According to a Market.us study, the global luxury travel market size is expected to exceed $2.760 trillion by 2032, growing at a CAGR of 7.8% between 2023 and 2032. Find out more about the industry’s key geographies, players and trends.
A new report from Market.us offers an interesting view of the global luxury travel market. Valued at more than $1,328 billion in 2022, it is expected to exceed $2,760 billion by 2032, growing at a CAGR of 7.8 percent between 2023 and 2032.
The market was hit hard by the COVID-19 pandemic due to travel restrictions. Many economies depend on luxury travel. But since the borders have reopened, the industry is once again being driven by the increasing number of elite travelers seeking new destinations and unforgettable experiences.
Several factors are driving the growth of the industry. These include increased disposable income, the expansion of air travel and the emergence of new destinations and services. Social networks are also playing a significant role in the growth of the luxury travel industry. The ability to share experiences is encouraging more tourists to travel to certain locations.
While luxury cruises and expeditions constitute the largest share of the global luxury travel market, this segment is still expected to dominate the period 2023-2032. As luxury cruise ships become increasingly popular, their number is expected to triple during this decade.
Europe has the largest share of the luxury travel market, accounting for 33.8% of its revenues. This market is driven by quality food and wine, personalized service, reliable transportation, security measures, entertainment, professional staff and political stability. Its museums and historical sites make it a popular destination. Asia-Pacific (APAC) ranks second because of its significant investment in adventure and culinary tourism. Finally, North America is in third place. This region has the largest number of travel industries and luxury hotels.
The Middle East and Africa (MEA), APAC and Latin America will experience a significant growth rate by 2032.
The cruise market is experiencing strong growth due to new concepts, exotic destinations, and onboard and offboard entertainment.
Millennials, the main players in luxury travel
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