Individuals currently today are seeking for adventurous lifestyle when it comes to travelling internationally. Luxury travel among travelling enthusiastic is witnessing a change in travelling with exquisite experiences and high-quality services. This evolution is forcing hotels and luxury travel companies to raise their bar not only on products offerings but also to provide superlative service and experiences. These travels seek out adventures, unique, personal, and even transformative experiences coupled with the growing demand for more unique local experiences.
Individuals are increasingly expected to spend more on travel and experiences than on product offerings. Among luxury travel, cruise tours have more luxury travel options available. The cruise travel offers premium service and attention to detail is kept that provides exquisite holidays experience. Ongoing trends of destination weddings, designer shopping, and cultural visits that can be experienced via cruise travel will, in turn, increase awareness for luxury cruise travel packages among individuals in various regions.
Moreover, tours and travellers are expanding their services which includes a private tour of a designer shop or museum or special passes to mentioned concerts or various sporting events. These services fall under the luxury travel. According to the current trend “, yesterday’s old is today’s new”. Luxury hotels are focusing in offering extensive interiors that bring a binge in today’s modern art. For example, the Raffles hotel in Singapore extensively renovated.
The market is segmented on the basis of type and application. The type segment includes customized and private vacation, adventure and safari, cruise/ship expedition, small group journey, celebration and special event, and others. The application segment includes millennial, generation X, and baby boomers.
Increasing preferences towards private and customized vacations of individuals with the higher income are proliferating awareness of luxury travel. In addition, increasing exploration activities by the middle class population are gaining traction for a high number of travelling individuals. Adventure activities with the exquisite scenery, private island exploration, specific species safari demand by wealthy individuals will bolster the luxury travel market in the coming 10 years. In addition, individuals across the globe are inclining towards self-comfort while travelling long distance or for family vacations with the elderly in order to reduce physical and mental exertion.
Countries such as China and Japan in the Asia Pacific is observing the change in trend towards a luxurious lifestyle opted by youth populace and their willingness to spend more. Rapidly growing travels and tourism industry coupled with an increasing number of domestic and international air travellers in Asia Pacific countries will open up opportunities for luxury travel service providers. Moreover, increasing penetration of the Internet and smartphones is increasing usage of social media web sites, which in turn aids for increasing awareness regarding the availability of various luxury travel offers at competitive prices.
Key market players operating in the market includes TUI Group, Thomas Cook Group, Jet2 Holidays, Cox & Kings Ltd, Lindblad Expeditions, Travcoa, Scott Dunn, Abercrombie & Kent Ltd, Micato Safaris, Tauck, Al Tayyar, Backroads, Zicasso, Exodus Travels, and Butterfield & Robinson.
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