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Australia Luxury Travel Market Report by Type of Tour (Customized and Private Vacation, Adventure and Safari, Cruise and Ship Expedition, Small Group Journey, Celebration and Special Event, Culinary Travel and Shopping, and Others), Age Group (Millennial (21-30), Generation X (31-40), Baby Boomers (41-60), Silver Hair (60 and above)), Type of Traveller (Absolute Luxury, Aspiring Luxury, Accessible Luxury), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A24729
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Australia Luxury Travel Market Overview:
The Australia luxury travel market size reached USD 37.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 70 Billion by 2032, exhibiting a growth rate (CAGR) of 6.60% during 2024-2032. The market is experiencing robust growth, driven by rapid population growth, rising demand for personalized and sustainable travel experiences, increased interest in wellness retreats, continual technological advancements in booking services, and an increasing focus on unique culinary and multi-generational travel experiences.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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| Market Size in 2023 | USD 37.4 Billion |
| Market Forecast in 2032 | USD 70 Billion |
| Market Growth Rate 2024-2032 | 6.60% |
Australia Luxury Travel Market Trends:
Growing Affluent Population
With an increasing number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), there is a greater demand for exclusive travel experiences. These individuals are seeking tailored vacations that offer privacy, personalized services, and unique destinations. The economic stability in Australia, coupled with favorable investment conditions, has allowed a larger portion of the population to indulge in luxury travel. Wealthier individuals prioritize comfort and premium services, thus opting for high-end resorts, private jets, and personalized tours. This shift in consumer behavior is fostering growth in luxury travel agencies and exclusive travel offerings designed to meet the sophisticated tastes of the affluent class.
Rise of sustainable luxury travel
Sustainable luxury travel is also one of the fastest-growing segments in Australian luxury travel market. Luxury travelers are becoming more aware of the environment and, therefore, looking for green suites and responsibility. The trend towards sustainable consumption and ecologically oriented tourism in Australia complies with this segment’s philosophy, which attracts luxury lovers who do not want to harm the environment. New trendy concepts such as luxury eco-resorts, wildlife tourism with focus on conservation and carbon-neutral travel products are emerging. Furthermore, luxury travel providers are adopting sustainable measures, which include the use of local resources and sustainable eating plans. This shift to more sustainable and premium travel experiences is shaping the industry and creating a positive outlook for the market.
Technological advancements in travel services
With the advent of high-end digital platforms, luxury travelers can easily book personalized services such as private jets, premium accommodations, and exclusive tours with just a few clicks. Mobile apps offering virtual travel concierge services, real-time itinerary management, and seamless communication with travel providers are enhancing the luxury experience. These platforms allow travelers to curate every aspect of their journey with ease. Moreover, virtual reality (VR) technology is being used by luxury travel agencies to provide immersive previews of exclusive destinations, allowing clients to preview their vacations before booking. These tech-driven enhancements are improving the customer experience and driving demand for luxury travel.
Australia Luxury Travel Market News:
- On 11 May 2023, Flight Centre Travel Group FCTG announced the acquisition of luxury travel event, ‘Luxperience’ from event management specialists. Luxperience will be part of the Group’s Luxury Travel Collection, alongside brands like Travel Associates and Scott Dunn, and will continue to operate independently, maintaining its own identity without being aligned with any specific brand, similar to those businesses.
- On 31st August 2023, The Australian, a prominent national daily newspaper in Australia, launched a redesigned "Travel + Luxury Weekend" section, enhancing its weekend offerings to focus on high-end travel, fashion, and lifestyle content. This new-look section aims to cater to readers with an interest in premium experiences, featuring top destinations, exclusive resorts, and luxury brands. The move aligns with the newspaper’s broader strategy to enrich its content portfolio and appeal to affluent audiences.
Australia 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:
- Customized and Private Vacation
- Adventure and Safari
- Cruise and Ship Expedition
- Small Group Journey
- Celebration and Special Event
- Culinary Travel and Shopping
- Others
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, culinary travel and shopping, and others.
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:
- Australia Capital Territory & New South Wales
- Victoria & Tasmania
- Queensland
- Northern Territory & Southern Australia
- Western Australia
The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.
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.
Australia Luxury Travel Market Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | USD Billion |
| Scope of the Report | Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
|
| Type of Tours Covered | Customized and Private Vacation, Adventure and Safari, Cruise and Ship Expedition, Small Group Journey, Celebration and Special Event, Culinary Travel and Shopping, Others |
| Age Groups Covered | Millennial (21-30), Generation X (31-40), Baby Boomers (41-60), Silver Hair (60 and above) |
| Type of Travellers Covered | Absolute Luxury, Aspiring Luxury, Accessible Luxury |
| Regions Covered | Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, Western Australia |
| Customization Scope | 10% Free Customization |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the Australia luxury travel market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Australia luxury travel market?
- What is the breakup of the Australia luxury travel market on the basis of type of tour?
- What is the breakup of the Australia luxury travel market on the basis of age group?
- What is the breakup of the Australia luxury travel market on the basis of type of traveller?
- What are the various stages in the value chain of the Australia luxury travel market?
- What are the key driving factors and challenges in the Australia luxury travel?
- What is the structure of the Australia luxury travel market and who are the key players?
- What is the degree of competition in the Australia luxury travel market?
Key Benefits for Stakeholders:
- IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia luxury travel market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia luxury travel market.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia luxury travel industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
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