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Luxury Hotel Market: 2024
The business hotels segment occupied around ~40% of the total luxury hotel market size in 2021.
North America is projected to maintain its leading position throughout 2031, growing at a CAGR of 5.1% from 2022 - 2031.” - Roshan Deshmukh
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, August 28, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled, "Luxury Hotel Market by Type, by Category: Global Opportunity Analysis and industry Forecast, 2020-2031". The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. The global luxury hotel market was valued at $95,113.00 million in 2020, and is projected to reach $160,481.23 million by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
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The global luxury hotel market is driven by rise in travel & tourism industry, increase in preference for leisure travel, and improved standard of living. However, premium price charged by such hotels restrains the luxury hotel market growth . Increasing leisure activities, rising demand for recreational stays, and innovative services during the stays are few of the factor emerging as the luxury hotel market trends.
Market players are actively exploring innovative products and services to bolster their presence and cater to the escalating demands of consumers. Established brands are leveraging strategies such as mergers, agreements, and partnerships to consolidate their position and expand their footprint in the market.
North America has emerged as the predominant market for luxury hotels and is poised to experience significant growth, driven by an increase in business travelers and other factors. Meanwhile, Europe has exhibited the most rapid growth rate in the resort segment during the forecast period, attributed to a surge in international tourist arrivals and the establishment of new hotels in key countries like Germany, France, Italy, and the UK.
Luxury hotels provide comfortable stay to tourist and travelers along with services such as spa, swimming pool, and fitness center. The market for luxury hotel has grown significantly in the past few years due to rise in the number of business travelers globally. Change in customer preference and upgradation in the services provided by hoteliers further boost the demand for luxury stays.
Business hotels segment is expected to dominate the market throughout the analysis period, owing to huge consumer base, which includes business travelers, tour groups, and small conference groups which holds strong position in luxury hotel market share.
The world luxury hotel market focuses mainly on the type and geographical segment. The luxury hotels type segment includes airport hotels, business hotels, suite hotels, resorts, and others (eco hotel and serviced apartment). Based on the category, the luxury hotel industry is analyzed by chain and independent nature of businesses. As far as the geographical segmentation is concerned, the world luxury hotel market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
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The major market players such as Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., and Jumeirah International LLC develop their product portfolios to strengthen their foothold in the market. The companies profiled in the report are Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, and The Indian Hotel Companies Limited.
The outbreak of COVID-19 pandemic has impacted the tourism and travel industry negatively. Implementation of social distancing, stay-at-home, and travel restrictions all over the world have restricted the growth of luxury hotel market.
According to the report published by the American Hotel and Lodging Association 2021, the hotel occupancy was decreased in the U.S. from 66% to approx. 40% in 2020 if compared to its previous year. Thus, hospitality industry is expected to experience a severe downturn due to the pandemic however, the market is expected to set back at its previous growth trend over the next couple of years.
Exploring Growth Prospects and Demand Trends in the Luxury Hotel Industry:
Market Growth and Expansion: Despite occasional economic downturns, the luxury hotel industry has shown resilience and continues to grow. Emerging markets such as China, India, and the Middle East have seen significant growth in luxury hotel development due to rising disposable incomes and increasing demand for luxury travel experiences. Additionally, established markets like Europe and North America continue to attract high-end travelers seeking unique and upscale accommodations.
Shift in Consumer Preferences: Luxury travelers are increasingly seeking personalized and authentic experiences rather than just luxurious amenities. They prioritize experiences that are immersive, culturally enriching, and offer a sense of exclusivity. Luxury hotels are responding by curating bespoke experiences, offering tailor-made services, and partnering with local artisans and experts to provide authentic experiences that resonate with discerning travelers.
Focus on Sustainability and Wellness: Sustainability and wellness have become key considerations for luxury travelers. They are increasingly seeking eco-friendly accommodations that minimize environmental impact and promote sustainability practices. Luxury hotels are responding by adopting sustainable practices such as energy-efficient design, waste reduction, and sourcing local and organic ingredients for dining options. Moreover, wellness offerings such as spa treatments, fitness facilities, and mindfulness programs are becoming standard amenities in luxury hotels.
Technological Innovation: Technology plays an increasingly significant role in enhancing the guest experience in luxury hotels. From seamless check-in processes and personalized concierge services to in-room automation and virtual reality experiences, hotels are leveraging technology to provide convenience, efficiency, and personalization. However, there's a delicate balance to maintain between incorporating technology and preserving the human touch and personalized service that defines the luxury hospitality experience.
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Key Benefits For Stakeholders:
○ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury hotel market analysis from 2020 to 2031 to identify the prevailing luxury hotel market opportunities.
○ The market research is offered along with information related to key drivers, restraints, and opportunities.
○ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
○ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
○ In-depth analysis of the luxury hotel market segmentation assists to determine the prevailing market opportunities.
○ Major countries in each region are mapped according to their revenue contribution to the global market.
○ The report includes the analysis of the regional as well as global luxury hotel market trends, key players, market segments, application areas, and market growth strategies.
Reasons to buy Luxury Hotel Market Report:
. Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
. Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.
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. Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
. Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope.
. Report will be updated with the latest data and delivered to you within 2-4 working days of order.
. Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
. Create regional and country strategies on the basis of local data and analysis.
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