Luxury Tourism Market Growth Potential & Forecast, 2032

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Luxury Tourism Market Regional Trend Growth
Forecast To 2032
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• Industry Insights

• As per a recent research report, Luxury Tourism
  Market to surpass USD 150 Bn by 2032.
• Luxury Tourism Market will expand considerably
  during 2023-2032 owing to the expanding trend of
  tourism. Luxury travel has transformed massively,
  and people are inclining more towards adventure
  and the need for experiencing local customs and
  food, which has potentially pushed the market
  prospects for luxury tourism over the recent
  years.
• In addition, increasing demand for recreational
  activities and hefty spending on tourism would
  further augment the market scope. According to
  credible reports, in September 2021, 76 of
  people were ready to spend more on travel and
  improve their health. In addition, 55 were ready
  to pay extra for wellness activities on future
  vacations.
• Besides, conglomerates operating in the luxury
  tourism industry are working persistently to gain
  a competitive advantage in the overall market. To
  cite an instance, in June 2022, AK Travel Group
  Ltd., acquired Crystal Symphony and Crystal
  Serenity. After extensive refurbishment, both
  ships are expected to resume service in 2023
  under the "Crystal Cruises" brand, which was
  acquired by AK Travel Group Ltd earlier.

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• Based on type, the customized and private
  vacations segment accounted for over 15 market
  share in 2022. Several customized private
  vacation packages offered by different travel
  companies, which include accommodation at a
  resort or a hotel, meals, and sightseeing tours,
  would promote the market expansion in the coming
  years.
• By tour, the solo segment held over 40 market
  share in 2022 and is expected to grow
  substantially through 2032. Traveling solo is
  cost-effective, puts the person in charge of
  decisions, helps an individual make decision,
  improves language skills, and is great for
  individual well-being.
• Considering the generation, the millennial
  segment held over 25 market share in 2022.
  Millennials are reshaping the luxury travel
  industry. Besides, the spending power of the
  average millennial has also increased
  significantly. In addition, millennials are also
  seeking luxury accommodations with top-notch
  amenities, which will drive the market expansion
  in the future. The increasing technological
  advancements and social media will also play a
  key role in spurring millennials' demand for
  luxury tourism.

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• Regional Analysis

Asia Pacific luxury tourism industry is
anticipated to exhibit more than 20 CAGR during
the estimated timeframe. In addition,
introduction to several government initiatives to
increase tourism will positively influence the
overall regional outlook. In 2022, The State
Council of China announced a development plan for
the tourism sector during the 14th 5-Year Plan
period. The plan aims to bolster tourism sector
by integrating cultural development and enhance
barrier-free services.

• Competitive Analysis

• National Geographic Expeditions, LLC, Abercrombie
  Kent USA, LLC, Butterfield Robinson Inc., and
  beyond

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