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The luxury tourism market participants include Greaves Travels, Jet2Holidays, Lindblad Expeditions, National Geographic Expeditions, LLC, Inspiring Travel Company and Micato Safaris Inc.
Overview
The latest study conducted by Global Market Insights Inc. claims that the ** [global luxury tourism market size](https://www.gminsights.com/industry-analysis/luxury-tourism-market)** could exceed USD 150 billion by 2032. The growing number of tourists and vacationers across holiday destinations in the Asia Pacific and European countries is set to drive the expansion of the luxury tourism market by 2032.
Countries across Europe such as Ireland, England, Spain, Italy, and France have witnessed a remarkable increase in the number of tourists post the COVID-19 pandemic. Estimates indicate a strong tourism rebound in Europe into the year 2023. While international travel to European countries is forecasted to reach pre-pandemic levels in 2025.
The trend of cruise ships has resurged of late, with many travelers considering them as a luxurious means to reach their travel destinations. According to Eurostat, cruise passengers passing through EU ports reach 2.7 million in 2021 after witnessing a low of 12 million during the pandemic in 2020. Preference for affordable cruises due to various offered amenities such as comfortable accommodation, entertainment, dining, and transportation is primarily shaping the industry scenario.
Some of the fields available in report -
| Required Fields | Format |
|---|---|
| Market Size in 2022 | USD 20 Billion |
| Value Projection by 2032 | USD 150 Billion |
| **Compound Annual Growth Rate (CAGR) ** | 15% |
| ** Baby boomers segment CAGR** | 20% CAGR |
| Cruises yachting & small ship segment in 2022 | USD 4 Billion |
| ** Standard segment in 2022** | 60% Market Share |
| ** Ultra-luxury segment in 2032** | 20% CAGR |
| ** North America Market in 2022** | USD 2 billion |
| No. Of Tables | 289 |
| Figures & Charts | 36 |
| No. Of Report Pages | 350 |
| Countries covered in the report | U.S., Canada, UK, France, Italy, Germany, Spain, Russia, China, India, Japan, South Korea, Australia, Southeast Asia, Singapore, Mexico, Brazil, Argentina, Peru, GCC, South Africa. |
| Segments covered | Type, Tour, Generation, Standard |
| Companies covered in the report | Greaves Travels, Jet2Holidays, Lindblad Expeditions, National Geographic Expeditions, LLC, Inspiring Travel Company and Micato Safaris Inc. |
Highlighting some of the major trends streamlining luxury tourism market growth through 2032
** Booming trend of destination weddings**
Luxury tourism sector from the Generation X segment is expected to record massive growth by 2032 driven by the emerging popularity and trend of destination weddings. People are spending generously on lavish destination weddings to enjoy the occasion with their friends and families at an eye-catching and luxurious venue. As per the World Economic Forum, generation X in the US had an exorbitant average yearly expenditure of $83,357 in 2021, the largest amount spent by any U.S. generation. High spending on such weddings will support a strong impetus for the luxury tourism market by 2032.
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** Growing popularity of ultra-luxury yachts and cruises**
Based on the standard, the luxury tourism market from the ultra-luxury segment is expected to witness over 20% CAGR between 2023 to 2032. The number of ‘ultra high net worth’ (UHNW) individuals reached an all-time high in 2022 following the COVID-19 pandemic. Reports state that the ranks of the global UHNW individuals swelled by 46,000 in 2021 to reach 218,200 during the recovery from the pandemic. Rapid economic growth witnessed post the pandemic created more capital for the ultra-rich which will trigger high spending on luxury assets like yachts and cruises.
** Rising tourist pool in Europe **
Europe luxury tourism industry share is anticipated to record a 25% CAGR till 2032, on account of the ample efforts from companies across the region to incite more tourists’ arrival. Many airline companies are presenting attracting travel packages to consumers. For instance, in December 2022, Jet2holidays unveiled its new ‘Treasures of Turkey’ guided tour package to meet an increasing customer demand for discovery-based vacations. Likewise, in June 2021, four airline associations rolled out the ‘Destination Summer’ campaign with the intent to resume COVID-19 restriction-free traveling for Europeans.
To summarize, the luxury tourism market is on track to observe stellar growth through 2032 as consumers spent heavily on visiting their foreign destination following influence from social media and the internet. Companies offering tourism services are introducing attractive travel packages and services that will encourage a large sector of the tourist population, favoring the luxury tourism market.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Corporate Sales, USA
Global Market Insights Inc.
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