Global Luxury Travel Market to Double, Reaching Nearly $40 Billion by 2028

In 2021, the luxury travel market was valued at $22.2 billion, and that number is now anticipated to double - reaching $40 billion by 2021, reports Caribbean News Digital. This growth is expected to be driven by rising middle-and upper-class disposable income and consumer spending, rising demand for accumulating “travel memories,” and an increase in “micro trips.” In addition, the rising number of people who prefer solo luxury travel will also contribute to the market’s growth. Caribbean News Digital reports the primary benchmark for the luxury travel market is for growing traveller preferences in personalized service, reliable transportation, and exclusivity.

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