The global luxury travel market is expected to generate $1,154 billion by 2022, with unique and exotic holidays being key drivers, according to hospitality website 4Hoteliers.
Good news for Sri Lanka, then, with our growing focus on high-end adventure and eco-tourism, both of which are top of the agenda for millennials and oldies alike.
Says the report: “The adventure and safari segment accounted for about 44% of the overall luxury travel market revenue, by tour type in 2015, as this is identified as the most popular vacation option among young and middle age group travelers.”
It adds: “Luxury travel market has a huge growth potential and would see immense demand from the emerging markets. Exposure to social media, growing disposable income and easy visa availability are some of the factors which are propelling the growth of the market.
“Growing inclination of people towards unique and exotic holiday experiences, rise in middle and upper middle class spending and the increasing impact of social media on travel industry are the key factors that drive the market growth.”
Says Yogiata Sharma, Research Analyst, Consumer Goods Research at AMR: “Nowadays, luxury travelers are seeking unique traveling experience, thus opting for exotic and unexplored destinations.
“High spending power and search for exclusivity with high comfort and first class facilities are the major factors that promote the demand for luxury travel by absolute luxury travelers. It has been identified that the absolute luxury travelers take at least three to four luxury trips in a year.”
The report names a number of key players, among them Abercrombie & Kent Ltd, Cox & Kings, Macato Safaris, Ker & Downey, Tauck, Thomas Cook Group, Scott Dunn, Kensington Tours, and Butterfield & Robinson, TUI Group, Zicasso, Black Tomato, Backroads, Lindblad Expeditions, and Exodus travels.