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Introduction:
The luxury travel market has reached a new level as wealthy class citizens around the world prefer this mode of travel and spend a lot on luxury travel packages. The travel industry is expanding its wings to meet the luxury travel demands of these end consumers. Today's middle-class consumers are turning to urbanization and looking for more materialism in luxury travel, so mature markets aspire to new and evolved luxury, where luxury would be defined the relevance of the personal and exclusive experience offered to customers.
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Market Dynamics:
The luxury travel market is majorly driven by travel trips. # 39; business. Over time, most business travelers have realized that the cost of stressed economy class travel exceeds the cost of first class travel. The luxury travel industry, however, is not limited to the travel component of a tourism industry; Opportunities are developing across all different aspects of the tourism industry. Many hotels have now had the idea to offer their guests a comfort and personalized services that include upscale restaurants offering an unparalleled and personal rate that allows for not only caloric intake, but also food plans followed by customers. kinds of dietary requirements. The growth of luxury travel is also attributed to the increase in disposable income and the growth of middle classes around the world. Statistics show that the majority of millionaires are in Asia-Pacific and manage more wealth than their North American counterparts.
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Market Segmentation and Segment Overview:
The Luxury Travel Market is largely segmented into age groups, types of trips and types of travelers. The age group segment is categorized into Millennials, Generation X, Silver Hair and Baby Boomers. Baby boomers are people aged 41 to 59, this age group accounts for the majority of the market share because of their priority for "travel" and disposable income and savings. In addition, this age group faces fewer health problems compared to silver hair. Ecotourism, gift list, second honeymoon and passion tourism are some of the reasons that encourage people of this age group to opt for luxury travel. The types of travelers can be broadly categorized into absolute luxury, accessible luxury and budding luxury. Business trips, private vacations, culinary tours, special events, small / group excursions, cruising expeditions, adventure and safari or personalized tours are the different segments of different types of travel on the luxury travel market. is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA). The Asia-Pacific is expected to post the highest growth rate, mainly backed by China, where about seven million trips abroad take place each year. After China is Singapore and India. India, Asia Pacific, is considered the fastest growing country due to the growing number of affluent travelers traveling to landscapes in other regions.
Cover:
Market Luxury Travel Market
– 2024
Historical Data 2014 – 2015
Reference Year 2016
Forecast Data 2017 – 2024
Market Stratification Slices of Age, Type of Tour, Traveler Type, Geography
Regional North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Cover by Authors Market Trends , drivers, constraints, analysis of Porter's five forces, competitive analysis, player profiling, value chain analysis
19659002] Thomas Cook Group PLC, Micato Safaris, Abercrombie & Kent USA, Butterfield & Robinson Inc. , Cox & Kings Ltd., Ker & Downey, Kensington Tours, Travcoa, Scott Dunn Ltd. and Tauck are among the main players in this market. There are also other companies that play a key role in the luxury travel market value chain, namely Black Tomato, TUI Group, Lindblad Expeditions LLC, Exodus Travels, Zicasso, Inc. and Backroads. In order to capitalize on higher service standards, market participants have formulated distinctive strategies that would target the growth of the middle-class segment, for example, hiring qualified people with varied language skills and skills. in communication. In this way, the unique travel experience demand would offer a myriad of opportunities for the industry to continue to remain competitive.
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Segmentation of the market
Market by groups of age
Millennium (Age Group 21-30 years)
Generation X (Age Group 31-40)
Baby Boomers (Age Group 41-60) [19659009] Silver Hair (top of 60)
Marketplace By Circuit Type
Business Travel
Private Tour
Culinary Travel
Special Events
Travel and Tourism small group
Cruises / expeditions [19659009] Adventure and safari or personal visit
Market by type of traveler
Absolute Luxury
Accessible Luxury
Luxury Aspirant
Market by Geography
North America
o United States
o Canada
o Mexico
Europe
o United Kingdom
o Germany
o France
o Res t of Europe
Asia-Pacific
o China
o Japan
o India
o Philippines
o Rest of Asia- Pacific
Latin America
o Brazil [19659009] Chile
o Rest of Latin America
Middle East and Africa (MEA)
o South Africa
o Arabia Arabia
o Rest of the MEA
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