Shaping the Future of Luxury Travel | Future Traveller Tribes 2030 11
Growth of luxury travel trips by distance
Source: Tourism Economics
Sum of Luxury Border Trips Sum of Luxury Short-haul Sum of Luxury Medium-haul Sum of Luxury Long-haul
Number of trips
60,000
50,000
40,000
30,000
20,000
10,000
0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
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.
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.
Made with FlippingBook - Online catalogs