Luxury travel market has a huge growth potential and would see immense demand from the emerging markets.
PORTLAND, OREGON, UNITED STATES, December 15, 2016 /EINPresswire.com/ — Global Luxury Travel Market is expected to generate $1,154 billion by 2022, growing at a CAGR of 6.4% during 2016-2022, according to a new report published by Allied Market Research. In 2015, North America and Europe collectively accounted for around 66% of the overall market revenue.
Growing inclination of people towards unique and exotic holiday experiences, rise in middle and upper middle class spending and the increasing impact of social media on travel industry are the key factors that drive the market growth. Emerging new destinations coupled with rising service standards in the travel industry, is anticipated to further drive the demand for luxury travel, globally.
The adventure and safari segment accounted for about 44% of the overall luxury travel market revenue, by tour type in 2015, as this is identified as the most popular vacation option among young and middle age group travelers. In addition, tours aimed at culinary and shopping experience, would witness the fastest growth, registering a CAGR of 7.8% during the forecast period. An increasing number of luxury travelers are indulging in these tours as they enable these travelers to experience the finest local delicacies and also buy some of the most exquisite handicrafts. These trips are getting popular among travelers of all age groups, especially the millennials (21 – 30 years). In 2015, approximately 70% of millennials took a trip based on culinary interest.
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