Traditionally associated with elegant accommodation, fine dining, and first-class trips, luxury travel has seen some dramatic changes in recent years. Affluent travelers are increasingly interested in unique or extreme trips, examples of which include
and deep-sea tourism. While becoming more extreme in some ways, luxury travel has also become more attainable to the masses. In 2023, travelers with a net worth under one million U.S. dollars accounted for higher
How big is the global luxury travel and tourism market?
The
revenue of the global luxury travel and tourism market was estimated at nearly 1.4 trillion U.S. dollars in 2023, exceeding pre-pandemic levels. When breaking down the
luxury travel and tourism’s global revenue by country, the United States reported by far the highest figure that year, generating alone over a third of this market’s global revenue.
How is the luxury cruise market faring?
After being hit hard by the COVID-19 pandemic, the
global cruise industry experienced strong growth in 2023. The same applied to the luxury segment, as the
growth rate of the luxury cruise market value worldwide was estimated between 50 and 70 percent compared to 2019. When looking at the leading players in this industry, Celebrity Cruises, Viking, and Cunard ranked as the
luxury cruise brands worldwide with the highest passenger capacity.
Behavior of luxury travelers
Eating in a fine-dining restaurant and staying in a five or more starred hotel were the
preferred holiday activities by affluent consumers worldwide in 2024, confirming the continued importance of these traditional services within the evolving luxury tourism landscape. Meanwhile, younger travelers are more inclined to make repeat travel purchases. In a 2024 global survey of
affluent consumers who bought travel products, over two-thirds of buyers aged under 40 reported making multiple travel purchases, compared to less than 60 percent of over-40-year-old consumers.
Outlook of the luxury tourism market
As interest in upscale travel is growing among less affluent and younger consumers, combining traditional luxury services with more accessible experiences could further contribute to the growth of an already thriving market. The challenge will be to ensure that all travelers, regardless of their age, net worth, and preferences, will feel like they have lived a once-in-a-lifetime experience, be it dining at a classy
Michelin-starred restaurant, going on the
world's most expensive cruise trip, or blasting off to space.
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