Luxury Travel Market
Luxury travel includes an enhancing experience with a combination of most desirable destinations, luxurious and serene accommodations, convenient commute, and a royal traveling experience. Luxury travel can be categorized into adventure & safari, cruise, rail journey, culinary travelling & shopping, customized & private vacations, and celebration.
Market Dynamics
Among age group, baby boomers segment held a dominant position in the market in 2022, followed by millennials and generation X segments, owing to increasing disposable income in the age group. These generations have a continuous source of income, as the number of working individuals is continuously increasing. According to Ministry of Labour and Employment, on 27 Jan 2022, Employment is showing an increasing trend in the selected sectors of the economy: Union Minister for Labour & Employment The estimated employment increases from 3.14 crore of third quarter to 3.18 crore of 4th Quarter Manufacturing sector accounts for the largest percentage of the total number of workers Women far outnumber men among self-employed persons in Financial Services.
Increasing adoption of digital media has simplified the processes related to luxury travel industry. Bookings can be confirmed via online applications or websites, and payments can be made through credit cards, debit cards or any other online mode of payment. Social media platforms are useful for the customers as well as for the vendors. Travellers as well as the vendors constantly keep themselves updated with the latest trends related to the luxury traveling. This is attributed to increasing use of internet, smartphones, laptops, and tablets.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Detailed Segmentation:
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