Summary
The global Luxury Tourism Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Increasing disposable income is expected to offer lucrative growth opportunities for players in the global luxury tourism market. For instance, according to the Bureau of Economic Analysis, the personal income in the U.S. increased U$ 106.8 billion (0.6 percent) in February 2020 and disposable personal income increased US$ 88.7 billion (0.5 percent) and personal consumption expenditures increased US$ 27.7 billion (0.2 percent). Moreover, government initiatives to fund tourism businesses is also expected to aid in growth of the market. For instance, in April 2021, South Australian Government’s Tourism Industry Development Fund granted funding for an additional 12 regional tourism businesses including a new scenic flight experience in the Fleurieu and luxury accommodation in Clare Valley.
Luxury tourism has seen a slow growth in the recent past, owing to the emergence of Covid-19. Thus, emergence of Covid-19 is expected to hinder growth of global luxury tourism market. For instance, according to the U.S. Travel Association, an industry nonprofit, the travel industry in the U.S. has lost US$ 443 billion since the novel coronavirus pandemic took hold in March 2020. Moreover, according to Oxford Economics, the U.S. hotel & lodging sector is expected to witness 50% revenue decline (projected) for entirety of 2020.
Resuming of travel in the Covid-19 pandemic is expected to aid in growth of the global luxury tourism market. For instance, in October 2020, Abercrombie & Kent announced to resume operating small group journeys in Africa with a climb up Mount Kilimanjaro. Moreover, launch of travel insurance with COVID-19 health-related coverage is also expected to aid in growth of the market. For instance, in October 2020, VFS Global, a visa outsourcing and technology services specialist for governments and diplomatic missions worldwide, launched a travel insurance that will provide COVID-19 health-related coverage.
Key Takeaways
- Resuming of travel in the Covid-19 pandemic is expected to aid in growth of the global luxury tourism market. For instance, in April 2021, the Government of French Polynesia announced that the Islands of Tahiti will officially reopen to international tourism on May 1, 2021.
- August 2020: RIU Hotels & Resorts, a part of TUI Group, started the luxury hotel Riu Palace Maldivas in the Indian Ocean region along with the hotel Riu Sri Lanka, which was the first to open in July, and Riu Creole in Mauritius, which reopened on 12 August.
- Major players operating in the global luxury tourism market include, TUI Group, Thomas Cook Group, Jet2 Holidays, Cox & Kings Ltd., Lindblad Expeditions, Travcoa, Scott Dunn, Abercrombie & Kent Ltd., Micato Safaris, Tauck, Al Tayyar, Backroads, Zicasso, Exodus Travels, and Butterfield & Robinson
The Luxury Tourism Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Luxury Tourism Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- TUI Group
- Thomas Cook Group
- Jet2 Holidays
- Cox & Kings Ltd
- Lindblad Expeditions
- Travcoa
- Scott Dunn
- Abercrombie & Kent Ltd
- Micato Safaris
- Tauck
- Al Tayyar
- Backroads
- Zicasso
- Exodus Travels
- Butterfield & Robinson
By the Product Type, the market is primarily segmented into:
- Customized and Private Vacation
- Adventure and Safari
- Cruise/Ship Expedition
- Small Group Journey
- Celebration and Special Event
- Others
By Applications, the market is segmented into:
- split into
- Millennial
- Generation X
- Baby Boomers
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Luxury Tourism Market Report:
- To assess the size of the market by value and volume
- Analyze the Luxury Tourism Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Luxury Tourism Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Luxury Tourism Market
The Luxury Tourism Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Luxury Tourism Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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