Globally the market is poised to garner $1,154 billion by 2022, registering a CAGR of roughly 6.4% during the forecast slab 2016-2022. Luxury travel domain epitomizes most pleasing destinations, ultra luxurious accommodations, handy transport facilities, and genuine travel experience. Luxury travel strives to give exotic experience to its clients. Private jet planes, special menus, spas, private island rentals, and even private yacht are few of the unique services being offered to the clients.
The luxury travel market may be segmented on the verticals of types of tours, types of travelers, their age groups, and also geography. Based on type of tours, the market is additionally segmented into adventure & safari, customized & private vacations, cruise/ship expedition, celebration & special events, small group journey, and newest of all the culinary travel & shopping. In order to categorize the clients of Luxury travel market we take up four blocks – The millennial, The Generation x, the baby boomers, and lastly the silver hair. This market is further divided into traveler types, which is further divided in terms of varied level of luxury.
The market may further be analyzed across geographical regions namely Europe (Germany, France, Spain, Italy, and Rest of Europe), North America (U.S., Canada, and Mexico), Asia-Pacific (China, India, Singapore, and Rest of Asia-Pacific), and lastly the LAMEA (Latin America, Middle East, and Africa).
The baby boomers aged between 51 and 69 years mainly dominate luxury travel market, because of their relatively higher number of annual visits, highest of all disposable money and savings, and relatively lesser health constraints as compared to the next level i.e., of silver hair population (seventy and above).