SEATTLE--(BUSINESS WIRE)--The global luxury travel market was valued at US$ 201.07 billion in 2017, and is projected to exhibit a CAGR of 6.7% over the forecast period (2018–2026).
Key Trends and Analysis of the Luxury Travel Market:
Luxurious travel including space tourist flight and space luxury hotel are expected to be launched by 2019 and 2021 respectively
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In 2018, a Houston-based company, Orion Span announced plans to offer a zero gravity living in compact Aurora Station at 35ft-by-14ft, where its interior will be comparable to that of a Gulfstream jet and it is projected to accommodate four travelers and two crew members for 12-day stays, 200 miles above the Earth. Furthermore, guests will be charged US$ 9.5 Million each for a night, with a refundable deposit of around US$ 80,000.
These super luxurious trends are expected to boost the luxury travel market growth during the forecast period.
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Key Market Takeaways:
- The global luxury travel market is expected to exhibit a CAGR of 6.7% during the forecast period (2018–2026).
- Baby boomers and Generation X segments are expected to witness significant growth in the global luxury travel market, owing to increasing number of working class people coupled with increasing spending power for travel purposes. According to the U.S. Census Bureau, in 2014, the baby boomers population was 76.4 million.
- Among category, adventure & safari segment is expected to hold dominant position in the market during the forecast period, owing to latest trends in adventure luxury travel such as the Virtuoso Active and Specialty Travel (VAST) program, which are international luxury travel networks. Such agencies offer top luxury adventure packages in places including Iceland, Costa Rica, New Zealand, Peru, Cuba, Antarctica, Arctic/North Pole, South Africa, Australia, and others.
- Some of the major players operating in the global luxury travel market include, Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company, TCS World Travel, TÜ ELITE, Cox & Kings Ltd., Travcoa, Micato Safaris, Scott Dunn Ltd., Kensington Tours Ltd., Butterfield & Robinson Inc. and others.
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