Researchers have found the global luxury tourism market generated $831 billion in 2019.
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.
Statista predicted China’s and India’s luxury markets as being those that will grow the most rapidly in the next five years, driven by increases of affluent travellers in their domestic markets.
“A key trend that has been shaping luxury tourism in recent years is the increase in multi-generational travel,” Dr Friedrich Schwandt, Statista’s founder and managing director, said.
“Families are seeking an opportunity to spend quality time together and strengthen bonds.
“As millennials and generation Z gain economic influence and represent an increasing proportion of luxury travellers, adventure, uniqueness, as well as sustainability also become vital, as they contribute to a high-profile social media image.”
The report went on to say that that luxury market represents 14% of the total global tourism market, which is said to be worth $5.9 trillion.