According to the latest market study released by Technavio, the global luxury travel marketis expected to grow at a CAGR of close to 7% during the forecast period.
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Technavio has published a new report on the global luxury travel market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Luxury Travel Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global luxury travel marketinto the following types of category. They are:
- Adventure travel
- Personalized vacations
- Cruising and yachting
- Culinary travel
- Others
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The top three revenue-generating segments are discussed below:
Global luxury travel market by adventure travel
The adventure travel segment is witnessing exponential increase owing to the extraordinary experience it offers to the travelers. In 2016, the adventure travel segment in the global luxury travel market accounted for more than 47% of the total market share and is likely to experience the highest revenue during the forecast period.
According to Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research, "The high revenue growth is primarily due to the growing popularity of adventure tourism, which gives a thrilling experience to the travelers. Adventure travel includes activities such as safari, hiking, and rafting like the one through the Grand Canyon, as well as the luxurious stay with exotic food."
Global luxury travel market by personalized vacation
The global luxury travel market by personalized vacation occupied close to 29% of the total market share in 2016. The hectic lifestyle of individuals is encouraging them to seek trips to exotic places for calm and soothing vacations. Personalized vacation includes custom-made travel plans and other personalized services such as massages, spa treatments, access to private beaches, and fine dining.
"Personalized vacation is widely accepted as the individuals have the flexibility to change or modify the plan as per their convenience. A huge population from the millennial generation prefer personalized vacation to experience a relaxed time with their partners and families," says Ujjwal.
Global luxury travel market by cruising and yachting
In 2016, the global luxury travel market by cruising and yachting accounted for more than 10% of the total market share. The rise in the number of affluent population, who own yachts for their personal use and leisure is driving the growth of this market segment. The increase in interest of many people who take up cruising and enjoy the experience of being surrounded by water will impact the growth of this segment. Even weddings are being planned in boats and ships as the couples prefer to make the day memorable and different. This further adds to the growth of the global luxury travel market by cruising and yachting.
The top vendors highlighted by Technavio's market research analysts in this report are:
- Abercrombie Kent USA
- Absolute Travel
- Inspiring Travel Company
- TCS World Travel
- TÜ ELITE
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