Allied Analytics says Luxury Travel to Reach $1650.5 Billion by 2031

Thursday, March 28, 2024

Allied Analytics said that in 2021, the luxury travel market was worth $638.2 billion and it is projected to go up to $1650.5 billion by 2031, increasing at a CAGR of 8.9% from 2022 to 2031.

The size of the worldwide luxury travel market is increasing fast since the last few years due to the surge in the curiosity of people in exclusive and interesting holiday destinations. Luxury travel is a niche market. Nonetheless, it is slowly attaining market share in the general travel segment, because of progression in disposable earnings and progress in way of living of individuals. The upsurge in the amount of high-net-worth individual or HNIs in developing markets additionally pushes the development of the luxury travel segment.

The development of the luxury travel segment demand can be attributed to the huge number of luxury travel businesses substituting to modern tools. This is to grow the luxury travel standing and offering visitors with high-end amenities.

Amazon eco-artificial intelligence, Oculus rift-virtual reality tool, Go pro-wearable expertise and Da Vinci 3D printing are among the cutting-edge technologies introduced for the clienteles to improve their experiences of travel. 

« Back to Page

• Allied Analytics Says Business Travel to Grow by 2031

• Global Ecotourism Industry Booms: Market Value to Surge to $333.8 Billion by 2027: Report