Luxury Tourism Market is set to register 16% CAGR through 2027; Global Market Insights Inc.
Luxury Tourism Market is anticipated to witness healthy growth during 2021 to 2027 impelled by a prolific rise in the launch of consumer-centric packages by key industry players in the post-pandemic scenario.
Selbyville, Delaware, United States – August 5, 2021 /MarketersMedia/ —
Recent luxury tourism market trends are driven by a prolific rise in the launch of consumer-centric packages by key industry players in the post-pandemic scenario. These luxury tourism companies are focusing on the arrangement of trips that not only assure the safety of the traveler but also introduce reimbursement plans in case of SARS-CoV-2 associated medical emergency.
In view of the above factors, the luxury tourism market share is anticipated to exceed USD 45 billion by 2027, as stated by a recent research report by Global Market Insights, Inc.
Today, prominent luxury tourism trends are also characterized by an escalation in the organization of virtual conferences and events for the discussion and assessment of market conditions amid the pandemic. For instance, ILVM partnered with THRS India for the roll-out of a dedicated travel show centered on the Indian luxury industry.
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Conducted from 11th to 13th May 2021, ILVM India invited tourism boards, luxury hotels, luxury lifestyle brands, and airlines from across the globe for connecting with hand-selected corporate clients, travel planners, wedding planners, MICE organizers, and media of outbound luxury travel from India for participating in the exclusive virtual travel show.
Some of the major trends that are potentially driving the global luxury tourism industry outlook are as follows:
Spike in the number of baby boomers
The global luxury travel market size is touted to grow on account of an upsurge in the number of baby boomers that are actively looking for personalized, memorable, and authentic travel experiences. These people intend to undertake luxury tours chiefly for relaxation from the usual routine.
As per AARP Travel’s 2019 Boomer Travel Trends, boomers were planning to take on nearly 4-5 leisure trips in 2019, that accounted for an expenditure of more than USD 6,600. These tours were anticipated to be split between domestic and international travel and are expected to stimulate international luxury tourism market growth throughout the assessment span.
Rising demand for private and customized vacations
The increasing demand for private and customized vacations that ensure high luxury and comfort to the elite class is estimated to boost luxury tourism management demand through the analysis period. People having high disposable incomes choose to enjoy vacations that are personalized and customized as per their individual demands.
These people also undertake tours for enjoying authentic culture and experiencing luxury trips to exotic destinations. In addition, renowned personalities usually prefer to undertake private and customized vacations for ensuring privacy throughout the journey, without interruptions caused by the media.
Surging popularity of travel to the U.S.
The U.S is witnessing an escalation in the number of international travelers who are interested in visiting the country for the enjoyment of diversified culture. As per data from the U.S. Travel Association, domestic and international travelers spent a value of USD 1.1 trillion in 2019 and directly supported nearly 9 million jobs in the U.S.
A sharp rise in the number of working professionals and international students that are looking for permanent settlement in the country is set to foster the expansion of the domestic luxury tourism industry over the coming years.
On the whole, rising government initiatives in favor of the tourism sector coupled with improvements in economic conditions in the APAC region will drive luxury tourism market share through the projected period.
About Global Market Insights, Inc.
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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Organization: Global Market Insights Inc.
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/luxury-tourism-market
Source: MarketersMedia
Release ID: 89040393
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