According to the research report titled ‘Luxury Tourism Market Size By Type, By Tour Type (Solo, Group), By Generation (Millennial, Generation X, Baby Boomers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global luxury tourism market is anticipated to record an appreciable growth rate over 2021-2027.
 

Rising prevalence of innovative & customized travel methods, growing popularity of covid-19 immunity passports, and increasing inclination towards private vacations are key factors spurring global luxury tourism industry expansion.
 

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Moreover, surging expenditure on luxury tourism by baby boomers, expanding millennial population, and escalating demand for unique & exotic safari experiences will aid market augmentation in the forthcoming years.
 

Speaking on impact of covid-19 pandemic on the market, lockdowns and implementation of travel restrictions across the world affected business and economies adversely. Stock prices fell and countries which are highly dependent on tourism for their smooth functioning were devasted. With reforms in tourism aimed at ensuring health and safety, the industry is set to rejuvenate in the upcoming years.
 

However, growing political turmoil in the global market continues to remain a challenge for businesses functioning in this domain.
 

Based on type, global luxury tourism market sphere is divided into celebration journeys, customized & private vacations, adventure & sport travel, cruises yachting & small ship, safari, and others. Among these, the cruises yachting & small ship segment is speculated to hold a significant share in the industry between 2021-2027 owing to growing popularity of group trips to islands, particularly among youngsters.
 

Speaking of tour type, the industry is bifurcated into group, and solo. Moving on to generation, the business space is fragmented into millennials, baby boomers, generation X, and others. Among these, the generation X segment is anticipated to capture a large share in the market sphere between 2021-2027 due to increasing purchasing power prompting them to travel in large groups.
 

From the regional frame of reference, Asia Pacific luxury tourism market is projected to grow rapidly over the forecast duration due to increasing trend of cruising holidays, growing number of affluent customers, and rising government support for the expansion of the travel industry.
 

Key players profiled in the report are Abercrombie & Kent USA, Silversea Cruises, Lindblad Expeditions, Jet2Holidays plc, Thomas Cook Limited, ITC Travel Group, Travelopia, G Adventures, Backroads, and TUI Group.