Luxury Travel: Sector Overview & Forecast

Market Overview

The concept of luxury travel varies from individual to individual and completely depends on the personal choices of travellers. In simple words, luxury travel is the delivery of superior services and products in a convenient and engaging manner. Luxury travel does not depend on any particular location or destination; what is expected is that travellers should get warm, sincere and superior services for their money. Luxury travellers always look for pampering, privacy, exclusivity and relaxation. For them a luxury trip is to fulfil their dreams by giving them superb service where their needs and wants pertaining to a good vacation are fulfilled.

Luxury Travel: Benefits

A significant and most important benefit of luxury travel is that it gives peace of mind and convenience to travellers. Most of the time, the travellers who opt for luxury travel get VIP treatment with all the exclusive benefits and special privileges such as free airport transfers, early check-in or late check-out, exclusive rates on lavish hotel stay, free breakfast and complimentary spa facilities. Luxury travel facilitates travellers with quick help if any issue arises. In case of emergencies or if travellers encounter any problems while enjoying a luxury travel experience, the luxury travel advisor ensures that the particular problem does not ruin the travellers’ trip or a stay at a plush hotel. Customisation of the trip is another important benefit of luxury travel. Luxury travel allows travellers to select their choice of meals and lets them purchase day tour packages to selected locations of choice. In short luxury travels make the tourist happier.   

Luxury Travel: Drivers and Restraints

Increasing affordability due to rising income and changing lifestyle are the main factors that are boosting the luxury travel sector. The rise in the branding and promotional activities by luxury hotel chains across the world is also helping the overall development of the global luxury travel sector. Luxury travellers seek more than just luxurious surroundings. Considering this, luxury hotels are now offering specially designed experiences and activities. World Travel Market is the best example of this which offers the tastes, music and vibes of different countries. These new innovations are creating a positive impact on the luxury travel sector. Technological advancements have provided a vehicle for people to maintain a good work-life balance. The harder they work, the more they are inclined to enjoy the luxurious experiences of travel, and this particular factor is creating a robust development in the global luxury travel sector. Travel companies worldwide have also realised that they have to give a personalised touch to each luxury trip and make it unique and memorable for tourists. In the competition of providing enhanced amenities to the travellers, the sector of luxury travel is growing rapidly. The only restraint in the global luxury travel sector is that luxury travels are too expensive, which means they can be afforded only by elite travellers.

Luxury Travel: Outlook

A growing consumer inclination towards luxury living and travel will increase the demand in the luxury travel sector in the near future. Increasing consumer brand awareness coupled with changing people lifestyles will boost the global demand for luxurious travel in the North America region, closely followed by Europe. A large number of global events augmented by improved living standards of the global population will further drive the demand in the luxury travel sector globally.

Companies Providing Luxury Travel Packages

Some of the key luxury travel companies that are providing luxury travel experience at a global level include Kerzner International Resorts, Inc., Starwood Hotels & Resorts, ITC Hotels Limited, Four Seasons Holdings Inc., The Indian Hotels Company Limited, Jumeirah International LLC, InterContinental Hotels Group PLC, Marriott International, Inc., Mandarin Oriental International Limited, and Shangri-La International Hotel Management Ltd. 

This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.

The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report. 

The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.

What Can Readers Expect from this Report?

• An overview of the sector, including the key factors that have shaped patterns and demand
• Not just data, but insights that you can incorporate in your strategic decision making
• Nuanced underlying factors that influence consumer behaviour
• Data points to understand the past, analyse the present, and project the future
• Trends that will impact the sector in the short- and long-term
• Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers