THE LUXURY TRAVEL MARKET
The global luxury travel market is thriving and is set to continue along this path of rapid growth. This is reflected in the growth of the luxury hotel and hospitality sector whilst remaining hotel categories are losing global market share. Over the next 10 years, the growth rate in outbound luxury trips is projected at 6.2%, almost a third greater than overall travel projected at 4.8%.
Additionally, the luxury travel segment is growing twice as fast as the overall market, with a 48% increase in luxury travel in the past five years. Both per capita spending on luxury travel and the number of travellers is increasing. Furthermore, the global luxury travel market is expected to garner $1,154 billion by 2022, registering a CAGR of 6.4% during the forecast period 2016-2022.