Emergence of Covid-19 and Resultant Restrictions on Travel Limit Growth of Luxury Travel Market

 


Luxury travel refers to travel in a manner that is either fueled
by the desire to visit, feel, see or to have. For some, it may simply be for
the excitement of it all. They call luxury travelers. They are also known as
indulgent travelers. A luxury travel experience can involve a wide variety of
things. The first thing that one should consider when considering a luxury
travel is whether it will take you away from your normal routine or not. There
are some people who have a tendency towards this type of traveling. This is
usually because they have more time available and are more than willing to spend
it on this type of traveling.

The great thing about luxury travel is that you can find many
options that appeal to the different personalities. Some people will go to the
extent of getting into a vacation like this to relax and to get away from all
their daily stressors. Others will choose a luxury trip that allows them to go
on a luxurious honeymoon, a romantic getaway or just to travel on an adventure
of a lifetime. Whatever your personal needs may be, there is bound to be
something available for you.

Market Dynamics

Increasing disposable income is expected to propel growth of the
global luxury
travel market over the forecast period. For instance, according to the
Bureau of Economic Analysis, the personal income in the U.S. increased U$ 106.8
billion (0.6 percent) in February 2020 and disposable personal income increased
US$ 88.7 billion (0.5 percent) and personal consumption expenditures increased
$27.7 billion (0.2 percent).

Increasing use of internet and social platforms is expected to
offer lucrative growth opportunities for players in the global luxury travel
market. For instance, according to China government-backed Market Intelligence
& Consulting Institute and reported by China Internet Watch, internet
penetration in China reached 61.2 percent in the first half of 2019, with 854
million internet users at the end of June 2019.

However, emergence of Covid-19 is expected to hinder growth of the
global luxury travel market. For instance, according to Oxford Economics, the
U.S. hotel & lodging sector is expected to witness 50% revenue decline
(projected) for entirety of 2020.

Competitive Analysis

Major players operating in the global luxury travel market
include, Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company,
TCS World Travel, TÜ ELITE, Cox & Kings Ltd., Travcoa, Micato Safaris,
Scott Dunn Ltd., Kensington Tours Ltd., Butterfield & Robinson Inc. and
others.

















October 2020: Abercrombie & Kent announced to resume operating
small group journeys in Africa with a climb up Mount Kilimanjaro.

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