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Published on : Wednesday, November 30, 2016
As per the new report published by the Luxury Travel Market, the luxury travel sector has been increasing at a compound annual growth rate of 6.4%. So naturally, this unprecedented growth is swiftly leading the industry to taste a growth rate wherein it would reach $1.2 billion within 2020.
This modern trend is led by the baby boomers who are aged between 51 and 69.
However, Gen X is known for their preference to travel with multiple generations of their families like their children, parents and also their grandparents.
Priyanka Bisht, research associate, Allied Market Research said that the global luxury travel market would definitely reap profits of $1.154 billion within the year 2022. Therefore it would witness a CAGR of about 6.4% during the period 2016 to 2022. She added that luxurious travel refers to travelling to exotic destinations, staying in sophisticated accommodations, utilizing convenient transportation facilities and also authentic travel experience.
She went on to add that some of the special services offered to luxury travellers include private yacht, private island rentals, special menus, spas, private jet planes and much more.
The maximum growth in the luxury travel industry has been brought about the baby boomers thanks to their disposable income and savings, besides their intense interest for travelling.
After all, travel is one of the most sought after leisure activities for this generation. Caribbean and Europe are the most favored destinations for Gen-X.
In terms of outbound travel, the region of Asia Pacific has been witnessing a steady growth in popularity.