Get ready to see some serious changes in travel by 2030.
The luxury tourism market is expected to reach a staggering valuation of $82 billion in eight years, according to a study released by Global Market Insights on August 9.
Safari experiences, especially in the Middle East and Africa, will be a key growth driver in the industry. The MENA region has become a popular destination for exotic animal watching due to its sheer biodiversity.
Travel centered around adventure and sports is also projected to surpass $12 billion by 2030. The spike is partially due to the growing number of sports-related packages that allow you to attend the Super Bowl in Miami or venture abroad to the Australian Open, for instance.
Solo travel is expected to continue on an upward trajectory, too. In fact, 58 percent of travelers today are opting for solo trips to dream destinations and thereby strengthening the market, according to American Express Travel’s 2022 Global Travel Trends Report.
The Asia-Pacific luxury tourism market is booming, as well. It accounted for more than 28 percent of travel in 2021, as per the report. Demand for upscale experiences paired with an increase in disposable income across APAC is expected to generate a surge in the travel markets across India, Japan and China. The Latin American market, meanwhile, will likely reach $200 million by 2030 due to a heightened focus on bespoke private vacations from Belize to Rio de Janeiro.
The report also looked at the growth of travel within each generation. Interestingly, the “others” segment, which comprises individuals above the age of 60, will climb at a rate of approximately 15 percent each year through to 2030. The research company attributes the growth to this generation’s desire to spend leisure time traveling and “the availability of resources” (read: a healthy retirement fund).