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.
?The global luxury travel market is expected to garner $1.154 billion by 2022, registering a CAGR of 6.4 percent during the forecast period 2016-2022,? said Priyanka Bisht, research associate at Allied Market Research. ?Luxury travel market epitomizes most desirable destinations, luxurious accommodations, convenient transport facilities and authentic travel experience. ?Luxury travel aims in giving exotic experience to its travelers,? she said. ?Private jet planes, spas, special menus, private island rentals and private yacht are some of the unique services offered to the luxury travelers.?
Booming luxury travel

Baby boomers are creating the most growth within the luxury travel market likely due to their disposable income and savings and interest in travel along with not having the concern of health constraints that those 70 and up see. Travel is the most popular leisure activity for this generation, with Europe and the Caribbean as the top preferred desti...