Global Luxury Tourism Market Overview:
Luxury Tourism is one of the fastest-growing forms of travel, which means there are plenty of prospects for travel writing. It offers the best of everything, including customised service, exquisite meals, and stunning settings, all of which promise maximum pleasure with no worry. The luxury travel sector is emphasising sustainable development, organic products, and fair trade to increase brand value and equity, while luxury clients increasingly prefer social responsibility above ostentation. In the realm of tourism, luxury takes shape when the emphasis is placed on value rather than price, which is now judged by the consumer's experience. Luxury tourism is undoubtedly one of the most important activities that have excelled in luxury travel in recent decades. Luxury tourism will enter a new field in which the exclusive and unique will mean that which is unexplored, unspoiled, where not everyone can get to, away from the masses, and with the ability to share unique experiences. The luxury tourist rethinks its search for and commitment to unique natural destinations, products, and services with standards that respond to sustainability (green planes and sustainable hotels, eco-friendly cars, etc.) and with the goal of consuming fewer unnecessary goods and services.
- Growing Prevalence of Cruising Holidays
- Increasing Demand for Safari Adventures
- High Cost of Luxury Tours
- Emergence of Glamping Tour
- Growing Number of Affluent Consumers
- Impact on Luxury Tours Due To Coronavirus Pandemic
- Stringent Governments Regulation on International Tours
The demand for Luxury Tourism is increasing. The industry is segmented, but it is predicted to grow as rise in international tours and increase in disposable income, among other factors, drive the market forward. Businesses in this sector face global competition from market leaders who control a large share of the market. Companies are differentiating their products from competition by employing environmentally friendly materials and manufacturing techniques. The Leading Players are engaging in strategic global expansion to maintain their Market Position.
Some of the key players profiled in the report are Insight Vacations (Singapore), Abercrombie & Kent USA (United States), Globus (Germany), Tauck (United States), Trafalgar (Singapore), Sarracini Travel (Canada), Intrepid Travel (Australia), G Adventures (Canada), Butterfield & Robinson Inc (Canada) and Delta Vacations (United States). Additionally, following companies can also be profiled that are part of our coverage like Virtuoso (United States), Ker & Downey (United States) and Classic Vacations LLC (United States). Analyst at AMA Research see United States Vendors to retain maximum share of Global Luxury Tourism market by 2027. Considering Market by Tour Type, the sub-segment i.e. Group will boost the Luxury Tourism market. Considering Market by Destination, the sub-segment i.e. Domestic Tourism will boost the Luxury Tourism market. Considering Market by Age Group, the sub-segment i.e. 20 – 30 will boost the Luxury Tourism market. Considering Market by Tour, the sub-segment i.e. Customized & Private Vacations will boost the Luxury Tourism market.
In July 2021 Abercrombie & Kent had announced the partnership with Wheels Up. The partnership will begin with two domestic Abercrombie & Kent-curated and customised journeys for Wheels Up Members to explore America's National Parks and the Pacific coast. Both domestic itineraries will fly between destinations using the Wheels Up fleet, with private A&K guides providing unparalleled insider access.
What Can be Explored with the Luxury Tourism Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Luxury Tourism Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Luxury Tourism
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Luxury Tourism market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Luxury Tourism market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Tour Operators, Travel Agents and End-use industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Luxury Tourism Market?
The Luxury Tourism market is expected to see a CAGR of % during projected year 2021 to 2027.
2. Who are the top performing companies in Luxury Tourism Market?
Top performing companies in the Global Luxury Tourism market are Insight Vacations (Singapore), Abercrombie & Kent USA (United States), Globus (Germany), Tauck (United States), Trafalgar (Singapore), Sarracini Travel (Canada), Intrepid Travel (Australia), G Adventures (Canada), Butterfield & Robinson Inc (Canada) and Delta Vacations (United States), to name a few.
3. What trending factors would impact Luxury Tourism Market growth most?
"Increasing Prevalence of Experiential Tour
" is seen as one of major influencing trends for Luxury Tourism Market during projected period 2021-2027.