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The size of the luxury tourism market, estimated at USD 20 billion in 2023, is expected to increase at a CAGR of more than 15.2% from 2023 to 2029. driven by the Asia Pacific region's expanding affluent consumer population.
The Global Luxury Tourism Market Size, Scope, and Forecast 2023-2029 report has been added to the Market research collection of Market Insights Report. Industry experts and researchers have offered an authoritative and concise analysis of the Luxury Tourism Market with respect to various aspects such as growth factors, challenges, restraints, developments, and opportunities for growth. This report provides a pin-point analysis of changing dynamics and emerging trends in the Luxury Tourism Market. Additionally, it provides a futuristic perspective on various factors that are likely to fuel the growth of the Worldwide Luxury Tourism Market in the coming years.
Increased disposable income and better transportation infrastructure, together with consumers' increasing willingness to spend on luxurious vacations and accommodations with exotic vacation experiences, are key market growth drivers. The global desire for luxury travel is being positively impacted by the emergence of contemporary campgrounds or creative glamping lodgings, along with growing public awareness of eco-friendly travel options. To enable online vacation booking, several tourism businesses are implementing cutting-edge technologies, such artificial intelligence (AI).
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Some of the key players profiled in the study are G Adventures, Zicasso, Absolute Travel, Wilderness Travel, Classic Journeys, Inspiring Travel Company, Backroads, Abercrombie and Kent, TCS World Travel, Touring Treasures, Butterfield and Robinson, and other Prominent players.
Competition is an important issue in any market research analysis . With the help of the competitive analysis provided in the report, players can easily study the key strategies employed by leading players in the Luxury Tourism market. The major and emerging players of the Luxury Tourism Market are closely studied considering their market share, production, sales, revenue growth, gross margin, product portfolio, and other important factors . This will help players familiarize themselves with the movements of their toughest competitors in the Luxury Tourism market.
Luxury Tourism Market Dynamics:
Increasing disposable income : The growth of the luxury tourism market is closely tied to the rise in disposable income among affluent individuals. As people's wealth increases, they have more resources to allocate towards luxury travel experiences. This allows them to indulge in high-end accommodations, fine dining, exclusive activities, and personalized services. Changing consumer preferences : Luxury travelers today are seeking unique and immersive experiences that go beyond traditional luxury amenities. They value authenticity, cultural immersion, and personalized itineraries tailored to their interests and preferences. Luxury tourism providers need to adapt to these changing preferences by offering curated and experiential travel options. Rise of the experience economy : The luxury tourism market is driven by the growing importance of experiences over material possessions. Affluent travelers are willing to invest in experiences that create lasting memories and provide a sense of exclusivity. Luxury tourism providers are focusing on creating customized, one-of-a-kind experiences that cater to the desires of their discerning clientele. Destination diversification : Luxury travelers are increasingly seeking unique and off-the-beaten-path destinations. They are looking for exclusive and secluded locations that offer privacy and tranquility. This has led to the emergence of new luxury tourism destinations beyond traditional favorites, expanding the market opportunities for luxury travel providers. Technological advancements : Technology has had a significant impact on the luxury tourism market. From online booking platforms to mobile apps and virtual reality experiences, technology has transformed the way travelers research, plan, and book their luxury trips. It has also enhanced the guest experience by providing personalized services, seamless communication, and access to luxury amenities. The segmental analysis section of the report includes a thorough research study on key type and application segments of the Luxury Tourism market.
Luxury Tourism Market ( By Type )
Spa Tourism
Medical Tourism
Adventure Tourism
Sports Tourism
Others
Luxury Tourism Market ( By Application )
Millennial (21‐30)
Generation X (31‐40)
Baby Boomers (41‐60)
Silver Hair (60 and above)
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Important years considered in the Luxury Tourism study:
Historical year – 2017-2023; Base year – 2023; Forecast period ** – 2023 to 2029 [** unless otherwise stated]
If opting for the Global version of Luxury Tourism Market; then the below country analysis would be included:
– North America (The North America luxury tourism market accounted for USD 2 billion revenue in 2022, led by the growing spending power of millennials. Meanwhile, the increasing disposable income of baby boomers is also creating a vast customer pool for the region's industry. The presence of lavish hospitality brands such as Hyatt, Marriott, and the Hilton among others, further helps the scenario by attracting more luxury travelers. In November 2021, Hyatt acquired Apple Leisure Group, a provider of luxury resort-management services in North America.)
– Europe (Germany, France, the United Kingdom, Netherlands, Italy, Nordic Nations, Spain, Switzerland, and the Rest of Europe)
– Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India, Southeast Asia, and the Rest of APAC)
– South America (Brazil, Argentina, Chile, Colombia, the Rest of the countries, etc.)
– the Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Turkey, Nigeria, South Africa, Rest of MEA)
Reasons to Procure this Report:
(A) The research would help top administration/policymakers/professionals/product advancements/sales managers and stakeholders in this market in the following ways.
(B) The report provides Luxury Tourism market revenues at the worldwide, regional, and country levels with a complete analysis to 2029 permitting companies to analyze their market share and analyze projections, and find new markets to aim for.
(C) The research includes the Luxury Tourism market split by different types, applications, technologies, and end-uses. This segmentation helps leaders plan their products and finances based on the upcoming development rates of each segment.
(D) Luxury Tourism market analysis benefits investors by knowing the scope and position of the market giving them information on key drivers, challenges, restraints, and expansion chances of the market and moderate threats.
(E) This report would help to understand competition better with a detailed analysis and key strategies of their competitors and plan their position in the business.
(F) The study helps evaluate Luxury Tourism business predictions by region, key countries, and top companies' information to channel their investments.
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What is new in 2023?
– Major developments that can change the business landscape as well as market forecasts.
– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.
– Coverage of new market players and change in the market share of existing players of the Luxury Tourism market.
– Updated financial information and product portfolios of players operating in the Luxury Tourism market.
– Updated market developments of the profiled players.
– Any new data points/analysis (frameworks) which was not present in the previous version of the report
The new edition of the report consists of trends/disruptions on customer's business, tariff and regulatory landscape, pricing analysis, and a market ecosystem map to enable a better understanding of the market dynamics for Luxury Tourism.
Customization services available with the report :
-20% customization.
-Five Countries can be added as per your choice.
-Five Companies can added as per your choice.
– customization upto 40 hours.
-Post-sales support for 1 year from the date of delivery.
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