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France Luxury Travel on Hot Demand – Expected to Reach €48m by 2030

The analytics service providers have revealed that hassle-free travel is on an upward trend and is gaining market share in the overall travel industry.

According to a new report published by Allied Market Research titled “Luxury Travel Market by Trip Type, Age Group and Types of Travelers: Opportunity Analysis and Industry Forecast, 2021-2030”, the luxury travel market in France is expected to reach €48,777 by 2030. In addition, The authority reveals that the market size will grow at 20.4 percent compound annual growth (CAGR) from 2021 to 2030, TheSchengen.com reports.

The main findings of the study revealed that adventure tourism and safari dominate the luxury travel market in France, accounting for the majority of the share in 2020, while the dominant age group was the 41-60 age group.

By type of traveler, absolute luxury travel captured the highest market share over the forecast period, including the next eight years. Culinary tourism for travel and shopping in the luxury travel market in France is expected to increase at the highest compound annual growth rate (CAGR) during the forecast.

A study published by the European Travel Council (ETC) shows that France is the preferred destination to visit by international respondents. More specifically, about 32 percent of Canadian respondents said they wanted to visit France, 55 percent of Chinese and Japanese travelers, respectively, and 36 percent of Americans.

According to data from the World Travel and Tourism Council (WTTC), France’s travel and tourism industry is expected to see more than 60,000 jobs created compared to pre-pandemic levels, an increase of 2.3 percent. This figure represents 2.8 million jobs in the sector in total.

In addition, the authority revealed that before the outbreak of the pandemic, the share of French tourism and travel in the contribution of its economy amounted to nearly 211 billion euros.

The World Tourism Organization also backed these findings, according to which, if France continues to ease its restrictions on COVID-19, the country will see a contribution of €182 billion to its economy for 2022 – about 13.5 percent less than it was previously. Pandemic levels, when there are no travel restrictions and other troubles in the industry.

The World Tourism Authority is also urging governments to scrap the patchwork of restrictions and enable international travel with digital solutions, such as the EU’s digital COVID certificate, that allow travelers to prove their status in a fast, simple and secure way. wrote in a statement.

The research further reveals that the country’s economy could peak at €1.7 trillion of the sector’s contribution to the economy – still 12 per cent below pre-pandemic levels.

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Source: schengenvisainfo.com

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