Luxury Travel Market is Anticipated to Witness Growth due to...

Luxury Travel Market is Anticipated to Witness Growth due to Increasing Spending on Leisure Travel

Posted 2024-07-03 13:52:23

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The Global luxury travel market is estimated to be valued at US$ 8.95Bn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the luxury travel market are Zoetis Inc., Elanco Animal Health Incorporated, Boehringer Ingelheim International GmbH, Virbac, Vetoquinol S.A., Dechra Pharmaceuticals PLC, Bayer AG, Ceva Sante Animale, Kindred Biosciences, Inc., IDEXX Laboratories, Inc. Top players in the market are focusing on expanding their offerings and global footprints through mergers and acquisitions.

In terms of opportunities, there is high demand for customized and personalized travel experiences among luxury travelers. Travel companies are innovating new service offerings such as bespoke itineraries, exclusive access programs and wellness programs to tap into this demand. The market is also driven by growing affluence in emerging economies like China, India and Brazil which are expected to see strong spending on luxury items including luxury travel in the coming years.

Globally, the Luxury Travel Market Demand is seeing rapid international expansion with travel companies setting up global networks and partnerships. Companies are focusing on regional expansions into fast growing economies to leverage opportunities arising from rising middle and wealthy classes. Players are also strengthening their online and digital presence globally to drive more international bookings.

Market drivers
- Increasing spending power and aspiration among HNIs globally is driving greater demand for premium travel services and experiences. High income customer segment is willing to pay more for superior quality and luxury in their travel.
- Rapid growth of online travel portals and travel blogs is increasing awareness about exotic luxury destinations and unique experiences which is motivating more customers to opt for luxury travel. Digital platforms are also making luxury travel bookings more convenient.

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