Rising inclination of people toward unique & exotic holiday experiences, upsurge in middle & upper middle-class spending, increase in the trend of online booking, and mounting impact of social media on travel industry propel the growth of the global luxury travel market. The absolute luxury segment generated the highest share in 2015. the Asia-Pacific region is expected to grow at the fastest CAGR 8.7% during the study period
Portland,OR, July 08, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global luxury travel market was estimated at $752.29 billion in 2015 and is expected to hit at $1,153.67 billion by 2022, registering a CAGR of 6.4% from 2016 to 2022. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Growing inclination of people towards unique & exotic holiday experiences, increase in middle & upper middle-class spending, rise in the trend of online booking, and surge in social media usage & its impact on travel industry propel the growth of the global luxury travel market. On the other hand, varying socio-economic conditions and effects by natural parameters check the growth to some extent. Nevertheless, emerging new destinations and demand for enhanced service standards are anticipated to create multiple opportunities for the key players in the market.
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The adventure and safari segment to lead the trail through 2016–2022-
Based on tour types, the adventure and safari segment accounted for more than two-fifths of the total market share in 2015 and is expected to rule the roost till 2022. The culinary travel and shopping segment, on the other hand, is projected to garner the fastest CAGR of 7.8% during the forecast period.
The absolute luxury segment to remain lucrative till 2022-
Based on traveler types, the absolute luxury segment generated the highest share in 2015, holding more than half of the total market revenue. The same segment is also predicted to cite the fastest CAGR of 6.5% during the estimated period.
Europe generated the highest revenue in 2015-
Based on geography, Europe contributed to nearly two-fifths of the total share in 2015 and is anticipated to retain its top status through 2016–2022. Simultaneously, the Asia-Pacific region is expected to grow at the fastest CAGR 8.7% during the study period.
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Frontrunners in the industry-
The key market players analyzed in the global luxury travel market report include Travcoa, Thomas Cook Group PLC, Abercrombie & Kent USA, Micato Safaris, Ker & Downey, LLC, Tauck, Scott Dunn Ltd, Cox & Kings Ltd, Butterfield & Robinson Inc., and Kensington Tours. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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