Selbyville, Delaware, April 22, 2021 (GLOBE NEWSWIRE) –

According to the latest report “Luxury tourism market by type (tailor-made and private vacations, party trips, adventure and sports trips, safari, cruises, yachts and small ships), tour type (solo, group), generation (millennial, generation X, baby boomer), regional outlook, Price trends, competitive market share and forecast 2027 ”, from Global Market Insights Inc., the Market valuation of luxury tourism will exceed $ 45 billion by 2027. The market growth is due to improving global economic conditions, which are encouraging tourists to spend more luxury travel.

There is a high demand for tailor-made and private vacations that guarantee the elite class high levels of comfort and luxury. People with extremely high disposable incomes prefer a vacation that is tailored to their individual needs. They go on excursions to experience luxury travel to exotic destinations and soak up the authentic culture. Renowned personalities generally prefer bespoke and private vacations to ensure privacy throughout the trip, with no media interruptions or disruptions. There is an increasing demand for bespoke private vacations that allow more flexibility and freedom.

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The number of baby boomers who are actively looking for unforgettable, personal and authentic travel experiences is increasing. Boomers planned about 4 to 5 vacation trips in 2019 that they were planning to spend more than USD 6,600 on, according to AARP Travel ‘Boomer Travel Trends’ 2019′ (about 20% to 50% more than their millennial or Gen X counterparts). . These tours should be split between international and domestic trips. Baby boomers want luxury travel primarily to break away from the usual routine. The rise in the number of internet users in the generation has further encouraged them to explore different travel destinations and tour operator packages. This will support the expansion of the luxury tourism market over the forecast period.

The increase in the number of international travelers visiting the United States to enjoy its diverse culture will fuel demand in the luxury tourism market. According to the National Travel & Tourism Office of the International Trade Administration, the US travel and tourism industry represented 2.9% of GDP in 2019. According to the US Travel Association, international and domestic travelers spent $ 1.1 trillion in the US in 2019 and directly supported approximately 9 million US jobs. Although the pandemic has impacted the country’s tourism sector, the launch of vaccines will help the market regain a foothold by the end of 2021. The past few years have been a major contributor to the growth of the domestic industry.

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Companies operating in the luxury tourism market are TUI Group, Travelopia, Thomas Cook (India) Ltd. (TCIL), Abercrombie & Kent USA, LLC, G Adventures & Beyond, Lindblad Expeditions, Classic Journeys, Backroads, Jet2 Holidays, Audley Travel, Silversea Cruises, Scott Dunn Ltd., Inspiring Travel Company and Butterfield & Robinson Inc.

Some Key Findings Of The Luxury Tourism Market Report Are:

  • The increasing global demand for comfortable and convenient travel will support the industry’s demand. People spend more on luxury tourism to ensure greater comfort throughout the trip.
  • The increase in the number of tourists traveling to international destinations in recent years will also support the development of the luxury tourism market. Increasing disposable incomes around the world have resulted in more and more tourists opting for comfortable international travel to exotic destinations.
  • The government organizations that are taking action to develop the travel industry to ensure economic development will also support the industry. Government administrations support the development of new infrastructures such as the construction of new museums, entertainment venues, parks and shopping malls to attract tourists.
  • The ongoing pandemic had a negative impact on the luxury travel market in 2020 due to strict lockdown measures and the closing of national borders in several countries around the world. However, easing lockdowns related to the launch of the vaccines should have a positive impact on industry expansion in 2021.
  • Improving economic conditions in the Asia-Pacific region, coupled with favorable government initiatives to support tourism in countries such as India, South Korea and Australia, will support industry revenues.

Table of contents (ToC) of the report:

Chapter 3 Insights into the Luxury Tourism Market

3.1 Industry segmentation

3.2 Effects of the Pandonavirus Pandemic (COVID-19) on the Luxury Tourism Market

3.2.1 Global outlook

3.2.2 Regional outlook

3.2.3 The industrial value chain

3.2.4 Competitive landscape

3.3 Analysis of the industrial ecosystem

3.4 Technology and innovation landscape

3.4.1 Speech and face recognition

3.4.2 IoT and robotics

3.4.3 Contactless Payments

3.4.4 Augmented Reality & Virtual Reality (VR)

3.4.5 Effects of AI and Big Data

3.4.6 Cybersecurity Measures

3.5 Regulatory landscape

3.6 Influential forces in industry

3.6.1 Growth drivers

3.6.2 Pitfalls and challenges in the industry

3.7 Analysis of the growth potential

3.8 Porter Analysis

3.9 PESTEL analysis

Search the full table of contents (ToC) @

https://www.gminsights.com/toc/detail/luxury-tourism-market

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and advisory service provider that provides syndicated and custom research reports and growth advisory services. Our business intelligence and industry research reports provide clients with deep insights and actionable market data specifically designed and presented for strategic decision-making. These comprehensive reports are based on a proprietary research method and are available for key industries such as chemistry, advanced materials, technology, renewable energy and biotechnology.

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