23 Jul, 2026
According to Straits Research the global luxury travel market size was valued at $1.6 billion in 2025 and is expected to grow from $1.73 billion in 2026 to $3.25 billion by 2034, registering a CAGR of 8.2% during the forecast period 2026–2034.
The luxury travel market is growing, backed by consumer spending, growing Chinese millennials, and expansion of the tourism sector. Growing Chinese middle-class at a faster rate are key contributors to the market growth. The Asian consumers are rapidly spending on travel based on celebration & special events strongly supported by increased disposable income. In addition, the rising affluence and a relaxation of visa restrictions on Chinese travellers by the Chinese government are rapidly boosting the market growth.
As the working populace is growing with a greater number of women in working-class, consumer’s expenditure on travel is on a rise. As a result, the market has seen an upsurge in more women travellers, driving the market growth. As per the statistics, in- terms of future spending options, luxury travel has become popular and a top priority of most of the people. To capitalize and attract more consumers, market leaders are formulating unique strategies to target the growing middle-class segment.
The COVID-19 pandemic has severely impacted the world, especially the tourism sector. The number of international tourist arrival is projected to witness a significant fall due to travel restrictions introduced by several countries. The United Nations World Tourism Organisation (UNWTO) estimates a decline of about USD 300–400 billion (20–30%) in the global international tourist arrivals. Europe is largely hit by the pandemic as the region represents 50% of international travel, followed by Asia-Pacific and Africa.
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