The North America Luxury Travel Market would witness market growth of 5.7% CAGR during the forecast period (2022-2028).
Millions of individuals are interested in learning about the customs and cultures of various nations and places. They are eager to participate, pick up new skills, and modify these environments to suit themselves. According to their many interests, people desire to learn as well as discover things that they have never explored.
The exposure to various cuisines from throughout the world fascinates tourists. Foodies all over the world can't get enough of tasting the specialties from nearly every nation or city. Luxury visitors are constantly searching for the best dining experiences while visiting. So, for a luxury traveler, a delicious meal or cuisine is always a top priority.
Packaged tours and vacations are very inconvenient for tourists looking for a luxurious experience. On a number of levels, they lack superiority and personalization. Customers who travel in style are seeking options to choose the restaurant, hotel, and destination of their choice.
The increased need for an authentic and customized tourism experience, which is being driven by quick modernization, the influence of social media, and affordable airline tickets, is one of the key factors driving market expansion. Additionally, travel companies are introducing speedy, user-friendly mobile websites that are accessible on smartphones.
For the US economy, international travel is essential. Prior to the COVID-19 pandemic, foreign tourists spent $233.5 billion in 2019, contributing roughly $640 million per day to the American economy. The travel and tourism sector in the United States supported 9.5 million American jobs, generated $1.9 trillion in economic production, and contributed 2.9% of the country's GDP. Foreign travellers spend more money in the United States than any other nation, accounting for 14.5% of all international travel expenditures worldwide.
The US market dominated the North America Luxury Travel Market by Country in 2021; thereby, achieving a market value of $335.2 Billion by 2028. The Canada market is experiencing a CAGR of 8.1% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 7.1% during (2022 - 2028).
Based on Tour, the market is segmented into Safari & Adventure, Celebration Journeys, Culinary Travel & Shopping, Cruises, Yachting, & Small Ship Expeditions, Customized & Private Vacations and Others. Based on Age Group, the market is segmented into Baby Boomers, Generation X, Millennial and Silver Hair. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Luxury Travel Market is Predict to reach $1,574 Billion by 2028, at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TUI Group, Lindblad Expeditions Holdings, Inc., Thomas Cook (India) Limited (Fairfax Financial Holdings Limited), Scott Dunn, Abercrombie & Kent USA, LLC, Exodus Travels Limited, Travel Edge, Inc. (Navigatr Group), Butterfield & Robinson, Inc., Geographic Expeditions, Inc. and Micato Safaris.
By Tour
By Age Group
By Country
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