Luxury Travel Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Luxury Travel Market Size Worth $2.5 Trillion By 2025 | CAGR: 4.6%”
The global luxury travel market size is expected to reach USD 2.5 trillion by 2025, expanding at a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. Increasing disposable income and consumer spending of middle and upper class, growing demand for accumulation of travel memories, increase in micro trips, and emerging tourism and corporate industries all across the globe are expected to drive the market. Growing traveler’s preference for personalized service, reliable transport, exclusivity, and positive and professional interaction with staff is setting the primary benchmark for luxury travel. Growing political stability across the globe regarding gender, ethnicity, sexual orientation, human rights, racism, citizenship, and less hustle in visa offering are influencing the people’s decision over potential travel destination. Long haul travelers are seeking to create their own unique holiday and are demanding flexible itineraries for a combination of entertaining and relaxing travel. This personalization demand of the travelers is making their journey more convenient and full of experience. Elite travelers are preferring to visit the unexplored destinations to gain experience and understand the new cultures worldwide. Moreover, they are planning unique trips that include cultural visit, cruising, and adventure activities putting experience over ownership. Travelers now care for access over acquisition and experience over possession, thereby contributing to the growth of the market. Micro trips have emerged as a new trend in the industry, which, in turn, is expected to boost the market growth in the forecast period. Travelers are squeezing in more travel itineraries into shorter time frames. To stay and spend quality time during short getaways in unique and remarkable type of accommodation is expected to become trendy in the forecast period
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