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Travel and hospitality

Luxury travel industry to reach $1.2B by 2020: report

November 29, 2016

 

Travel & Leisure May 2015

Baby boomers are the leading demographic making up the luxury travel market spend with higher numbers of annual visits, according to Allied Market Research.

The new Luxury Travel Market report shows that luxury travel is increasing with a compound annual growth rate of 6.4 percent, eventually leading the industry to $1.2 billion by 2020. While baby boomers aged 51 to 69 lead the pack, Gen X follows but is more known for preferring to travel with multiple generations of the family such as kids, parents and grandparents.

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