The Global Luxury Concierge Service Market was valued at US$ 458.2 million in 2021, according to the Global Luxury Concierge Service Market Report, by Service Type (Travel, Tourism, & Transportation, HoReCa, and Entertainment & Recreation), by End-User (Individual and Corporate), and by Region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa), published by Coherent Market Insights.
The global luxury concierge service market was valued at US$ 458.2 million in 2021 and is predicted to grow at a CAGR of 5.5% during the forecast period (2022 to 2030).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/luxury-concierge-service-market-5305
Browse 22 market data tables* and 18 figures* on “Global Luxury Concierge Service Market” - Forecast to 2030.
Key Trends and Analysis of the Global Luxury Concierge Service Market:
- According to a report by Coherent Market Insights in September 2022, the average spending of solo travelers increased by US$ 1,000 to US$ 2,000. Increasing spending by elite travelers to visit unexplored destination and gain new experiences is a growing trend of exploring luxury, in terms of travel and accommodation, across the globe. In addition, the growing trend of micro trips and the rapidly expanding tourism sector across the globe have been boosting the global luxury concierge service market growth.
- Solo travelers are the largest contributors to the growing trend of exploration of luxury travel accommodation, and there has been a rising trend of solo traveling, especially among those who seek rejuvenation and wellness. According to the March 2022 Global Travel Trends Report of American Express Travel, a travel concierge service provider, globally 58% of the travelers are opting for solo travel to visit their dream destination, thereby strengthening the luxury concierge services market growth.
Key Takeaways of the Global Luxury Concierge Service Market:
Market Opportunities
- Luxury groups of hotels, resorts, and restaurant chains are using social media channels for the better understanding of the requirements of their clients, in order to provide better services and meet the clients’ demand. For instance, according to the European Journal of Applied Economics report in August 2021, most of the people across the globe are using social media channels such as Instagram, in order to source information and to get customized service, and luxury concierge service providers are also using those platforms to understand the clients’ requirement. The above mentioned factors are expected to create opportunities for the target market growth over the forecast period.
Key Players
- Major players operating in the global luxury concierge service market include 48 London, Alpine Escape, Arburton Ltd, Aspen Luxury Concierge Service LLC, AZ Luxe, Bon Vivant, Globe Infinite, Ibiza Luxury Concierge Service, Innerplace Co., and John Paul
- These players are constantly engaged in mergers, acquisitions, and partnership to gain competitive advantage over other players. For instance, in July 2019, a Paris-based luxury villa and chalet rental brand, Le Collectionist announced the acquisition of winter sports chalet company Bramble. The acquisition expanded the luxury concierge business of Le Collectionist in the U.S.
Market Taxonomy
By Service Type
- Travel, Tourism, & Transportation
- HoReCa
- Entertainment & Recreation
By End-User
- Individual
- Corporate
By Region
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East & Africa
Global Luxury Concierge Service Market - Impact of Coronavirus (COVID-19) Pandemic
The global luxury concierge service market growth has been negatively impacted by the COVID-19 pandemic. The COVID-19 pandemic affected tourism across the globe which negatively and indirectly impacted the luxury concierge service market. According to a report by the United Nations Conference on Trade and Development in June 2021, the number of international tourist arrivals declined by 74% in 2020 compared to the previous year. In many developing countries across the globe, arrivals were down by 80-90% which resulted in a decline in the tourism industry and the luxury concierge service market growth.
Furthermore, the launch of the app-based concierge service after pandemic is further expected to drive the market growth. For instance, in February 2021, Marriot International, a hospitality company, released another version of its mobile app, Marriott Bonvoy, with new features such as better booking options, enhanced, personalized, and customized services according to the client.
