Luxury Concierge Services Market Remarking Enormous Growth with Current Trends & Demands through 2022-2030
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| Luxury Concierge Services Market |
The global luxury concierge service Market is estimated to be valued at US$ 491.1 Mn in 2022 and is expected to exhibit a CAGR of 5.5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Luxury concierge services provide customised services such as travel planning, event planning, luxury gift sourcing, and home services to high-net-worth individuals. These services help save time and effort for busy customers by taking care of day-to-day tasks. There is an increasing demand for luxury lifestyle experiences among affluent individuals, which is driving the growth of the luxury concierge service market.
Market Overview
Luxury concierge services provide personalized services like travel arrangements, luxury shopping services, exclusive event planning and home services to high-net-worth individuals .These services helps save time and efforts for busy customers by handling their everyday tasks.
Market Key Trends
One of the key trends in the luxury concierge service market is the rising popularity of online concierge services. Many luxury concierge service providers are developing mobile applications and websites to offer their services digitally. This allows customers to request services remotely through online platforms. The digital platforms also help concierge companies track customer requests and preferences better to provide customized services. The increasing internet and smartphone penetration worldwide is propelling the demand for online concierge services.
Segment Analysis
The luxury concierge service market is segmented by service type and end-user. Based on service type, the transportation segment dominated the market in 2021 with a market share of over 30%. This is mainly because transportation services such as airport transfers, chauffeur services, and sightseeing tours are among the most sought-after services by travelers. Based on end-user, the individual segment is expected to be the fastest-growing segment during the forecast period. This growth can be attributed to the rising number of high-net-worth individuals opting for luxury concierge services to fulfill their individual needs and requirements while traveling.
Key Takeaways
The global Luxury Concierge Services Market Segmentation is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period from 2022 to 2030, due to increasing travel and tourism activities worldwide. In 2021, the market size stood at US$ 458.2 Mn.
Regional analysis- Europe dominates the luxury concierge service market currently, accounting for over 30% market share in 2021. This is attributed to the presence of major luxury concierge service providers and high demand for luxury travels in countries like France and Italy. However, Asia Pacific is expected to witness the fastest growth during the forecast period due to rising incomes and increasing number of HNIs in countries like China and India.
Key players analysis- Key players operating in the luxury concierge service market are 48 London, Alpine Escape, Arburton Ltd, Aspen Luxury Concierge Service LLC, AZ Luxe, Bon Vivant, Globe Infinite, Ibiza Luxury Concierge Service, Innerplace Co., and John Paul. 48 London dominates the market with a global presence and wide service portfolio including travel booking, event management and pet services among others.
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