Huge Expansion In The Luxury Travel Market Predicted For The Next Five Years
In recent years, the luxury travel market has grown hugely throughout the world as increasing numbers of middle- and upper-class tourists are spending in the sector. This is no surprise to anyone that works in the industry. Rising service standards and emerging new destinations have opened the luxury market up to increasing numbers of travelers, making it more accessible for everybody.
The Global Luxury Travel Market Report for 2019 valued the industry at $5.2bn in 2018 and predicted that it will soar in the next five years by a compound annual growth rate (CAGR) of 8.5 percent to achieve $8.46bn by 2024. The growth in the luxury travel market is thought to be due to the impact of social media on the tourism industry, with holidaymakers discovering more and more exotic destinations and unique experiences.
People don’t just want to take a look, they want an immersive experience into the culture and nature of their destination. This desire for more authentic travel experiences is evident in the report as 44 percent of the market revenue was made up of small group journeys. The fastest growing sector in the luxury travel market was customized vacations aimed at culinary and shopping experiences. In 2015, 45 percent of travelers in the age group of 21 to 30 years took a trip based on a culinary interest. This is predicted to continue to rise over the coming years at a CAGR of 9.1 percent.
The Global Luxury Travel Market Report highlighted the regions which are tipped to benefit from the predicted growth of the industry. Asia-Pacific is the region tipped to expand the most in the coming five years, while North America and Europe are expected to continue to drive the luxury travel market forward as they represent emerging ideas in terms of design and service.
EliteLYFE is a provider of custom-designed vacations and travel products which are hand-selected to give travelers the ultimate authentic experience. More and more exotic destinations and luxury villas are being added to their portfolio on a daily basis. Those interested in exploring the world of luxury travel further are invited to contact EliteLYFE at their convenience.
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