Luxury Tourism Market to Hit USD 82 Bn by 2030, Says Global Market Insights Inc.

Major luxury travel market participants include Audley Travel, Travelopia, Backroads, G Adventures, Jet2 Holidays, TUI Group, Thomas Cook (India) Ltd., Silversea Cruises, and Abercrombie & Kent USA, LLC.

SELBYVILLE, Del., Aug. 9, 2022 /PRNewswire/ -- The luxury tourism market is expected to record a valuation of USD 82 billion by 2030, as reported in a research study by Global Market Insights Inc. The report indicates that the strong demand for exotic safari experiences will be a key growth driver of the luxury travel industry, especially in the Middle East and Africa. The region has developed as a prominent hub for tourists, offering exotic animal-watching experiences.

To ensure the safety of endangered species, government bodies are focusing on conservation programs. The environmental biodiversity has made the MEA an optimum safari destination for experiencing wildlife close-up, creating rampant expansion of the luxury tourism market.

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The popularity of tourist destinations is determined by political stability and internal security factors to some extent, apart from the availability of resources. Strikes, warfare, and protests influence tourism development and visitor engagement, thus posing an impact on the global luxury travel statistics.

The adventure & sport travel segment is anticipated to surpass around USD 12 billion by 2030, due to the growing emphasis on developing effective strategies to support sports tourism growth.

There has been a rising trend of solo travelers, especially those who seek rejuvenation and wellness. According to the 2022 Global Travel Trends Report of American Express Travel, 58% of the travelers are opting for solo travel to visit their dream destination, thereby strengthening the luxury travel market demand.

In terms of generation, the report has segmented the market into generation X, millennials, baby boomers, and others. Among these, the others segment, which comprises individuals above 60 years of age, will depict a CAGR of approximately 15% through 2030. The growing desire to spend leisure time traveling and the availability of enough resources boost the acceptance of luxury travel among this generation group.

The report cites the Asia Pacific luxury tourism market accounted for a share of over 28% in 2021. Robust demand for sophisticated travel experiences and the rising disposable income will augment the APAC market.

Likewise, consumer shift toward customized and private vacations will majorly strengthen the market statistics in Latin America. As per the report, the Latin America luxury tourism industry size is likely to reach nearly USD 200 million by 2030.

The competitive landscape of the luxury tourism market is inclusive of Audley Travel, Travelopia, Backroads, G Adventures, Jet2 Holidays, TUI Group, Thomas Cook (India) Ltd., Silversea Cruises, and Abercrombie & Kent USA, LLC. These companies engage in business expansion and new product development strategies to retain their foothold across the market.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Luxury tourism industry 360⁰ synopsis, 2018 - 2030

2.2  Business trends

2.3  Regional trends

2.4  Type trends

2.5  Tour type trends

2.6  Generation trends

Chapter 3 Luxury Tourism Industry Insights

3.1  Introduction

3.2  COVID-19 impact on the market

3.3  Impact of Russia-Ukraine conflict

3.4  Luxury tourism industry ecosystem analysis

3.5  Technology and innovation landscape

3.6  Regulatory landscape

3.7  Industry impact forces

3.7.1  Growth drivers

3.7.2  Industry pitfalls and challenges

3.8  Growth potential analysis

3.9  Porter's analysis

3.10  PESTEL analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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