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Concerns raised over hospitality staff after smoking curbs ditchedSaturday, November 30, 2024 The luxury travel sector had a valuation of $638.2 billion in 2021 and is expected to reach $1,650.5 billion by 2031, reflecting a steady annual growth rate of 8.9% between 2022 and 2031. The global luxury travel market has seen rapid expansion in recent years, driven by an increasing demand for distinctive and exotic travel destinations. Although luxury travel remains a niche sector, its market share within the broader travel industry is steadily growing. This growth is attributed to rising disposable incomes and improving living standards, as well as the increasing number of high-net-worth individuals (HNIs) in emerging markets, which further boosts demand for luxury travel experiences. A key factor in the rise of the luxury travel market is the adoption of cutting-edge technologies by luxury travel providers. These innovations are enhancing the status of luxury travel and offering guests top-tier facilities. Notable technological advancements, such as Oculus Rift virtual reality, Amazon Echo-powered artificial intelligence, GoPro wearable tech, and DaVinci 3D printing, have been introduced to enrich travelers’ experiences. The expanding HNI population and the aspirations of wealthy millennials are major drivers of growth in the luxury travel market, particularly in the Asia-Pacific region. Baby boomers and Generation X remain significant contributors to the market in this region. The growing desire to explore unfamiliar places and enjoy one-of-a-kind experiences has led companies to offer tours that connect travelers with the local culture, providing opportunities to uncover hidden gems and engage with local communities. However, shifting socio-economic conditions pose potential challenges to the market’s expansion. In response, travel providers are launching personalized itineraries and custom travel plans that cater to evolving traveler needs. Renowned companies like Abercrombie & Kent Ltd. and Cox & Kings Ltd. employ expert teams who assist travelers in selecting the best trips based on their interests and preferences. The global luxury travel market is segmented by tour type, age group, traveler type, and region. By tour type, the market is divided into customized and private vacations, adventure and safari, cruise expeditions, small group journeys, celebrations and special events, and culinary travel and shopping. By age group, it is categorized into millennials, Generation X, baby boomers, and silver-haired travelers. In terms of traveler type, the market is split into absolute luxury, aspiring luxury, and accessible luxury. Regionally, the market spans North America (U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and the rest of Europe), Asia-Pacific (China, Singapore, India, and the rest of Asia-Pacific), and LAMEA (Middle East, Latin America, and Africa). Among the different tour types, the celebration and special events segment holds around 6.5% of the global luxury travel market share. This segment is anticipated to experience significant growth, with a compound annual growth rate (CAGR) of 9.5% during the forecast period. This surge is driven by growing interest in celebrating significant milestones, such as family reunions, birthdays, weddings, anniversaries, and large public events like New Year’s. Luxury travel companies now offer private tours to exclusive destinations for special occasions, making destination-based celebration travel a prominent trend in the luxury travel market. More people are seeking to commemorate important moments or share new experiences, contributing to the rising popularity of celebration and special event travel. In 2021, the Generation X segment of luxury travelers, defined as those aged 35-50, was valued at approximately $213.3 billion, with projections indicating growth to $550.3 billion by 2031, driven by a compound annual growth rate (CAGR) of 8.9%. Known for having higher disposable income, this age group spends around $627 per day on vacation, which is 20% more than Millennials. Family life significantly influences their travel choices, with leisure trips often planned around family activities. The Generation X group can be divided into two categories: those who are recently single and those approaching a major wedding anniversary. The recently single segment is more inclined toward adventure rather than socializing or partying, favoring destinations like Chile, Mexico, Canada, Argentina, Australia, and New Zealand. On the other hand, married Generation X individuals with children tend to select destinations that cater to their family needs, as well as places they’ve never visited before, prioritizing safety during travel. These factors are expected to drive significant growth in the luxury travel market for this demographic over the forecast period. In the luxury travel market, the Accessible Luxury segment is anticipated to reach $207.3 billion by 2031, growing at a CAGR of 8.9%. Accessible luxury travel offers high-end experiences to a broader consumer base. This segment has been expanding rapidly, influenced by peer pressure and advancements in technology, which have broadened consumers’ understanding of luxury services and their associated costs. Accessible luxury travelers tend to favor shorter holidays, often selecting destinations closer to home due to financial constraints. These travelers are also more likely to explore off-the-beaten-path destinations, avoiding city centers in favor of lesser-known neighborhoods that provide an authentic experience. Regionally, the Asia-Pacific market is poised to be the fastest-growing luxury travel sector, with a CAGR of 11.1% during the forecast period. The Latin America, Middle East, and Africa (LAMEA) region is expected to follow as the second-fastest growing market, driven by the region’s emerging economies. The expansion of luxury travel in these regions is projected to significantly contribute to the global market’s growth. Key players in the luxury travel industry are focusing on product launches and business expansions to increase market share, enhance profitability, and stay competitive. Prominent companies in the sector include Abercrombie & Kent USA, LLC, Cox & Kings Ltd, Travcoa, Micato Safaris, Ker & Downey, Tauck, Thomas Cook Group PLC, Scott Dunn Ltd., Kensington Tours, Butterfield & Robinson Inc., TUI Group, Zicasso, Inc., Black Tomato, Backroads, Lindblad Expeditions, and Exodus Travels. The global luxury travel industry was valued at $638.21 billion in 2021 and is projected to grow to $1.65 trillion by 2031, experiencing a compound annual growth rate (CAGR) of 8.9% over the forecast period. Among various travel types, the cruise and ship expedition sector is expected to see the highest growth rate, with a CAGR of 10.9% during the forecast period. In 2021, the “silver hair” demographic segment was valued at $89.11 billion, accounting for 14.0% of the global luxury travel market share. The “aspiring luxury” traveler category was valued at $202.14 billion in 2021 and is anticipated to grow at a CAGR of 8.7%. Italy emerged as the leading luxury travel market in Europe in 2021, projected to reach $176.44 billion by 2031, growing at a CAGR of 8.2% during the forecast period.
Arsenal made light work of Sporting CP as they left Lisbon with all three points to kick-start their Champions League campaign. Three goals before half-time did the damage, the first time they had scored three away goals in a European tie since Mikel Arteta's first season in charge. Goncalo Inacio threatened to make a game of it moments after the restart, but a Bukayo Saka penalty restored the three-goal advantage before Leandro Trossard scored the visitors' fifth. It was Arsenal's first away win in the Champions League in more than a year, with the last one comping against Sevilla in October 2023. It also helped them lay to rest the ghosts of their Europa League elimination against Sporting a few months before that. Both sides are now on 10 points from five European games, with automatic qualification for the round of 16 still a possibility. With two of the last three games on home soil, Arteta's men will fancy their chances. It took less than seven minutes for Arsenal to get themselves in front. Some quick passing down the Gunners right created space for Jurrien Timber, and his low cross found Gabriel Martinelli free at the back post to tap home. One became two just after the 20 minute mark, with more success down the right. This time it was Bukayo Saka who beat the offside trap and Kai Havertz who rolled the ball home from point-blank range. Gabriel headed home a Declan Rice corner seconds before the break, leaving Sporting with a mountain to climb. Inacio gave them hope, but it was quickly extinguished when Ousmane Diomande went through the back of Martin Odegaard and Saka made no mistake from the spot. Was this Arsenal's best performance of the season? Have your say in the comments section It was an important win for the visitors after they took just one point from their first two away European games, and Trossard made it absolutely safe as he tucked home the rebound after Mikel Merino's effort was parried. Here are Mirror Football 's talking points from the statement victory. 1. Arsenal succeed where City failed While Manchester City were punished for missed chances at the Alvalade earlier in the month, Arsenal made no such mistake. Not only that, but they took advantage through the kind of goal which Pep Guardiola's side have made their bread and butter in recent years. An overload down the wing, followed by a cutback which leaves an free forward with a simple finish. Not once but twice, and Sporting had no answer. It almost happened for a third time before the break, with Kai Havertz inches from collecting a ball between the lines from Martin Odegaard. In the end, though, they went for a goal more typical of their own style - a header from a Rice corner. 2. Martinelli's redemption When Arsenal and Sporting met in the 2022-23 Europa League , Gabriel Martinelli ended up as the villain of the piece. His penalty was saved by Antonio Adan in a shoot-out defeat in North London, sending the Portuguese side through at the expense of Mikel Arteta's men. If that was playing on his mind at the start, that soon changed. He won't have too many easier finishes this season, but he still needed to be in the right place to meet Timber's low cross. The Brazilian hasn't been an automatic pick this season, with his goal tally below his previously high standards. This goal was vintage Martinelli, though, and he'll hope it can spur him on to more. 3. Arteta's rotation rewarded Some eyebrows were raised when Arsenal fans looked at Mikel Arteta's weekend selection. Those players had more than enough to beat Nottingham Forest , though, and it allowed others to enjoy a bit of a rest. Martinelli was another of those given a rest over the weekend, and he made it count. It looked like a fresh team all round, too, with Arteta perhaps recognising the importance of a fast start. The flurry of goals also allowed Arteta to give some of his players an early rest, with Odegaard and Rice in particular likely to benefit from being kept fresh. Next for Arsenal is a trip to West Ham , who might have hoped to be facing a more tired opponent. 4. 100 up for Saliba William Saliba has felt like part of the furniture at Arsenal for so long, it's hard to remember a time when he wasn't a fixture in the side. It might seem strange, but he only made his first senior appearance less than two-and-a-half years ago and has now brought up 100 first-team outings. More than three quarters of those have come in the league, including all 38 last season. This was his 19th outing in Europe, and his first against Sporting since suffering the injury which curtailed his 2022-23 season. He put that memory behind him, marshalling the potentially dangerous Viktor Gyokeres. The victory was Saliba's 65th in 100 Arsenal outings, making him only the sixth player in the team's history to win as many during that first century of games. 5. Gunners goal-shy no more Going into Tuesday's game, Arsenal had failed to score in any of their last four away games in the Champions League . It almost cost them against Porto in last season's round of 16, and then did cost them against Bayern Munich in the quarter-finals as Thomas Tuchel's team followed a 2-2 first-leg draw with a 1-0 win in Bavaria. While the goalless draw against Atalanta this term wasn't the most inspiring display, the Gunners looked good value for a goal at the San Siro as they lost 1-0 to Inter. In short, many sensed that barren run wasn't likely to go on for too long. You have to go all the way back to 2008 for the last time Arsenal scored five in a European away day. They'd certainly have taken that before kick-off. Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. Sky has slashed the price of its Sky Sports, Sky Stream, Sky TV and Netflix bundle in an unbeatable new deal that saves £240 and includes 1,400 live matches across the Premier League, EFL and more.None
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