According to the research report titled ‘Luxury Tourism Market Size By Type (Customized & Private Vacations, Celebration Journeys, Adventure & Sport Travel, Safari, Cruises Yachting & Small Ship), 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 MarketStudyReport, luxury tourism market is anticipated to showcase steady growth through 2027.
 

Report findings suggest that growing popularity of innovative and customized travel methods, increasing prominence of COVID-19 immunity passports, and surging population of millennials are the major growth determinants for luxury tourism market. Also, rising spending on luxury tourism by baby boomers, soaring number of affluent consumers, and increasing demand for unique & exotic safari experiences will augment the industry outlook.

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With the advent of COVID-19 outbreak, tourism sector endured severe disruptions owing to national lockdowns around the world, thereby hindering the industry outlook.

However, rising health and safety measures during travelling has assured the tourists about the wellbeing without any compromise, which has bolstered the marketplace.

Based on type, the cruises yachting & small ship segment is expected to hold significant share in worldwide luxury tourism industry during the forecast period, owing to rising number of youngsters undertaking group trips to islands.

Speaking of generation gamut, the generation X segment is anticipated to account for a significant industry share in the forthcoming years. The expansion is attributed to higher buying power of gen X, which encourages the people to take luxury tours and trips.

Regionally speaking, Asia pacific market is slated to grow at rapid pace through 2027, owing to supportive government measures for the expansion of the travel business in nations like India, Singapore, Australia, and South Korea.

The key players in the luxury tourism marketplace are Zicasso, Inc., TUI AG, Travelopia, Thomas Cook Ltd., Silversea Cruises Ltd., Scott Dunn, Quasar Expeditions, National Geographic Partners, LLC, Micato Safaris, Lindblad Expeditions, Jet2holidays, Inspiring Travel Company, Greaves Tours, G Adventures, Classic Journeys, Butterfield & Robinson, Inc., Backroads, Audley Travel, Abercrombie & Kent USA LLC, and &Beyond among others.