• Global luxury travel market expected to generate $1,154 billion by 2022

    November 20, 2016
    Global luxury travel market expected to generate $1,154 billion by 2022

    TravelBizNews —

    London : Global luxury travel market is expected to generate $1,154 billion by 2022, growing at a CAGR of 6.4% during 2016-2022.

    Luxury travel market epitomizes most desirable destinations, luxurious accommodations, convenient transport facilities, and authentic travel experience according to a report of alliedmarketresearch.com

    Luxury travel aims in giving exotic experience to its travelers. Private jet planes, spas, special menus, private island rentals, and private yacht are some of the unique services offered to the luxury travelers.

    Travelers, nowadays, love to experiment with destinations to gain deeper experience and absorb new cultures worldwide. To gain a valuable and unforgettable experience, people increasingly opt for unique trips which include cultural visit, cruising, and adventure activities.

    During the forecast period (2016‐2022), the luxury travel market is projected to be the fastest growing segment of the travel industry worldwide. The key drivers of rising luxury travel trend include sheer inclination of people towards unique and exotic holiday experiences, increase in the middle & upper class disposable income & related expenditure, and growing need and interest of people to spend more time with family owing to increasingly hectic lifestyles.

    Although the key developed countries such as the U.S. hold a higher share of the luxury travel market, there has been a rise in demand for international luxury travel in developing countries such as China and India. The drift is due to the increase in the per capita income of middle class travelers in the developing countries.

    The report segments the luxury travel market on the basis of types of tours, age groups, types of travelers, and geography. Based on type of tours, the market is segmented into customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special events, and culinary travel & shopping.Key age groups of luxury travel market are millennial, generation x, baby boomers, and silver hair.

    Luxury travel market is further segmented into types of travelers, which is further divided into absolute luxury, aspiring luxury, and accessible luxury. The market has  been analyzed across geographical regions namely North America (U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Singapore, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

    Baby boomers aged between 51 and 69 years dominate luxury travel market, primarily on account of the relatively higher number of annual visits, higher disposable income and savings, priority to ‘travel’ in this age group, and fewer health constraints as compared to silver hair population (69 and above years’ age group).

    Baby boomers spend the most on their travelling as travel is considered among this age group as the most preferred leisure activity. Europe and Caribbean are the popular travel destinations among these travelers. Second Honeymoon, Eco tourism, medical tourism, adventure tourism, bucket list, and passion tourism are some of their major objectives for travelling.

    Baby boomers primarily consists of independent travelers, who have seen and visited many places, have well-paying jobs, and no child responsibilities because their children are settled (either married off, moved out, or have their own job). These travelers have a wide bucket list ranging from taking a world cruise, long vacation on a luxury cruise liner, visiting exotic ports such as Easter Island, French Polynesia, and South Africa, enjoying an upscale safari in search of the Big Five, visiting multiple and adventure destinations such as Kenya and Tanzania, Discovering the highlights of Australia including Sydney, the Great Barrier Reef and rainforest.

    After baby boomers, Gen X comprising individuals between the age group of 31-40 years, spend the most on luxury travel. These travelers generally prefer multi-generation trip, which refers to, traveling along with grandparents, parents and kids.

    Asia-Pacific: Most Lucrative Luxury Travel Market

    There has been an upsurge of luxury travelers across the globe with highest growth seen in the Asia Pacific region. It remained the key growth driver for the Global outbound travel market.

    China leads the Asia-Pacific luxury travelers market, with nearly 7 million outbound trips annually, followed by Singapore. India is identified to be the fastest growing country in the region with as increasing number of the affluent travelers travelling to destinations outside Asia.

    The growth is attributed to the increase in disposable income and growth in middle class population in countries such as China, Hong Kong, India, and Malaysia. As per recent statistics, Asia-Pacific millionaires now control more wealth than their peers in North America.

    In terms of future spending options, travel has been recognized as the top priority with greater focus on unique luxury experiences and adventure activities.

    The luxury travel industry has emerged as one of the fastest growing sectors to contribute significantly to global economic growth and development. Growth in disposable income and increase in upper middle class expenditure has raised the demand for higher service standards. This rise in demand for unique travel experience offers tremendous opportunists for the market players to remain competitive.

    Source: alliedmarketresearch.com / Nov 2016

    • Connecting you with the world of travel and tourism

      Theme Park Expo Vietnam 2025

      Asia Pool & Spa Expo , May 10 – 12, 2025 , Guangzhou , China

      KAZAKHSTAN International Exhibition “Tourism & Travel” Almaty, Kazakhstan

      CHINA- Beyond your imagination

      Gulf Cooperation Council Tourism 

      Dubai – As tourism destinations in the Gulf Cooperation Council (GCC) continue to grow, involving local communities in destination development has become increasingly vital for long-term success.

      Abu Dhabi’s Tourism Strategy 2030 aims for 39.3 million visitors per year, while Saudi Arabia’s Vision 2030 targets 150 million domestic and international visits, emphasising how tourism is being established as a key element of economic diversification throughout the region.

      At Arabian Travel Market (ATM) 2025, industry leaders emphasised that sustainable revitalisation of destinations must align tourism investments with community partnerships, cultural authenticity, and immersive guest experiences to provide lasting value for both residents and visitors.

      During the session on “Considerations and Implications of Involving Communities in Destination Revitalisation” on the ATM 2025 Global Stage, experts shared insights into building resilience, enhancing local prosperity, and ensuring tourism growth is both inclusive and enduring.

      Arabian Travel Market 2025, held under the theme “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity”,  featured more than 200 speakers across three content stages and welcomes over 55,000 travel professionals from 166 countries.

      Messe Berlin India launched 

      to drive growth of ITB India 

      Messe Berlin announces the official launch of Messe Berlin India, a newly incorporated subsidiary that underscores the company’s long-term commitment to one of Asia’s fastest-growing markets. Headquartered in Delhi , the new entity will serve as a strategic base for expanding ITB India and launching future projects tailored to the Indian market. With this establishment, Messe Berlin is reinforcing its vision of India as a regional hub for innovation, collaboration, and sustainable business growth within the exhibition and events industry.

      “Messe Berlin’s presence in India reflects our strategic intent to strengthen our international reach by being where the growth is. India is a key market for us — vibrant, diverse, and full of opportunities. With Messe Berlin India, we are laying down long-term foundations to build strong partnerships, support local industries, and elevate our global platforms,” said Dr. Mario Tobias, CEO, Messe Berlin.

      ITB India, inaugurated in 2023, continues as the flagship event under the new subsidiary. Held annually, ITB India is a three-day B2B travel trade show and convention that connects the global travel and tourism industry with the Indian market. Alongside MICE Show India, Travel Tech India, and the ITB India Conference, ITB India serves as a unique platform to forge new partnerships, strengthen existing ties, and capitalize on the fast-growing potential of the Indian and South Asian travel economies. The show hosts key players from the MICE, Leisure, Corporate Travel, and Travel Technology sectors. The upcoming edition, ITB India 2025, will take place from 2 – 4 September 2025  in Mumbai.

      FACTS —

      Tourism helps in:

      👉Reducing poverty

      👉Reducing Inequalities

      👉Promoting gender equality

      👉Fostering decent work and economic growth

      World Tourism Day 2021: ‘Tourism for Inclusive Growth’

      In 2019, Travel & Tourism’s direct, indirect and induced impact accounted for:
      -US$8.9 trillion contribution to the world’s GDP
      -10.3% of global GDP
      -330 million jobs, 1 in 10 jobs around the world
      -US$1.7 trillion visitor exports (6.8% of total exports,
      28.3% of global services exports)
      -US$948 billion capital investment (4.3% of total
      investment)

      Best Tourism Villages 2024

      ” Nihao ! China ” Silk Road Tourism