The luxury travel sector has shown remarkable resilience. According to McKinsey, the industry is projected to grow from $1.4 trillion in 2024 to $2.2 trillion by 2030 globally. The Asia-Pacific region is leading the surge at a compound annual growth rate of 8.6% from 2024 to 2030. This growth is driven not just by affluence among the wealthy but by younger travellers.
Read More »
Riaz Munshi, President, OTOAI said, “People are more mature; we have seen a 20-30 per cent increase in experience and luxury travel, which is a significant number. We anticipate these numbers will continue to grow, making experience and luxury travel the most rapidly growing segment in the travel industry.”
Read More »
Findings from a study by GlobalData reveals that as luxury travellers resume travelling both domestically and abroad post-pandemic, they may begin to seek experiences that are more immersive and exceptional than in previous years. With travellers determined to make up for lost time, 2022 could see an increase in holiday budgets for luxury travellers, with an uptick in demand for ‘once in a lifetime’ adventures.
Read More »
Tourism Breaking News