The global luxury travel market is expected to witness significant growth over the forecast period, owing to increasing number of travelers worldwide. According to the World Travel and Tourism Council, the worldwide investment on luxury travel and tourism was US$ 4,233.3 billion in 2017, which is estimated to reach US$ 6,605.3 billion by 2028.
Moreover, increasing disposable income, especially in emerging economies, is a major driver for growth of the luxury travel market during the forecast period. According to the Organization for Economic Cooperation and Development, the global middle class populace is projected to increase from 1.8 billion in 2009 to 4.9 billion by 2030. For instance, disposable income in China increased to US$ 5,278.3 in 2017 from US$ 3562.2 in 2012. Moreover, consumer spending in India increased to US$ 270.48 billion in 2018, from US$ 63.67 billion in 2004. Similarly, consumer spending in the U.S. increased from US$ 11,971.9 billion in 2015 to US$ 12,847.82 billion in 2018.
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Among age group, baby boomers segment held dominant position in the market in 2017, followed by millennials and generation X segments, owing to increasing disposable income in the age group. These generations have a continuous source of income as the number of working individuals is continuously increasing. According to the Regional Human Development Report of the United Nations Development Program (UNDP) published in 2016, in 2015, the working-age population was recorded as 0.86 Billion (considering people aged between 15 and 64 years) in India, and will grow to over a billion by 2050.
Increasing adoption of digital media has simplified the processes related to the luxury travel industry. For instance, bookings can be confirmed via online applications or websites and payments can be made through credit cards, debit cards or any other online mode of payment. Social media platforms are useful for the customers as well as for the vendors. Travelers as well as the vendors constantly keep themselves updated with the latest trends related to the luxury traveling. This is attributed to increasing use of internet, smartphones, laptops, and tablets. For instance, the revenue generated by Huawei in 2016 was US$ 79,969 Million and it increased and reached US$ 92,549 Million in 2017.
Global Luxury Travel Market, By Category:
Adventure & Safari
Culinary Travelling & Shopping
Customized & Private Vacations
Global Luxury Travel Market, By Age Group:
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Major players operating in the global luxury travel market include, Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company, TCS World Travel, TÜ ELITE, Cox & Kings Ltd., Travcoa, Micato Safaris, Scott Dunn Ltd., Kensington Tours Ltd., Butterfield & Robinson Inc. and others.
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