Shaping the Future of Luxury Travel | Future Traveller Tribes 2030 11
Growth of luxury travel trips by distance Number of trips
10,000 20,000 30,000 40,000 50,000 60,000
0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
As middle-class markets develop and mature across the globe, the luxury hospitality market is expanding to meet their needs. A recent report from Transparency Market Research found that the global luxury hotels market will continue to expand at CAGR of 4% from 2015-2021. The increased wealth and refined travel aspirations of these new middle classes will compel them to invest in long-haul travel to new destinations, thus encouraging their peers to follow suit and explore other corners of the globe.
North America and Western Europe currently account for 64% of the world’s outbound luxury trips – despite only making up 18% of the global population. This clear majority of the market share will continue over the next 10 years; the maturity of these luxury markets and the relative affluence of their populations explain this dominance.
Between 2011 and 2025, Asia Pacific’s luxury travel market will see faster overall growth than Europe’s, but will decelerate from 2015-2025, while Europe’s will continue to grow steadily. This pattern is indicative of the regions’ economic performances. For example, China’s GDP growth slowed from 10.3% in 2011 to 6.9% last year, a trend which could have a significant effect on the growth pattern for Asia considering its dominance of the market.
Source: Tourism Economics
Sum of Luxury Border Trips Sum of Luxury Short-haul
Sum of Luxury Medium-haul Sum of Luxury Long-haul
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32