxury. Luxury travel represents both the supply and in particular the demand for a particular category of the tourism sector.
Global trends in the travel industry include increased disposable income, lower airfares, higher demand for "genuine" travel, and increased social media influence. The increase is mainly due to higher demand in all demographics for "experiential" travel. The naming gift–experience travels is all about the experience, whether it's a culture, an environment or both. Many tourists complain that they visited a place but did not feel it, that they ended up at a destination and jumped back home on an airplane without having a deeper connection with their destination.
Luxury travel has become relatively more diverse, although, the term luxury has turned out to be blurred owing to the introduction of a large number of new services and products depending on the taste of the traveler as well as market trends. However, currently, luxury means a wide range of things not outdated but somehow the old luxury travel remains to be the original icon for the tourists. The major players in the market include Abercrombie & Kent, Cox and Kings, Micato Safaris, The Luxury Safari Company Ltd., Ker & Downey, Thomas Cook, Scott Dunn, Rothschild Safaris, Butterfield & Robinson and Natural Habitat Adventures among others.
Key segments of the global luxury travel market
Age Group Overview, 2015-2025 (USD Million)
- Millennials
- Generation X
- Baby Boomers
- Silver Hair
Application Overview, 2015-2025 (USD Million)
- Adventure Travel
- Personalized Vacations
- Cruising and Yachting
- Culinary Travel
- Others
Regional Overview, 2015-2025 (USD Million)
- North America
- US
- Canada
- Europe
- UK
- Russia
- Spain
- France
- Germany
- Rest of Europe
- Asia Pacific
- China
- Japan
- Southeast Asia
- India
- Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- KSA
- Turkey
- Egypt
- Rest of MEA
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global luxury travel market.
- We have been studying the luxury travel industry. As an extension of this market, we found out that luxury travel has a prominent role in adventure travel. However, luxury travelers are preferring to spend more on personalized vacations.
- Increasing tourism across the globe as well as rising consumer spending especially in India and China are projected to accelerate the development of luxury travel market over the foreseeable years.
What does the report include?
- The study on global luxury travel market includes qualitative factors such as drivers, restraints, and opportunities
- Additionally, the market has been evaluated using the value chain and Porter’s five forces analysis.
- The study covers qualitative and quantitative analysis of the market segmented on the basis of age group and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
- The study includes the profiles of key players in the market with a significant global and/or regional presence.
- The report covers a key section about luxury safari tourism especially focused on Middle East & Africa region.
Who should buy this report?
This study is suitable for industry participants and stakeholders in the luxury travel market. The report will benefit:
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to luxury travel market.
- Venture capitalist looking into investing capital.
- Government organizations, regulatory authorities, policymakers and financial organizations looking for hygienic solutions.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Market drivers
3.2.2. Market restraints
3.2.3. Market opportunities
3.3. Porter’s Five Forces’ analysis
3.4. Value chain analysis
Chapter 4. Luxury Travel Market Overview, By Age Group
4.1. Global luxury travel market share, by age group, 2017 & 2025
4.2. Millennials
4.2.1. Market size and projections, 2014 - 2025
4.3. Generation X
4.3.1. Market size and projections, 2014 – 2025
4.4. Baby Boomers
4.4.1. Market size and projections, 2014 – 2025
4.5. Silver Hair
4.5.1. Market size and projections, 2014 – 2025
Chapter 5. Luxury Travel Market Overview, By Application
5.1. Global luxury travel market share, by application, 2017 & 2025
5.2. Adventure Travel
5.2.1. Market size and projections, 2014 – 2025
5.3. Personalized Vacations
5.3.1. Market size and projections, 2014 – 2025
5.4. Cruising and Yachting
5.4.1. Market size and projections, 2014 – 2025
5.5. Culinary Travel
5.5.1. Market size and projections, 2014 – 2025
5.6. Others
5.6.1. Market size and projections, 2014 – 2025
Chapter 6. Luxury Travel Market Overview, By Region
6.1. Global luxury travel market share, by region, 2017 & 2025
6.1.1. North America
6.1.1.1. Market size and projections, 2014 -2025 (USD Million)
6.1.1.2. US
6.1.1.2.1. Market size and projections, 2014 -2025 (USD Million)
6.1.1.3. Rest of North America
6.1.1.3.1. Market size and projections, 2014 -2025 (USD Million)
6.1.2. Europe
6.1.2.1. Market size and projections, 2014 -2025 (USD Million)
6.1.2.2. Germany
6.1.2.2.1. Market size and projections, 2014 -2025 (USD Million)
6.1.2.3. United Kingdoms
6.1.2.3.1. Market size and projections, 2014 -2025 (USD Million)
6.1.2.4. France
6.1.2.4.1. Market size and projections, 2014 -2025 (USD Million)
6.1.2.5. Italy
6.1.2.5.1. Market size and projections, 2014 -2025 (USD Million)
6.1.2.6. Rest of Europe
6.1.2.6.1. Market size and projections, 2014 -2025 (USD Million)
6.1.3. Asia Pacific
6.1.3.1. Market size and projections, 2014 -2025 (USD Million)
6.1.3.2. South Korea
6.1.3.2.1. Market size and projections, 2014 -2025 (USD Million)
6.1.3.3. Japan
6.1.3.3.1. Market size and projections, 2014 -2025 (USD Million)
6.1.3.4. India
6.1.3.4.1. Market size and projections, 2014 -2025 (USD Million)
6.1.3.5. China
6.1.3.5.1. Market size and projections, 2014 -2025 (USD Million)
6.1.3.6. Southeast Asia
6.1.3.6.1. Market size and projections, 2014 -2025 (USD Million)
6.1.3.7. Rest of Asia Pacific
6.1.3.7.1. Market size and projections, 2014 -2025 (USD Million)
6.1.4. Latin America
6.1.4.1. Market size and projections, 2014 -2025 (USD Million)
6.1.4.2. Brazil
6.1.4.2.1. Market size and projections, 2014 -2025 (USD Million)
6.1.4.3. Mexico
6.1.4.3.1. Market size and projections, 2014 -2025 (USD Million)
6.1.4.4. Rest of Latin America
6.1.4.4.1. Market size and projections, 2014 -2025 (USD Million)
6.1.5. Middle East & Africa
6.1.5.1. GCC
6.1.5.1.1. Market size and projections, 2014 -2025 (USD Million)
6.1.5.2. Rest of Middle East & Africa
6.1.5.2.1. Market size and projections, 2014 -2025 (USD Million)
Chapter 7. Industry Structure
7.1. Company market share, 2016
7.2. Strategic framework
Chapter 8. Company Profiles
8.1. Abercrombie & Kent
8.1.1. Company overview
8.1.2. Product portfolio
8.1.3. Key developments
8.1.4. Financial performance
8.2. Cox & Kings
8.2.1. Company overview
8.2.2. Product portfolio
8.2.3. Key developments
8.2.4. Financial performance
8.3. Micato Safaris
8.3.1. Company overview
8.3.2. Product portfolio
8.3.3. Key developments
8.3.4. Financial performance
8.4. The Luxury Safari Company Ltd.
8.4.1. Company overview
8.4.2. Product portfolio
8.4.3. Key developments
8.4.4. Financial performance
8.5. Ker and Downey
8.5.1. Company overview
8.5.2. Product portfolio
8.5.3. Key developments
8.5.4. Financial performance
8.6. Thomas Cook
8.6.1. Company overview
8.6.2. Product portfolio
8.6.3. Key developments
8.6.4. Financial performance
8.7. Scott Dunn
8.7.1. Company overview
8.7.2. Product portfolio
8.7.3. Key developments
8.7.4. Financial performance
8.8. Rothschild Safaris
8.8.1. Company overview
8.8.2. Product portfolio
8.8.3. Key developments
8.8.4. Financial performance
8.9. Butterfield and Robinson
8.9.1. Company overview
8.9.2. Product portfolio
8.9.3. Key developments
8.9.4. Financial performance
8.10. Natural Habitat Adventures
8.10.1. Company overview
8.10.2. Product portfolio
8.10.3. Key developments
8.10.4. Financial performance
8.11. List of other vendors