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Luxury Travel Market by Consumer, Type, and Geography - Forecast and Analysis 2023-2027

  • Published: Nov 2022
  • Pages: 164
  • SKU: IRTNTR44241
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The luxury travel market is estimated to grow at a CAGR of 11.5% between 2022 and 2027. The size of the market is forecast to increase by USD 703.14 billion. The growth of the market depends on serval factors, including increasing disposable incomes along with advancement in technology and growing digital connectivity.

This report extensively covers market segmentation by type (adventure, personalized, cruising and yachting, culinary, and others)  and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

 What will the Size of the Luxury Travel Market be During the Forecast Period?

Luxury Travel Market Size

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Parent Market Analysis

Technavio categorizes the global luxury travel market as a part of the hotels, resorts and cruise lines market & within the global consumer discretionary industry. Growth in the global hotels, resorts, and cruise lines market will be driven by the growing travel and tourism industry. The parent global hotels, resorts, and cruise lines market covers companies engaged in operating hotels, resorts, and cruise ships, including travel agencies, tour operators, and related services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Luxury Travel Market: Key Drivers, Trends, Challenges, and Customer Landscape

The innovative features and user interfaces are notably driving the market growth, although factors such as growing demand for (mention from aura data) the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Luxury Travel Market Driver 

  • Increasing disposable incomes are notably driving the luxury travel market growth. The disposable income of people increased significantly globally. For instance, according to the data stated by the US Bureau of Economic Analysis in April 2022, disposable personal income (DPI) increased by $89.7 billion (0.5%) over that in March 2022 in the US compared to February 2022. According to the Organization for Economic Co-operation and Development (OECD), household disposable income has increased in all developed and developing countries since 2021.
  • Factors such as the rise in the number of dual households and their income, per capita income, and rapid growth in the employment rate have driven the increase in disposable incomes worldwide.
  • The growth in disposable income is expected to increase the spending and purchasing power of consumers. The boom in the tourism industry has also encouraged consumers to spend on travel and leisure activities that offer exotic holiday experiences. For instance, according to the data published by the Department of Commerce, the US is projected to welcome 95.5 million international visitors annually by 2023. Therefore, the increasing disposable income boosts the demand for luxury travel to different destinations across the world, which, in turn, is fostering the growth of the market during the forecast period.

Key Luxury Travel Market Trend

  • Sports tourism is the primary trend driving the luxury travel market growth. Sports tourism involves traveling from one destination, such as a city, state, country, or region, to another to watch or participate in a game. Sports tourism has gained popularity in the last 5-7 years, resulting in a large number of sports enthusiasts attending sporting events. such as the Olympics, the Federation Internationale de Football Association (FIFA) World Cup, the Super Bowl, and the Cricket World Cup, which are among the most popular sports viewed by billions of people globally.
  • The Super Bowl, an annual American football game, has millions of viewers. The Cricket World Cup and the FIFA World Cup are organized once in four years. Tournaments like the Union of European Football Associations (UEFA) the Champions League, the Rugby World Cup, the Wimbledon (Tennis) Championships, and Formula One racing are some of the other sports with the highest individual traction. Therefore, with the increasing interest and passion among people about sports, there is a rise in sports travel and tourism every year.
  • A large number of sports tourism operators offer packages that combine accommodation and sporting event tickets, which include special or VIP seating so that the viewers can have a clear view of the game. People are traveling far and wide to attend their favorite sporting events, which is likely to drive the growth of the market during the forecast period.

Key Luxury Travel Market Challenge

  • The threat of natural calamities and other issues may impede the luxury travel market growth. Some other major threats faced by the global travel and tourism industry are political unrest and a sudden outbreak of a pandemic. While environmental disasters may have a direct impact on biodiversity, human health, and the tourism industry and may take about 20-24 months to recover, political unrest may take the tourism industry about 27 months to recover.
  • The sudden outbreak of infectious diseases also affects the tourism business to a certain extent. For instance, the sudden outbreak of COVID-19 has had a major impact on the tourism industry, as travel bans were implemented worldwide in 2020 and 2021 to prevent the transmission of the disease. An increase in travel to affected places and close contact with patients diagnosed with COVID-19 were among the major factors that were responsible for the growth in the number of COVID-19 cases in the US.
  • According to the report published by the CDC, in 2020, the reported number of COVID-19 cases due to travel increased significantly in the US. The increasing number of COVID-19 cases led to the suspension of travel activities, which adversely affected the overall tourism industry. However, with the initiation of vaccination programs in 2021, the global tourism industry is recovering slowly. Therefore, the threat of natural calamities and other issues may impact the revenue growth of the luxury travel market during the forecast period.

Key Luxury Travel Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Luxury Travel Market Share by Geography

Global Luxury Travel Market Customer Landscape

 

Who are the Major Luxury Travel Market Vendors?                                     

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Absolute Travel Inc. - The company operates under multiple segments, including ship cruises, vacations, tours, and others. Under the cruises segment, the company provides luxury travel by cruise ship to destinations such as the Caribbean, Australia, New Zealand, South Pacific, Transoceanic, Europe, and Africa. The company also offers travel packages for luxury music tours and concerts in New York.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

 

  • Abercrombie and Kent USA LLC
  • Butterfield and Robinson Inc.
  • Classic Journeys
  • Exodus Travels Ltd.
  • G Adventures
  • Indigenous Tourism BC
  • Intrepid Group
  • Lindblad Expeditions Holdings Inc.
  • Micato Safaris Inc.
  • Myths and Mountains Inc.
  • Odyssey World
  • Responsible Travel
  • Scott Dunn Ltd.
  • Tandem Travel OOD
  • Tauck Inc.
  • Travelopia Group
  • Wilderness Travel Inc.
  • Geographic Expeditions Inc.
  • Absolute Travel Inc.

 

 

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segments in the Luxury Travel Market?

The market share growth by the domestic segment will be significant during the forecast period. Globally the domestic segment of the luxury travel market has grown significantly across the globe. The growth in domestic luxury travel is driven by favorable government regulations, the lack of currency exchange issues, and familiarity with the culture and the language. The domestic tourism economy is lucrative, and it is growing due to the rising trend of micro trips and staycations. Domestic luxury travel is cost-effective for people in comparison to international travel. Domestic tourism and luxury travel mainly encourage tourists to visit natural attractions and aim at making them aware of the history and culture of their own country. Such travels provide a hassle-free experience for tourists, as they are already aware of food habits or etiquette and language. India, China, and the US are the most preferred destinations for domestic luxury travel. The number of domestic tourists has increased significantly in these countries.

Luxury Travel Market Size

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The domestic segment showed a gradual increase in market share from USD 409.38 billion in 2017 and continued to grow by 2021. For example, in Morrocco, domestic luxury travel packages take tourists to various tourist destinations across the country, which include destinations such as the Atlas Mountains to seaside Essaouira, the Sahara desert to the palmery of Todra Valley, and the medieval old town of Fes to the spice markets of Marrakech. Such domestic luxury travel tours in a single package attract many people living in the country. Such packages that include domestic luxury travel plans, especially for families, are expected to drive the growth of this segment of the market during the forecast period.

 

Which are the Key Regions for the Luxury Travel Market?

Luxury Travel Market Share by Geography

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Europe is projected to contribute 29% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Growing disposable income, the increasing spending capacity of Baby Boomers, the presence of numerous exotic destinations, the increasing demand for personalized vacations, the availability of easy transport facilities, the rapid increase in the number of food and beverage festivals, and the presence of major vendors contribute to the growth of the market in Europe. The spending capacity of Baby Boomers is increasing significantly in Europe. This generation prefers multi-generational and tailormade vacations that include good dining and fun-filled activities with family. The increasing demand for such travel experiences boosts the growth of the market in the region. In countries such as the UK, Germany, Spain, and Switzerland, an increasing number of food festivals and the rising number of adventure sports such as kite surfing, hiking on mountains, and paragliding attract a large number of domestic and international tourists to these countries. Also, Paris is the world's most visited city both by international and domestic tourists. Therefore, the growing tourism in the above countries will drive the growth of the regional market during the forecast period. 

To recover from the impact of the COVID-19 pandemic, vendors are making efforts to reassure customers by offering more flexibility and outdoor and crowd-free destinations. Luxury travel staycations are witnessing gradual growth in the region, especially in countries such as the UK and Spain. Domestic luxury travel is a popular choice for people, especially among families that prefer to have one-day travel or a weekend vacation at prominent locations within their home countries. In 2021, vendors offering luxury travel services, for a group of people or families, at considerable price points were expected to witness an increase in their customer base. Moreover, many high-end hotels, restaurants, and leisure are witnessing a rise in booking by people for short durations in their home countries. Hence, the vendors operating in the regional market have an opportunity to coordinate with such hotels, restaurants, and leisure operators to increase their customer base during the forecast period.

 

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.

    • Domestic
    • International
  • Type Outlook ( USD Billion, 2017 - 2027)
    • Adventure
    • Personalized
    • Cruising and yachting
    • Culinary
    • Others
  • Region Outlook ( USD Million, 2017 - 2027)
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • North America
      • The U.S.
      • Canada
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Brazil
      • Argentina
      • Chile

Luxury Travel Market Scope

Report Coverage

Details

Page number

164

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 11.5%

Market growth 2023-2027

$ 703.14 billion

Market structure

Fragmented

YoY growth (%)

10.35

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 29%

Key countries

US, China, Germany, France, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Abercrombie and Kent USA LLC, Butterfield and Robinson Inc., Classic Journeys, Exodus Travels Ltd., G Adventures, Indigenous Tourism BC, Intrepid Group, Lindblad Expeditions Holdings Inc., Micato Safaris Inc., Myths and Mountains Inc., Odyssey World, Responsible Travel, Scott Dunn Ltd., Tandem Travel OOD, Tauck Inc., Travelopia Group, Wilderness Travel Inc., Geographic Expeditions Inc., and Absolute Travel Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Luxury Travel Market Report?

  • CAGR of the market during the forecast period.
  • Detailed information on factors that will drive the growth of the market between 2023 and 2027
  • Precise estimation of the size of the luxury travel market and its contribution to the parent market.
  • Accurate predictions about upcoming trends and changes in consumer behavior.
  • Growth of the market industry across Europe, North America, APAC, Middle East and Africa, and South America.
  • Thorough analysis of the market’s competitive landscape and detailed information about vendors.
  • Comprehensive analysis of factors that will challenge the growth of luxury travel market vendors.

 

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Consumer
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global luxury travel market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global luxury travel market 2017 - 2021 ($ billion)
    • 4.2 Consumer Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Consumer Segment 2017 - 2021 ($ billion)
    • 4.3 Type Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Consumer

    • 6.1 Market segments
      • Exhibit 30: Chart on Consumer - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Consumer - Market share 2022-2027 (%)
    • 6.2 Comparison by Consumer
      • Exhibit 32: Chart on Comparison by Consumer
      • Exhibit 33: Data Table on Comparison by Consumer
    • 6.3 Domestic - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Domestic - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 35: Data Table on Domestic - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 36: Chart on Domestic - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Domestic - Year-over-year growth 2022-2027 (%)
    • 6.4 International - Market size and forecast 2022-2027
      • Exhibit 38: Chart on International - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 39: Data Table on International - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 40: Chart on International - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on International - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Consumer
      • Exhibit 42: Market opportunity by Consumer ($ billion)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 43: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 44: Data Table on Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Type
      • Exhibit 45: Chart on Comparison by Type
      • Exhibit 46: Data Table on Comparison by Type
    • 7.3 Adventure - Market size and forecast 2022-2027
      • Exhibit 47: Chart on Adventure - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 48: Data Table on Adventure - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 49: Chart on Adventure - Year-over-year growth 2022-2027 (%)
      • Exhibit 50: Data Table on Adventure - Year-over-year growth 2022-2027 (%)
    • 7.4 Personalized - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Personalized - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 52: Data Table on Personalized - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 53: Chart on Personalized - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Personalized - Year-over-year growth 2022-2027 (%)
    • 7.5 Cruising and yachting - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Cruising and yachting - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 56: Data Table on Cruising and yachting - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 57: Chart on Cruising and yachting - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Cruising and yachting - Year-over-year growth 2022-2027 (%)
    • 7.6 Culinary - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Culinary - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 60: Data Table on Culinary - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 61: Chart on Culinary - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Culinary - Year-over-year growth 2022-2027 (%)
    • 7.7 Others - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 64: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 65: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 7.8 Market opportunity by Type
      • Exhibit 67: Market opportunity by Type ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 69: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 70: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 71: Chart on Geographic comparison
      • Exhibit 72: Data Table on Geographic comparison
    • 9.3 Europe - Market size and forecast 2022-2027
      • Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.4 North America - Market size and forecast 2022-2027
      • Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.5 APAC - Market size and forecast 2022-2027
      • Exhibit 81: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 82: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 83: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.6 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.7 South America - Market size and forecast 2022-2027
      • Exhibit 89: Chart on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.8 US - Market size and forecast 2022-2027
      • Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.9 Germany - Market size and forecast 2022-2027
      • Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.10 China - Market size and forecast 2022-2027
      • Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.11 France - Market size and forecast 2022-2027
      • Exhibit 105: Chart on France - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 106: Data Table on France - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 107: Chart on France - Year-over-year growth 2022-2027 (%)
      • Exhibit 108: Data Table on France - Year-over-year growth 2022-2027 (%)
    • 9.12 UK - Market size and forecast 2022-2027
      • Exhibit 109: Chart on UK - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 110: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 111: Chart on UK - Year-over-year growth 2022-2027 (%)
      • Exhibit 112: Data Table on UK - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 113: Market opportunity by geography ($ billion)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 114: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 115: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 116: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 117: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 118: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 119: Matrix on vendor position and classification
            • 12.3 Abercrombie and Kent USA LLC
              • Exhibit 120: Abercrombie and Kent USA LLC - Overview
              • Exhibit 121: Abercrombie and Kent USA LLC - Product / Service
              • Exhibit 122: Abercrombie and Kent USA LLC - Key offerings
            • 12.4 Absolute Travel Inc.
              • Exhibit 123: Absolute Travel Inc. - Overview
              • Exhibit 124: Absolute Travel Inc. - Product / Service
              • Exhibit 125: Absolute Travel Inc. - Key offerings
            • 12.5 Butterfield and Robinson Inc.
              • Exhibit 126: Butterfield and Robinson Inc. - Overview
              • Exhibit 127: Butterfield and Robinson Inc. - Product / Service
              • Exhibit 128: Butterfield and Robinson Inc. - Key offerings
            • 12.6 Classic Journeys
              • Exhibit 129: Classic Journeys - Overview
              • Exhibit 130: Classic Journeys - Product / Service
              • Exhibit 131: Classic Journeys - Key offerings
            • 12.7 Exodus Travels Ltd.
              • Exhibit 132: Exodus Travels Ltd. - Overview
              • Exhibit 133: Exodus Travels Ltd. - Product / Service
              • Exhibit 134: Exodus Travels Ltd. - Key offerings
            • 12.8 G Adventures
              • Exhibit 135: G Adventures - Overview
              • Exhibit 136: G Adventures - Product / Service
              • Exhibit 137: G Adventures - Key offerings
            • 12.9 Geographic Expeditions Inc
              • Exhibit 138: Geographic Expeditions Inc - Overview
              • Exhibit 139: Geographic Expeditions Inc - Product / Service
              • Exhibit 140: Geographic Expeditions Inc - Key offerings
            • 12.10 Indigenous Tourism BC
              • Exhibit 141: Indigenous Tourism BC - Overview
              • Exhibit 142: Indigenous Tourism BC - Product / Service
              • Exhibit 143: Indigenous Tourism BC - Key offerings
            • 12.11 Lindblad Expeditions Holdings Inc.
              • Exhibit 144: Lindblad Expeditions Holdings Inc. - Overview
              • Exhibit 145: Lindblad Expeditions Holdings Inc. - Business segments
              • Exhibit 146: Lindblad Expeditions Holdings Inc. - Key offerings
              • Exhibit 147: Lindblad Expeditions Holdings Inc. - Segment focus
            • 12.12 Micato Safaris Inc.
              • Exhibit 148: Micato Safaris Inc. - Overview
              • Exhibit 149: Micato Safaris Inc. - Product / Service
              • Exhibit 150: Micato Safaris Inc. - Key offerings
            • 12.13 Odyssey World
              • Exhibit 151: Odyssey World - Overview
              • Exhibit 152: Odyssey World - Product / Service
              • Exhibit 153: Odyssey World - Key offerings
            • 12.14 Responsible Travel
              • Exhibit 154: Responsible Travel - Overview
              • Exhibit 155: Responsible Travel - Product / Service
              • Exhibit 156: Responsible Travel - Key offerings
            • 12.15 Scott Dunn Ltd.
              • Exhibit 157: Scott Dunn Ltd. - Overview
              • Exhibit 158: Scott Dunn Ltd. - Product / Service
              • Exhibit 159: Scott Dunn Ltd. - Key offerings
            • 12.16 Tandem Travel OOD
              • Exhibit 160: Tandem Travel OOD - Overview
              • Exhibit 161: Tandem Travel OOD - Product / Service
              • Exhibit 162: Tandem Travel OOD - Key offerings
            • 12.17 Travelopia Group
              • Exhibit 163: Travelopia Group - Overview
              • Exhibit 164: Travelopia Group - Product / Service
              • Exhibit 165: Travelopia Group - Key offerings

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 166: Inclusions checklist
                • Exhibit 167: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 168: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 169: Research methodology
                • Exhibit 170: Validation techniques employed for market sizing
                • Exhibit 171: Information sources
              • 13.5 List of abbreviations
                • Exhibit 172: List of abbreviations
              • uncertainty: The demand for hotels, resorts and cruise lines market is cyclical and seasonal. The market witnesses sustained growth in average room rates (ARR) and occupancy rates (OR) during positive cycles such as the period of economic growth. However, during the economic recession, growth in ARR and OR tends to decline. Besides, non-economic factors such as terror attacks and health-related travel advisories also have a negative impact on the market growth. Similarly, demand will be at peaks during holiday seasons and tend to decline or remain stable in other seasons. However, the basic operational costs remain stable. The hotels, resorts and cruise lines often offer discounts to compete with others even during the peak season, which may restrict the profits of the companies. Hotels, restaurants, and recreational facilities witnessed a significant impact due to travel restrictions and lockdowns imposed globally to curb the spread of COVID-19. However, a surge in the adoption of online delivery platforms, including that of food delivery companies, led to a positive impact on hotels and restaurants. Hotels, restaurants, and catering (HoReCa) services in the global market witnessed a steep decline in 2020, as people extensively shifted toward homemade food and toward trying various new cuisines at home.

                Research Framework

                Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                TechnavioINFORMATION SOURCES

                Primary sources

                • Manufacturers and suppliers
                • Channel partners
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                • Strategic decision makers

                Secondary sources

                • Industry journals and periodicals
                • Government data
                • Financial reports of key industry players
                • Historical data
                • Press releases
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                TechnavioDATA ANALYSIS

                Data Synthesis

                • Collation of data
                • Estimation of key figures
                • Analysis of derived insights

                Data Validation

                • Triangulation with data models
                • Reference against proprietary databases
                • Corroboration with industry experts
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                TechnavioREPORT WRITING

                Qualitative

                • Market drivers
                • Market challenges
                • Market trends
                • Five forces analysis

                Quantitative

                • Market size and forecast
                • Market segmentation
                • Geographical insights
                • Competitive landscape
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                Luxury Travel market growth will increase by $703.14 billion during 2023-2027.
                The luxury travel market is expected to grow at a CAGR of 11.5% during 2023-2027.
                Technavio has segmented the luxury travel market by consumer (Domestic, International, cruising and yachting, culinary,, and others) ,type (Adventure, Personalized, Cruising and yachting, Culinary, and Others) , and geography (Europe, North America, APAC, Middle East and Africa, and South America).
                Abercrombie and Kent USA LLC, Butterfield and Robinson Inc., Classic Journeys, Exodus Travels Ltd., G Adventures, Indigenous Tourism BC, Intrepid Group, Lindblad Expeditions Holdings Inc., Micato Safaris Inc., Myths and Mountains Inc., Odyssey World, Responsible Travel, Scott Dunn Ltd., Tandem Travel OOD, Tauck Inc., Travelopia Group, Wilderness Travel Inc., Geographic Expeditions Inc., Absolute Travel Inc. are a few of the key vendors in the luxury travel market.
                Europe will register the highest growth rate of 29.16% among the other regions. Therefore, the luxury travel market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
                The key factors driving the luxury travel market growth are:
                • Increasing disposable incomes
                • Trending sports tourism
                The luxury travel market vendors should focus on grabbing business opportunities from the domestic segment as it accounted for the largest market share in the base year.
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