Selbyville, Delaware, April 22, 2021 (GLOBE NEWSWIRE) –
According to the latest report Luxury tourism market by type (personalized and private vacations, celebration trips, adventure and sport trips, safari, cruises, yachting and small ships), type of visit (solo, group), generation (millennial, generation X, Baby Boomers), Regional Outlook, Price Trends, Competitive Market Share and Forecast 2027 “, by Global Market Insights Inc., on stock market valuation of luxury tourism will cross $ 45 billion by 2027. The market growth can be attributed to improving economic conditions that globally encourage tourists to spend more on luxury travel.
There is a great demand for personalized and private vacations that ensure high comfort and luxury for the elite class. People with extremely high disposable incomes prefer to enjoy a vacation tailored to their individual requirements. They undertake trips to experience luxury tours to exotic destinations and enjoy the authentic culture. High-profile personalities generally prefer to undertake personalized and private vacations to ensure privacy throughout the trip, without interruptions or disturbances caused by the media. There is a growing demand for tailor-made private vacations that guarantee more flexibility and freedom.
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There is an increase in the number of Baby Boomers who are actively seeking memorable, personalized and authentic travel experiences. Baby Boomers planned to take around 4-5 leisure trips in 2019, for which they planned to spend over $ 6,600 (around 20% to 50% more than their Gen X or Gen X counterparts), according to AARP Travel’s ‘2019 Boomer Travel Trends’. These trips were to be split between international and domestic trips. Baby boomers aim to take luxury tours primarily to relax from the usual routine. The increase in the number of internet users in the generation has further encouraged them to explore different travel destinations and tour operator packages. This will support the expansion of the luxury tourism market during the forecast period.
The increase in the number of international travelers visiting the United States to enjoy the diverse culture will boost the demand of the luxury tourism market. According to the International Trade Administration National Travel & Tourism Office, the US travel and tourism industry accounted for 2.9% of GDP in 2019. According to the US Travel Association, in 2019, international and domestic travelers spent 1.1 trillion USD in the United States and directly supported approximately 9 million jobs in the United States. Although the pandemic has had an impact on the tourism sector in the country, the deployment of vaccines will help the market regain momentum by the end of 2021. The sharp increase in the number of international students and working professionals seeking to settle permanently in the country in recent years have largely contributed to the growth of the national industry.
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Companies active in the luxury tourism market are TUI Group, Travelopia, Thomas Cook (India) Ltd. (TCIL), Abercrombie & Kent USA, LLC, G Adventures, & Beyond, Lindblad Expeditions, Classic Journeys, Backroads, Jet2 Holidays, Audley Travel, Silversea Cruises, Scott Dunn Ltd., Inspiring Travel Company and Butterfield & Robinson Inc.
Here are some of the key findings of the Luxury Tourism Market report:
- Growing demand for comfortable and convenient travel globally will support industry demand. People are spending more on luxury tourism to ensure increased comfort throughout the trip.
- The increase in the number of tourists traveling to international destinations in recent years will also support the growth of the luxury tourism market. The rise in disposable income around the world has resulted in an increase in the number of tourists opting for comfortable trips abroad to exotic destinations.
- Government organizations that take steps to develop the travel industry to ensure economic development will also support the industry. Public administrations support the development of new infrastructure such as the construction of new museums, entertainment venues, parks and shopping centers to attract tourists.
- The ongoing pandemic has negatively impacted the luxury travel market in 2020 due to strict lockdowns and the closure of national borders in several countries around the world. However, the easing of lockdowns coupled with the rollout of vaccines is likely to have a positive impact on the expansion of the industry in 2021.
- Improving economic conditions in Asia Pacific, coupled with favorable government initiatives supporting tourism in countries like India, South Korea and Australia, will support industry revenues.
Table of contents (ToC) of the report:
Chapter 3 Luxury Tourism Market Overview
3.1 Industry segmentation
3.2 Impact of the coronavirus pandemic (COVID-19) on the luxury tourism market
3.2.1 Global outlook
3.2.2 Regional perspectives
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry Ecosystem Analysis
3.4 Technological and innovation landscape
3.4.1 Voice and facial recognition
3.4.2 IoT and robotics
3.4.3 Contactless payments
3.4.4 Augmented reality and virtual reality (VR)
3.4.5 Impact of AI and Big Data
3.4.6 Cyber security measures
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth engines
3.6.2 Pitfalls and challenges of the industry
3.7 Analysis of growth potential
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services, delivering syndicated and personalized research reports as well as growing consulting services. . Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.