The luxury tourism market is projected to see steady growth by 2027 owing to the increasing prevalence of innovative and customized travel methods. Additionally, rapidly rising momentum behind the idea of COVID-19 immunity passports is also slated to foster the business scenario.
With the advent of the COVID-19 pandemic in 2020, the travel industry faced massive disruptions due to national lockdowns across the globe. The impacts of these actions are estimated to have an adverse impact on the global tourism sector for the next few years.
Lockdown restrictions have also put a strain on luxury tourism as consumers could not travel for leisure during the initial months of the pandemic. Experts found that the continual extension of the lockdown periods, decisions pertaining to monetary policies, and international travel restrictions had a severe impact on economies.
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Economic activities and stock prices of major stock market indices also reflected adverse effects of the COVID-19 pandemic. Countries that rely on tourism to make sizable contributions to their national revenue were concerned about the economic loss caused due to lockdowns. Particularly in the wake of the massive healthcare expenditure propped up by the novel coronavirus.
Near the end of 2020, tourism was gradually started with more focus on the health and safety of travelers. This gave them assurance about their wellbeing without needing them to compromise on the holiday experience. This has urged the industry to rethink and reform travel in a way that would appeal to consumers that want their holidays to be safe.
The luxury tourism market has been segmented on the basis of type, tour type, generation, and region.
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Based on type, the cruises yachting & small ship sub-segment is expected to contribute significantly to the luxury tourism market growth in the forecast period, driven by the rising number of youngsters undertaking group trips to islands.
Among the generation segment, the generation X sub-segment is predicted to witness substantial growth in the forthcoming years. The segmental growth is primarily attributable to the increasing buying power of Gen X, which is expected to encourage them to undertake luxury travels in groups with colleagues or friends who are part of their COVID bubble.
Regionally, Asia Pacific is set to see a surge in luxury tourism with the increasing support of government organizations for the expansion of the travel industry in countries such as India, Singapore, Australia, and South Korea, which will greatly support the market growth.
Table Of Content
Chapter 1 Methodology & Scope
1.1 Scope & definitions
1.2 Methodology & forecast parameters
1.3 COVID-19 impact
1.3.1 North America
1.3.3 Asia Pacific
1.3.4 Latin America
1.4 Data sources
Chapter 2 Executive Summary
2.1 Luxury tourism industry 360º synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Tour type trends
2.1.5 Generation trends