New data forecasts that the luxury tourism market will reach a record value of $82 billion by 2030.
According to a report from Global Market Insights Inc., the strong demand for exotic safari experiences will be a key force in the luxury travel industry, particularly in the Middle East and Africa.
Travel's adventure and sport segment is expected to surpass around $12 billion by 2030, due to the emphasis on developing effective strategies to support sports tourism growth.
The 2022 Global Travel Trends Report of American Express Travel study found that 58 percent of respondents opt for solo travel to visit their dream destination, which should strengthen the demand for luxury travel.
Travelers over 60 will depict a Compound Annual Growth Rate (CAGR) of approximately 15 percent through 2030. The growing desire to spend leisure time traveling and the availability of enough resources boost this generation's acceptance of luxury travel.
While the luxury market in the Asia Pacific accounted for a share of over 28 percent in 2021, the Latin American luxury tourism industry is likely to be one of the fastest growing, reaching nearly $200 million by 2030.
The study was conducted with major luxury travel market participants, including Audley Travel, Travelopia, Backroads, G Adventures, Jet2 Holidays, TUI Group, Thomas Cook (India) Ltd., Silversea Cruises, and Abercrombie & Kent USA, LLC.
Earlier this year, a survey from GlobalData.com found that luxury tourism has recovered quicker than budget tourism in the United States due in part to an increase in "high-net-worth individuals."
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