The global luxury travel market is doing well and it’s only up from here. By 2028, the industry will amass $1369.1 billion.
The industry is growing at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028.
Research Dive, a market research firm based in India, recently released a report which goes in-depth about the growth of the global luxury travel market.
According to the report, technological advances and personalization for luxury travelers, are fueling the growth of the industry.
These are the top factors fueling growth in the luxury travel market.
Related: Why Black Luxury Travel Is Important
The soft life
Travelers crave travel experiences that will not add to their already stressful lives. They’re looking for interesting experiences that are exclusive.
Adventure & safari
There is a growing demand for adventure and safari-type travel. These experiences provide travelers with unforgettable moments, exposure to a different culture, and stunning scenery.
Adventure and safari travel is leading growth in the luxury travel market and is estimated to surpass $543,892 million between 2021 and 2028.
This generation is the second highest contributor to the growth of the luxury travel market. Baby boomers often times have more flexible schedules, allowing them to take longer, more luxurious trips. Baby boomers will contribute to $517,801.8 million spent on luxury travel between 2021 to 2028.
Cruise ships are expected to have the fastest growth and generate $115,479 million by 2029. Travelers are craving a soft adventure experience. They are able to explore on land and by the sea while enjoying entertainment, dinner, nightclubs, and more.
For more information, read the full report here.