Luxury Travel Market Size, Share & Trends Analysis Report By Tour (Customized & Private Vacations, Safari & Adventure, Celebration Journeys, Luxury Trains), By Age Group (21 - 30 Years, 31 - 40 Years, 41 - 60 Years), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the luxury travel market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for luxury travel market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of luxury travel market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Luxury Travel Market Categorization:

The luxury travel market was categorized into three segments, namely tour (Customized & Private Vacations, Safari & Adventure, Cruises, Yachting & Small Ship Expeditions, Celebration Journeys, Culinary Travel & Shopping), age-group (Millennial, Generation X, Baby Boomers, Silver Hair), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The luxury travel market was segmented into tour, age-group, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The luxury travel market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fourteen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; China; India; Uzbekistan; Brazil; South Africa; UAE; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Luxury travel market companies & financials:

The luxury travel market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• TUI Group - TUI Group entered the tourism market in 1997 and is headquartered in Hannover and Berlin in Germany. It is a public company, with tourism, hotel, and cruise brands in its portfolio. The brand acquired Hapag-Lloyd in 1997, with which it started its tourism business. In later years, more acquisitions took place, featuring names such as Thomson, Fritidsresor, and Nouvelles Frontières, and shareholdings in the hotel groups RIU and Magic Life.

• Butterfield & Robinson Inc. -Butterfield & Robinson Inc. is premier active travel company founded in 1966 and headquartered in Toronto, Canada. It designs journeys to various places in the world with a combination of lodgings, access, wines and food, and experienced guides. The trips combine active adventure with cultural immersion at top-notch global destinations. The options include biking, walking, family, golf, and multiactive itineraries, plus an unmatched custom trip planning division that features experts whose knowledge covers the globe.

• Cox & Kings Ltd. - Founded in 1758, Cox & Kings Ltd. is one of the oldest established travel companies and is headquartered in Maharashtra, India. The holiday and travel education group has subsidiaries in the U.S., Canada, the U.K., the Netherlands, the UAE, Japan, Singapore, Australia, and New Zealand. The principal services offered by the company are destination management, outbound tourism, business travel, incentive & conference solution, domestic holidays, NRI, trade fairs, foreign exchange, and insurance.

• Scott Dunn Ltd. - Scott Dunn Ltd. was founded in 1986 and is headquartered in London, U.K. The privately-held luxury tour operator specializes in skiing, catered villas, as well as family and tailor-made holidays. The company’s tour portfolio includes wildlife and safari, bucket list vacations, Antarctic expeditions, special occasions, learning vacations, honeymoon, and skiing. It offers tours for families, friends, and couples to regions such as Asia, Africa, Europe, Latin America, Indian Ocean, Australasia, and Antarctica.

• Abercrombie & Kent USA, LLC - Abercrombie & Kent USA, LLC was founded in 1962 and is headquartered in Illinois, U.S. It is one of the world’s premier luxury travel and tourism companies, offering various tours to customers in more than 100 countries on all seven continents. The company offers destination tours, small group journeys, cruises, private jets, and tailor-made trips. It is recognized as the gold standard for luxury travel by professionals and guests alike.

• Lindblad Expeditions - Lindblad Expeditions operates as an expedition travel company that works in partnership with National Geographic. It was established in 1979 and is headquartered in New York, NY, U.S. The company offers voyages and marine-focused educational travel expeditions through a fleet of small expedition ships, cruises, zodiacs, and sea kayaks. The company offers tours to regions such as North America, South America, Europe & Mediterranean, Central America, Southeast Asia & Pacific, Polar Regions, Africa, and the Middle East. As of 2022, the company has a fleet of 10 ships, including the 148-guest National Geographic Explorer, a state-of-the-art expedition ship, and the 106-guest National Geographic Orion. It had an employee strength of around 51 to 200 people as of 2022.

• Geographic Expeditions, Inc. - Geographic Expeditions, Inc. is a travel company that offers various overland tours, including treks, walks, and expeditionary voyages to numerous destinations across the world. It was established in 1982 and is headquartered in San Francisco, CA, United States. The company offers group as well as custom travel. It offers several types of trips such as safari, trek, active, family, nature & wildlife, festivals, honeymoon/special occasion, cruises, train, women’s trip, solo, and edge. The company offers trips to destinations in Asia, Africa, Europe, Latin America, Antarctica, Arctic, and North America. As of 2022, the company had an employee strength of around 51 to 200 people.

• Micato Safaris - Micato Safaris was founded in 1966 and is headquartered in New York, NY, U.S. It is a privately held company and a renowned provider of luxury tour and travel services. The company offers luxury African safaris and custom-crafted Africa and India trips. The company offers tour experiences and lodgings in destinations throughout East Africa, Southern Africa, and India. The company is a Nine-Time Winner of Travel & Leisure’s award for #1 World’s Best Safari Outfitter Travel & Leisure Hall of Fame.

• Exodus Travels Limited - Exodus Travels Limited is a privately held tour and travel company that offers transportation services, flights, and accommodations, along with providing tour planning and guidance services. It was founded in 1974 and is headquartered in Surbiton, England. The company offers walking & trekking, wildlife & polar, cycling holidays, cultural holidays, family holidays, winter holidays, and private adventures. It offers over 500 holidays to over 90 countries across the globe. As of 2022, the company had an employee strength of around 51 to 200 people.

• Travel Edge (Canada) Inc. - Travel Edge (Canada) Inc. is a privately held company specializing in leisure, corporate & events, and tours. It was founded in 2011 and is headquartered in Toronto, Ontario. The company’s Leisure division has 10 offices in the U.S., Canada, and Bermuda, with over 750 expert advisors specializing in air, cruise, vacation, and VIP travel. Its Corporate & Events division has 4 offices and 100 planners who cater to corporations looking for tailored and full-service travel management solutions. The Tours division, Kensington Tours, has over 150 destination experts and offers custom and private guided tours to over 90 countries worldwide. As of 2022, the company had an employee strength of around 501 to 1,000 people.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Luxury Travel Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Luxury Travel Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.