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Luxury Tourism Market Size

Report ID: GMI5038
Published Date: Feb 2023
Report Format: PDF

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Luxury Tourism Market Size

Luxury Tourism Market size valued at USD 20 billion in 2022 and is projected to grow at over 15% CAGR from 2023 to 2032. Driven by a growing demographic of affluent consumers in the Asia Pacific.

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The number of well-off people in Asia Pacific has increased in recent years on account of favorable government initiatives, which have improved economic scenarios and raised literacy rates in the region, bolstering the demand for recreational and leisure activities such as luxury tourism. The new age of wealthy and highly educated consumer base is more inclined towards convenient, comfortable, and luxurious travel. These preferences now primarily influence the purchasing decisions of travelers, and the global tourism sector is increasingly paying heed to these tastes.

Recently, the government of India rolled out several initiatives such as rationalization of port fees, infrastructure upgradation, and granting priority berthing to cruise ships to boost its cruise tourism sector.

Luxury Tourism Market Report Attributes
Report Attribute	Details
Base Year:	2022
Luxury Tourism Market Size in 2022:	USD 20 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	15%
2032 Value Projection:	USD 150 Billion
Historical Data for:	2018 to 2022
No. of Pages:	350
Tables, Charts & Figures:	325
Segments covered:	Type, Tour Type, Generation, Standard
Growth Drivers:	Large number of millennials in North America Rising spending on luxury tourism by baby boomers in North America and Europe Growing trend of cruising holidays in Europe and Asia Pacific Rising number of affluent consumers in Asia Pacific Shift toward customized & private vacations in Latin America Increasing demand for unique & exotic safari experiences in the MEA
Pitfalls & Challenges:	Reduced travel frequency due to coronavirus pandemic Rising political turmoil in the global market

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The industry of luxury tourism surpassed USD 20 billion in 2022, led by the growing number of affluent travelers in Asia Pacific, the market is slated to expand at 15% CAGR from 2023 to 2032.

The industry for luxury tourism in North America held a valuation of over USD 2 billion in 2022, is slated to experience strong growth on account of the rising spending power of baby boomers and millennials.

The luxury standard segment accounted for 65% market share in 2022, the segment growth is expected to spurred by rising spending by millionaires on gastronomy tourism in coming years.

Some of the major leaders partaking in the market include Inspiring Travel Company, Lindblad Expeditions, National Geographic Expeditions, LLC, Scott Dunn Ltd., Jet2Holidays, Micato Safaris Inc., and Quasar Expeditions.