A report released by Statista also predicted that luxury trips, defined as being those made by people with net assets of more than $1 million and who spend an average $2,400 each travel day, will grow by 7.3% annually until 2023.
It analysed the luxury market of nine countries: the US, China, Germany, India, Mexico, Australia, the United Arab Emirates, South Africa and Morocco.
The US had the largest luxury travel market, with a value of nearly $263 billion, and China came in second, worth $90 billion.
