The report studies every facet of the market to uncover its overall revenue, size, competitive dynamics, and growth prospects, going forward. The analysts who have the prepared report understand well that it is crucial for companies to chart their marketing strategies carefully. Hence, they have arranged crucial information through charts and tables so that readers are able to spot trends instantaneously. Overall, the report consists of exhaustive information which is aimed at providing a thorough insight into the global luxury travel market to its stakeholders.
The report forecasts the global luxury market to clock a steady 6.83% CAGR over the course of the forecast period from 2017 to 2021.
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Tourism is defined as domestic or international travel by individuals for a period not exceeding one year. The purpose is usually leisure, business, and others, namely pilgrimage and wellness. In many countries, tourism is a major source of revenue for the economy. Overall, the global tourism has made gigantic progress weathering many challenges such as economic downturn resulting from the 2008 on the back of growing wealth among people. Other factors stoking growth in the market are the increasing desire among people to go on unique, exotic vacations, proliferation of the social media, travel websites collating information about destinations, and websites comparing prices of resorts and travel modes.
Apart from that, the emergence of new destinations, coupled with rising service standards in the travel industry rolling out evermore luxurious options for travelers, is also positively impacting the market. Currently, the baby boomers are at the forefront of driving the market. They are known to spend the most for luxury travel. The millennials are another key growth drivers in the market.
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Posing a challenge to the healthy growth in the global luxury travel market is the growing threats of terrorism and other safety concerns in almost all parts of the world. Europe and the U.S. have been mostly at the receiving end of such violence that has often resulted in alarming number of casualties.
Having thrown light on the growth drivers and restraints in the global luxury travel market, the report goes on to segment it based on different parameters and studies each segment in details so as to uncover crucial trends in the market. It has broadly split the overall market into domestic luxury travel and international luxury travel. Again the market can be categorized into adventure travel, personalized vacation, cruising and yachting, and culinary travel, among others. Among them, the adventure and culinary tourism segment are key segments that are seeing maximum uptake.
Geographically, the key segments of the global luxury travel market are the Americas, Asia Pacific, and the Europe, Middle East and Africa. Among them, the market in Asia Pacific is expanding at a healthy clip due to the fast-paced economic growth in many developing countries in the region that has served to increase the disposable incomes of its citizens. China and India are primarily driving the growth in the region.
Some of the prominent names operating in the global luxury travel market profiled in the report are Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company, TCS World Travel, and T ELITE. Some other important names in the industry are Backroads, Butterfield & Robinson, G Adventures, Touring Treasures, Wilderness Travel, and Zicasso.
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