A recent study by Amadeus shows that in the past 5 years Asia has the highest percentage of luxury travelers and among the Asian countries, India and China has shown highest figures. India’s luxury market has been growing at an annual rate of 12.8% which is higher than any other BRIC (Brazil, Russia, India and China) countries.
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Growth in luxury travel means that in the past few years the number of people who have booked business class seats in the flights for travelling from India has increased. In the coming 10 years the number of travelers who avail business class flight seats is going to increase by 6.2%. Currently India’s luxury market rate is higher than all the BRIC nations and also 25 other countries.
The study shows that India is growing as a place that provides great potential for luxury travel investment and will attract more and more luxury travelers. Among the Asian countries, India and China will see the highest growth in the coming 10 years.
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The report also says that more than Europe’s, the Asia Pacific’s luxury travel market will see a faster growth. China’s luxury market is expected to continue to experience a double-digit growth of 12.2 %, although at slower pace than in the past. Overall Asia Pacific’s luxury travel market will see faster overall growth than Europe’s from 2011 to 2025. But unlike the steady increase in growth rate witnessed by Asia Pacific countries from 2011 to 2015, there will be a slowing down of growth rate from 2015 to 2025. The sub-Himalayan countries will be witnessing a significant growth in the overall luxury and also other middle class travel.
When seen over all, India has shown great scope for luxury travelers and so it surely means that people of India are growing in their spending power. Such numbers of luxury travel is something that India would feel good about. One has to wait and see what the figures are like in the coming 10 years, where India is said to grow even further.
North America and Western Europe are the market leaders of the global outbound luxury trip, but they make up only 18% of the world’s population.