Luxury Travel Market

Luxury Travel Market - Size, Share, Outlook, and
Opportunity Analysis, 2018 – 2026
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.
Request For Sample Copy of this Research Report :
https://www.coherentmarketinsights.com/insight/request-sample/2452
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.
Furthermore, increasing adoption of digital technology is also expected to boost growth of the
market. Increasing use of internet and high presence on people on social media platforms also
aids in the market growth. Players in the market are focused on capitalizing the social media
presence to expand their consumer base and to strengthen consumer relation. Use of internet
allows to compare brands and offers several choices. Moreover, the influence of
user-generated travel content is more influential over conventional advertising. The appeal
for travel storytelling has rapidly increased, owing to platforms such as Instagram and various
blogging sites.
Therefore, increasing use of internet and social platforms is expected to contribute to growth
of the luxury travel market during the forecast period. For instance, according to the India
Brand Equity Foundation (IBEF), India's internet economy was valued at US$ 125 billion in
2017, and is expected to increase to US$ 250 billion by 2020. Moreover, according to the
International Trade Administration, China has the world’s largest e-commerce market and is
projected to reach US$ 1.6 trillion by 2019. Over 40% of the total global e-commerce
spending comes from China.
The global luxury travel market was valued at US$ 201.07 billion in 2017, and is expected to
register a CAGR of 6.7% in terms of revenue, over the forecast period (2018 – 2026), to
reach US$ 353.16 billion by 2026.
Moreover, millennials are expected to surpass baby boomers as the largest living adult
generation in the U.S. According to population projections from the U.S. Census Bureau, on
1st July, 2016 (the latest date for which population estimates are available), millennials (aged
between 20 to 35 years), recorded 71 million and baby boomers (aged between 52 to 70
years) recorded 74 million. In 2019, millennials are expected to overtake baby boomers in
population as their numbers are expected to increase and reach 73 million and baby boomers
are expected to decline to 72 million. Moreover, generation X (ages 36 to 51 in 2016) is
projected to surpass the baby boomers in population by 2028.
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.
For More Information:
https://www.coherentmarketinsights.com/market-insight/luxury-travel-market-2452
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering
action-ready syndicated research reports, custom market analysis, consulting services, and
competitive analysis through various recommendations related to emerging market trends,
technologies, and potential absolute dollar opportunity.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: [email protected]

The global luxury travel market was valued at US$ 201.07 billion in 2017, and is expected to register a CAGR of 6.7% in terms of revenue, over the forecast period (2018 – 2026), to reach US$ 353.16 billion by 2026.

Download Report