Luxury tourism is expected to bring in $1.574 billion by 2028

According to a recent report by ResearchAndMarkets.com, the global luxury travel market is expected to reach $1,574 billion by 2028.

Exclusive and one-of-a-kind experiences and highly individualized services are linked with luxury travel. The sector is being driven by rising expenditure by affluent tourists who want to see undiscovered places and have novel experiences.

The industry has been developing as a result of the rising trend of short vacations as well as the worldwide expanding tourist industry.

Given that spending on art, restaurants, culture, guides, and athletic events by luxury travelers is essential to the local economies of the places they visit, luxury travel plays a significant role in the distribution of wealth around the world. Travellers are searching for flexible schedules that combine entertainment and relaxation in order to build their own special experiences.

Emerging trends

Numerous tourists, especially wealthy ones, are drawn to the growing popularity of cruises, yachts, and small ships. One of the most prominent customers in this market is thought to be High Net Worth Individuals (HNWIs). As a result, businesses in the sector have been focusing more on luxury water-based travel, like cruises.

Additionally, the prevalence of internet research has grown dramatically over time. During the forecast period, high-tech (smart) rooms are expected to fuel demand for luxury lodging and travel, offering guests total control over how they use their accommodations and choose to travel. The industry is expanding as a result of rising internet usage and the availability of social media. Also, the number of travel tales shared on social media sites like Instagram, Facebook, and blogging platforms has multiplied.

For more information about this report, click here.

Share:

Facebook
Twitter
LinkedIn

Latest

Mid-century modern inspired hotel opens in the heart of Houston

Hyatt officially opened the Thompson Houston, Houston’s newest luxury lifestyle hotel offering a distinctive guest experience that celebrates the individuality of Space City overlooking the verdant Buffalo Bayou Park. Set against the backdrop of rare unobstructed views of downtown Houston’s skyline, the hotel captures the vibrancy of the city with an unapologetically stylish design signature to the brand, a stunning

An expedition yacht with 6 suites arrives in the Galapagos

Conservation-led luxury travel company &Beyond has announced the extension of its South America portfolio with the launch of an expedition yacht in the Galapagos Islands. Named the &Beyond Galapagos Explorer, the 38 m (124 ft) yacht will operate on two 7-night routes in the east and west of the famed Galapagos Islands. Boasting just six suites and cabins, the yacht

Cruise giant is expanding its fleet for 2028

Royal Caribbean Group has entered into an agreement with French shipbuilder Chantiers de l’Atlantique to order a seventh Oasis Class ship for delivery to its Royal Caribbean International fleet in 2028. “While we eagerly anticipate the debut of Royal Caribbean’s Utopia of the Seas this summer, we’re already dreaming up her sister ship and the next installation in the brand’s extremely popular

Popular tour operator leading trips to Bosnia & Herzegovinia

G Adventures will soon be offering an extended program of trips to Bosnia and Herzegovina that are designed to support local communities, while showcasing the Balkan nation’s distinctive culture, nature and heritage. The new trips are launching as the result of a collaboration between the U.S. Government’s USAID Developing Sustainable Tourism in Bosnia and Herzegovina (USAID Turizam) initiative, the Global