The internal luxury travel and tourism market's global revenue, which is based on spending by domestic and international tourists, amounted to nearly 1.4 trillion U.S. dollars in 2023. This figure was expected to increase by 23.4 percent in 2024, reaching an estimated 1.7 trillion U.S. dollars. The luxury hotel market worldwide From 1983 to 2023, the global luxury hotel supply, which refers to the number of rooms available in luxury establishments, roughly tripled, peaking at over 1,500 in 2023. Over the same period, the supply of ultra-luxury hotels worldwide experienced a fivefold increase. What are the preferred activities of affluent vacationers? According to a global survey conducted in 2024, eating in a fine-dining restaurant and staying in a five or more starred hotel were the preferred holiday activities of affluent consumers, as mentioned by roughly six in 10 respondents. On the other hand, just around 20 percent of the sample had a private transport experience that year.

The global luxury travel market size was estimated at USD 1.39 trillion in 2023 and is expected to grow at a CAGR of 6.6% from 2024 to 2032.

Embark on a journey through the opulent realm of luxury travel, where every experience is a masterpiece crafted to indulge the senses. Future Market Insights presents an alluring forecast. In 2024, the current valuation of the market is US$ 2.26 trillion. By 2034, this market is forecasted to burgeon into a blazing inferno, with a valuation of US$ 4.24 trillion, fostering a moderate CAGR of 6.5%.

Historical Insights into the Luxury Travel Market's Performance

Category-wise Insights

Country-wise Insights

Report Scope

The Luxury Travel Market is projected to grow at 3.6% CAGR, reaching $2053.68 Billion by 2029. Where is the industry heading next? Get the sample report now!

The Global Luxury Travel Market Size Was Worth USD 1.50 Trillion in 2023 and Is Expected To Reach USD 3.30 Trillion by 2032, CAGR of 8%.

In 2023, the internal luxury travel and tourism market's revenue worldwide, which is based on spending by domestic and international tourists, reached nearly 1.4 trillion U.S. dollars. That year, domestic tourists accounted for roughly 69 percent of the internal luxury travel and tourism market's global revenue.

Global Luxury Tourism Market is poised for a significant growth, with market size projected to surge from USD 1011.13 Billion in 2024 to USD 1712.63 Billion by 2033, showcasing a robust Compound Annual Growth Rate (CAGR) of 6.03% during the forecast period.

The Global Luxury Tourism market size to cross USD 1712.63 Billion by 2033. [https://edison.valuemarketresearch.com/uploads/report_images/VMR

China’s international luxury tourism was anticipated to have experienced a decline in revenue of approximately 67 percent by the end of 2020, according to a Statista study published on the topic in March of 2021. This Chinese tourism segment, however, has been expected to bounce almost entirely back in 2023 and 2024, where it is forecasted to climb to 41 billion U.S. dollars. On the other hand, domestic luxury tourism in the Asian country was less impacted by the COVID-19 pandemic. Namely, this segment of China's tourism was projected to have generated one billion U.S. dollars less in 2020 compared to 2019, but quickly thereafter begin bringing in growing revenues each consecutive year until at least 2024, when approximately 137 billion U.S. dollars in revenue could be generated.

Global Luxury Travel Market size was valued at USD 1.28 Trillion in 2022 and is poised to grow from USD 1.38 Trillion in 2022 to USD 2.47 Trillion to 2031, at a CAGR of 7.6% during the forecast period (2024-2031).

Luxury Travel Market size is estimated to be valued at US$ 241.4 Bn in 2022 and is expected to expand at a CAGR of 7.80%, reaching US$ 440.4 Bn by 2030.

The luxury travel market encompasses a wide range of products, including:Customized and private vacations: Tailored itineraries designed to meet the specific requirements and desires of travelers.Adventure and safari tourism: Tours and expeditions to exotic destinations offering unique and immersive experiences.Cruise/ship expeditions: Luxury cruises and ship expeditions to explore remote or iconic destinations.Small group journeys: Intimate tours with limited group sizes, providing a more personalized experience.Celebration and special events: Travel packages designed for special occasions such as anniversaries, birthdays, or weddings.Culinary travel and shopping: Tours and experiences focused on gastronomy, wine, and luxury shopping. Recent developments include: In June 2023: Lindblad Expeditions collaborated with FOOD & WINE magazine to launch an eight-day journey through the Pacific Northwest along the Columbia and Snake Rivers. During this expedition, guests explored the region's historical, agricultural, and natural aspects and savored the local cuisine and wines, In February 2023: Australia-based Flight Centre Travel Group signed an agreement to purchase Scott Dunn Ltd. for approximately USD 149 million. Flight Centre Travel Group is the proprietor of leisure and corporate travel enterprises in over 20 countries. This acquisition serves as the company's strategic entry into the luxury market in both the UK and the U.S., expediting its initiative to establish a collection of luxury travel brands, In September 2022: Cox & Kings Ltd. unveiled its 2023-24 Worldwide Brochure, which included six new tours. Additional tours to France, Turkey, India, Pakistan, and Jerusalem were introduced in the brochure. The 208-page brochure covers departures till the end of 2024 and all the trips are capped at 14 guests per group. Key drivers for this market are: Growing disposable income: Rising wealth and income levels, particularly among the affluent population, are fueling the demand for premium travel experiences.

Expanding middle class: The global growth of the middle class is creating a new market segment with increased disposable income and a desire for luxury travel.. Potential restraints include: Economic downturns: Recessions and economic crises can impact discretionary spending on luxury travel.

Political instability: Geopolitical events and safety concerns can deter luxury travelers from visiting certain destinations.. Notable trends are: Wellness and mindfulness retreats: Luxury travel experiences designed to promote relaxation, rejuvenation, and personal well-being.

Sustainability and responsible tourism: Increasing demand for eco-friendly travel practices and ethical experiences..

Global Luxury Cruise Tourism market size 2025 was XX Million. Luxury Cruise Tourism Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

Market Overview:

The South Korea luxury travel market size is projected to exhibit a growth rate (CAGR) of 7.00% during ​2024-2032​. The significant expansion in the South Korea tourism industry, the growing popularity of K-Pop with a massive global following of fans, and the emerging technological innovations in robotics, artificial intelligence, and entertainment technology represent some of the key factors driving the market.

Luxury travel caters to individuals seeking exclusive and premium experiences during their journeys. It goes beyond the typical vacation, focusing on opulence, comfort, and personalized services. It is characterized by several high-end amenities, exquisite accommodations, and unique, tailor-made itineraries that cater to the discerning tastes and preferences of travelers. Travelers who are opting for luxury travel are looking for more than just a place to stay; they seek to immerse themselves in the culture and beauty of their chosen destination while enjoying unparalleled comfort, which involves staying in luxurious five-star hotels, private villas, and exclusive resorts that offer privacy and stunning views. Luxury travelers expect their journeys to be tailored to their unique desires and interests with a private guided tour of a historical site, a gourmet dining experience, or access to exclusive events and activities, luxury travel providers excel in curating one-of-a-kind experiences. Additionally, luxury travelers often enjoy culinary delights that showcase the finest local and international cuisine, while high-end restaurants and world-class chefs are commonly found in luxury travel destinations, offering the best experiences that are a feast for the senses.

South Korea Luxury Travel Market Trends:

The market is primarily driven by the increasing number of tours and travel activities. In addition, South Korea offers several high-end accommodations, including luxury hotels, boutique resorts, and traditional hanok stays that cater to the discerning tastes of luxury travelers, thus contributing to the market growth. It has a rich cultural heritage, with a history dating back thousands of years, which is attracting travelers to explore its ancient palaces, temples, and traditions. The country's unique blend of old and new offers a rich tapestry for luxury travelers to experience. Moreover, several technological innovations and luxury travelers intrigued by the opportunity to explore the latest advancements in robotics, artificial intelligence, and entertainment technology represent another major growth-inducing factor. Besides this, the growing popularity of K-Pop has a massive global following, which attracts fans to South Korea to attend concerts, fan events, and visit entertainment hubs, contributing to the growth of luxury tourism centered around entertainment experiences. Along with this, South Korea is known for its traditional Korean spa culture, offering rejuvenating treatments and wellness experiences to luxury travelers who prioritize self-care and wellness, propelling the spa tourism market growth. Apart from this, the country's well-developed transportation infrastructure, including high-speed trains and a modern airport, ensures that travelers can easily navigate and explore South Korea's numerous regions, further creating a positive market outlook.

South Korea Luxury Travel Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2024-2032​. Our report has categorized the market based on type of tour, age group, and type of traveller.

Type of Tour Insights:

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• Customized and Private Vacation
• Adventure and Safari
• Cruise and Ship Expedition
• Small Group Journey
• Celebration and Special Event
• Culinary Travel and Shopping
  

The report has provided a detailed breakup and analysis of the market based on the type of tour. This includes customized and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, and culinary travel and shopping.

Age Group Insights:

• Millennial (21-30)
• Generation X (31-40)
• Baby Boomers (41-60)
• Silver Hair (60 and above)
  

A detailed breakup and analysis of the market based on the age group have also been provided in the report. This includes millennial (21-30), generation X (31-40), baby boomers (41-60), and silver hair (60 and above).

Type of Traveller Insights:

• Absolute Luxury
• Aspiring Luxury
• Accessible Luxury
  

The report has provided a detailed breakup and analysis of the market based on the type of traveller. This includes absolute luxury, aspiring luxury, and accessible luxury.

Regional Insights:

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• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
  

The report has also provided a comprehensive analysis of all the major regional markets, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

South Korea Luxury Travel Market Report Coverage:

The size and share of the market is categorized based on Type (Beach resorts, Mountain resorts, Desert resorts, Boutique resorts, All-inclusive resorts) and Application (Vacation destinations, Wellness retreats, Luxury accommodations, Adventure travel, Exclusive experiences) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Market Size and Growth: The global luxury travel market is valued at USD 3,355 million in 2025 and is anticipated to grow at a CAGR of 8.4% during the forecast period from 2025 to 2033. This growth is driven by various factors, including rising disposable incomes, increasing demand for personalized and authentic travel experiences, and the emergence of affluent millennials as a major consumer segment. Market Dynamics: Key drivers of the market include the growing popularity of multi-destination trips, small group travel, and tailored experiences. Technological advancements, such as online booking platforms and personalization tools, are also contributing to market growth. However, the market faces challenges in the form of economic downturns, safety concerns, and environmental regulations. The market is segmented based on application (teenager, elderly), type (business travel, small group travel), and region (North America, Europe, Asia Pacific). Key players in the market include Abercrombie & Kent, Virtuoso, and Scott Dunn.

In 2023, the United States recorded the highest revenue from the internal luxury travel and tourism market among the selected global countries, at over 495 billion U.S. dollars. China reported the second-highest figure in the ranking, with nearly 96 billion U.S. dollars in revenue.

The global luxury travel service market, valued at $5482.2 million in 2025, is poised for significant growth. While the exact CAGR isn't provided, considering the strong resurgence in high-end travel post-pandemic and the ongoing preference for personalized, experiential travel, a conservative estimate of 8% CAGR from 2025-2033 seems reasonable. This projection anticipates a market size exceeding $11,000 million by 2033. Several factors drive this expansion. The rising disposable incomes of high-net-worth individuals, coupled with a growing desire for unique and immersive travel experiences, fuels demand. The increasing popularity of bespoke itineraries, sustainable tourism options, and technologically advanced travel booking platforms further contribute to market growth. Segments like business travel and small group tours for teenagers and the elderly demonstrate specific market niches with potential for substantial growth. Competition is intense, with established players like Abercrombie & Kent and Virtuoso facing challenges from smaller, specialized firms focused on niche luxury experiences. Geographical variations exist, with North America and Europe currently dominating, but Asia-Pacific shows strong growth potential. The market's restraints include economic volatility, geopolitical instability, and the environmental impact of luxury travel. However, the industry's commitment to sustainability and responsible tourism is mitigating some of these concerns. Strategies focused on personalization, exclusive experiences, and exceptional customer service are critical for success. The continued evolution of technology will also play a key role, with enhanced booking platforms and personalized recommendations shaping the future of the luxury travel landscape. Companies will need to adapt to evolving consumer preferences and technological advancements to maintain a competitive edge in this dynamic and lucrative market.

The size and share of the market is categorized based on Application (Millennial, Generation X, Baby Boomers, Others) and Product (Adventure Travel, Personalized Vacations, Others) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

According to Cognitive Market Research, The Global Luxury Hotel market size is USD 130.8 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 11.80% from 2023 to 2030.

The demand for Luxury hotels is a growing trend in experiential travel. 
Demand for personalized itinerary planning and priority reservations in the Luxury Hotel market.
The business hotels and upscale category held the highest Luxury Hotel market revenue share in 2023.
North America will continue to lead, whereas the European Luxury Hotel market will experience the most substantial growth until 2030. 

Growing Affluence and Increase in Disposable Income to Provide Viable Market Output

The global luxury hotel market is flourishing, driven by a surge in affluence and a notable increase in disposable income worldwide. As consumers seek unparalleled experiences, the luxury hotel industry benefits from the growing demand for opulent accommodations, personalized services, and unique amenities. Discerning travelers increasingly prioritize premium hospitality, contributing to the sector's robust expansion. Luxury hotels strategically position themselves to cater to the evolving expectations of affluent clientele, offering exclusivity and sophistication. This trend indicates a promising market outlook as the desire for elevated travel experiences continues to shape the dynamics of the global luxury hotel industry.

For instance, in August 2019, Marriott International announced removing single-use bottles of bath gels, shampoos & conditioners from all of its properties globally. The hotel company aims to reduce plastic usage in the amenities department by about 30% by eliminating such tiny bottles.

(Source: www.cbsnews.com/news/marriott-the-worlds-largest-hotel-chain-plans-to-eliminate-single-use-plastic-toiletries-by-2020/)

Evolving Consumer Preferences for Personalized Experiences to Propel Market Growth

The global luxury hotel market is witnessing growth propelled by evolving consumer preferences, specifically a demand for personalized and unique experiences. Discerning travelers increasingly seek bespoke services, exclusive amenities, and tailored offerings that align with their tastes. Luxury hotels are adapting to the trend by focusing on personalized concierge services, curated experiences, and distinctive accommodations. This shift in consumer expectations towards customized and immersive hospitality experiences is driving the market's expansion. As luxury hotels continue to redefine opulence through personalized services, the industry remains poised for sustained growth, catering to the preferences of the modern, experience-driven traveler.

For instance, 2L De Blend in Utrecht, Netherlands, received The World Luxury Hotel Awards under the LUXURY BUSINESS HOTEL category two times consecutively in 2019 and 2020. 2L De Blend, located about 1 km from the Utrecht Zuilen railway station, is an aparthotel opened in October 2018, wherein guests can stay in the hotel from 1 night up to 6 months.

(Source: www.businesstravelnews.com/Hotels/Utrecht-Netherlands/2L-De-Blend-ApartHotel-p57076243)

Market Dynamics of Luxury Hotel

Emergence of Accommodation-Sharing Facilities at Lower Prices to Restrict Market Growth

The global luxury hotel market faces challenges with the emergence of accommodation-sharing facilities offering lower prices. The rise of platforms providing alternative lodging options, often at more affordable rates, poses a competitive threat to traditional luxury hotels. Discerning travelers increasingly explore cost-effective alternatives without compromising comfort and unique experiences. This shift in consumer behavior may limit the growth of the luxury hotel sector, compelling established hospitality brands to innovate and adapt to changing preferences to maintain their market share and appeal to a broader range of clientele.

Impact of COVID–19 on the Luxury Hotel Market

The global luxury hotel market faced significant challenges due to the COVID-19 pandemic. Travel restrictions, lockdowns, and reduced tourism impacted occupancy rates and revenue streams for luxury hotels worldwide. Many establishments experienced cancellations, event postponements, and a decline in business travel. Health and safety concerns led to increased operational costs for implementing stringent hygiene measures. However, the industry responded with...

The luxury travel market, valued at $1356.66 billion in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 6.7% from 2025 to 2033. This expansion is driven by several key factors. Increasing disposable incomes among high-net-worth individuals fuel demand for premium travel experiences. A growing preference for personalized and experiential travel, encompassing adventure tourism, culinary tours, and exclusive cruising and yachting options, significantly contributes to market growth. The rise of sustainable and responsible tourism practices also plays a crucial role, appealing to environmentally conscious luxury travelers. Furthermore, the expansion of technologically advanced travel services, offering seamless booking, personalized itineraries, and exclusive access, enhances the overall luxury travel experience, driving market growth. The market is segmented by travel type (adventure, personalized, cruising & yachting, culinary, others) and consumer demographics (domestic and international), offering diverse opportunities for market players. North America and Europe currently hold significant market shares, with APAC emerging as a rapidly growing region, fueled by a burgeoning affluent class. Competition in the luxury travel market is intense, with numerous established players and new entrants vying for market share. Successful companies utilize sophisticated marketing strategies targeting affluent demographics, offering unique and bespoke travel experiences, and building strong brand recognition. However, the industry faces challenges such as fluctuating exchange rates, geopolitical instability, and the ever-present risk of unforeseen global events that can disrupt travel plans. Companies that effectively manage these risks and adapt to evolving consumer preferences are positioned for success. The market's future growth will hinge on continued economic prosperity in key regions, innovation in travel products and services, and the sustained appeal of luxurious, personalized, and responsible travel experiences. The forecast period of 2025-2033 promises considerable expansion, offering attractive investment opportunities for businesses committed to meeting the evolving needs of high-end travelers.