LUXURY TRAVEL MARKET ANALYSIS

Luxury Travel MarketSize and Trends

Global luxury travel market was valued at US$ 241.4 Billion in 2022, and is expected to exhibit a CAGR of 7.80% in terms of revenue, over the forecast period (2023-2030), to reach US$ 440.4 Billion by 2030.

Global luxury travel market is expected to witness significant growth over the forecast period, owing to increasing number of travellers worldwide. According to the World Travel and Tourism Council, 2022, the worldwide investment on luxury travel and tourism is estimated to reach US$ 6,605.3 billion by 2028.

Global luxury travel market is segmented by category, by age group, by type, and by region. By Category, the market is segmented into adventure & safari, cruise, rail journey, culinary travelling & shopping, customized & private vacations, and celebration. By Type, the market is segmented into domestic and international. By Age Group, the market is segmented into millennials, Wrong market name.generation x, baby boomers, and silver hair. By Region, the global luxury travel  market analysis conducted across North America, Latin America, Asia Pacific, Europe, and Middle East and Africa.

Figure 1. Global Luxury Travel Market Share, By Region, 2022

Europe region accounted for largest market share of 35% in global luxury travel market in 2022. North America held a dominant position in the luxury travel market in 2022, owing to increasing number of millionaires in the region followed by Asia Pacific, Middle East, Latin America, and Africa.

Figure 2. Global Luxury Travel Market Share, By Age Group, 2022