Income levels in Asia have surged since the past decade, with the region’s per capita GDP almost doubling, from USD 3,190 in 2005 to USD 5,960 in 2015.
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.
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Impact of COVID-19
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.
Luxury Travel Market Segmentation
By Type of Tour
By Age Group
By Type of Traveller
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now