NEW YORK, March 22, 2021 /PRNewswire/ -- The luxury travel market is expected to grow by USD 1,232.77 billion during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the luxury travel market in optimistic, probable, and pessimistic forecast scenarios.
Enterprises will go through the Response, Recovery, and Renew phases.
The luxury travel market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to decrease as compared to 2020.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
Adjust their strategic planning to move ahead once business stability kicks in.
Build Resilience by making effective resource and investment choicesfor individual business units, products, and service lines.
Conceptualize scenario-based planning to mitigate future crisis situations.
Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
Pre- as well as post-COVID-19 market estimates
Quarterly impact analysis and updates on market estimates
Related Report on Consumer Discretionary Include:
Global Business Travel Market - Global business travel market is segmented by expenditure (travel fare, lodging, dining, and other expenditure), age (above 40 years and below 40 years), application (marketing, internal meeting, trade show, and product launch), and geography (APAC, Europe, MEA, North America, and South America).
Global Online Travel Booking Platform Market - Global online travel booking platform market is segmented by type (packages and direct), booking platform (desktop/laptop and mobile/tablet), and geography (North America, APAC, Europe, South America, and MEA).
Abercrombie & Kent USA LLC operates its business through segments such as Destinations, Small group journeys, Cruises, Private jet, and Tailormade. The company provides luxury travel across destinations around the world
Absolute Travel Inc.
Absolute Travel Inc. operates its business through segments such as Cruises, Vacations, Tours, and Tours & excursions. The company provides luxury travel by cruising across the globe.
Butterfield & Robinson Inc.
Butterfield & Robinson Inc. operates its business through the Unified segment. The company provides a comprehensive range of luxury travels including adventure travel, culinary travel, and travel by small ships.
The luxury travel market is driven by increasing disposable incomes. In addition, other factors such as trending sports tourism are expected to trigger the luxury travel market toward witnessing a decelerating CAGR of almost 26% during the forecast period.
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.