T3 site is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Podcast Streaming Now

HomeNewsInternationalGlobal Luxury Tourism Market Expected To Grow At A CAGR of 7.3%...

Global Luxury Tourism Market Expected To Grow At A CAGR of 7.3% Until 2023

Global tourism revenue amounted to US$ 5.9 trillion in 2019 and is forecast to continue growing. While tourism in general is expected to increase with a compound annual growth rate of 6.4 percent in the next five years, luxury tourism is expected to grow at a faster pace with a CAGR of 7.3 percent, Statista says in a report.

High-end tourism is a niche market designed to satisfy the lavish travel expectations of high net worth individuals. With a global value of 831 billion U.S. dollars, it stands out as a prime revenue driver.

Currently, the United States has the biggest luxury travel market with a value of nearly US$263 billion. China comes in second with a market value of approximately US$90 billion. China’s and India’s luxury markets are forecast to grow the most rapidly in the next five years, mostly driven by the growth of the domestic luxury market.

“The luxury tourism market accounts for 14% of the revenues today already. This makes it a highly competitive growth environment. A key trend that has been shaping luxury tourism in recent years is the increase in multigenerational travel. Families are seeking an opportunity to spend quality time together and strengthen bonds. As Millennials and Generation Z gain economic influence and represent an increasing proportion of luxury travelers, adventure, uniqueness, as well as sustainability also become vital, as they contribute to a high-profile social media image,”  Friedrich Schwandt, Founder and Managing Director of Statista, emphasized.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!
RELATED ARTICLES

SOCIAL FOLLOWERS

FansLike
FollowersFollow

GALLERY

slide2
slide3
slide4
slide5
slide6
slide7
slide8
slide9
slide10
slide11
slide12
slide13
slide14
slide15
slide16
slide17
slide18
slide19
slide20
slide21
slide22
slide23
slide24
slide25
slide26
slide27

Upcoming Events

NEWSLETTER

    Appointment