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Boutique Hotel Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Boutique Hotel Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, September 18, 2024 /EINPresswire / -- The boutique hotel market has experienced robust growth in recent years, expanding from $87.95 billion in 2023 to $93.79 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to rising demand for unique and personalized travel experiences, increasing preference for authentic and locally-inspired accommodations, growing popularity of boutique hotels among millennials and Gen Z travelers, expansion of digital platforms enhancing booking convenience and rise in disposable incomes and spending on luxury travel experiences.
What Is The Estimated Market Size Of The Global Boutique Hotel Market And Its Annual Growth Rate?
The boutique hotel market is projected to continue its strong growth, reaching $121.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to the adoption of sustainable practices and eco-friendly initiatives, integration of advanced technology for personalized guest experiences, shift towards experiential hospitality offerings over traditional amenities, rising investment in refurbishing and repositioning existing properties and expansion of boutique hotel chains into emerging markets.
Explore Comprehensive Insights Into The Global Boutique Hotel Market With A Detailed Sample Report:
Growth Driver Of The Boutique Hotel Market
The growing trend of experiential travel is expected to propel the growth of the boutique hotel market going forward. Experiential travel involves immersive and hands-on experiences that allow travelers to engage deeply with a destination's culture, activities, and local life, often through unique and personalized activities. The growing trend of experiential travel stems from a desire for authentic, meaningful interactions and memorable experiences that surpass traditional sightseeing, providing deeper connections with destinations and cultures. Boutique hotels enhance experiential travel by providing unique, personalized accommodations that reflect local culture and character, offering travelers a more immersive and distinctive stay.
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Who Are The Leading Competitors In The Boutique Hotel Market Share?
Key players in the boutique hotel market include Marriott International Inc., Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, InterContinental Hotels Group PLC, Dubai Holding LLC, Rosewood Hotels & Resorts, Jumeirah International LLC, The Travel Corporation, Shangri-La International Hotel Management Ltd., The Peninsula Hotels, Mandarin Oriental International Limited, The Ace Hotel, Six Senses Hotels Resorts Spas, Firmdale Hotels, ITC Hotels Limited, Yotel Ltd., The Standard Hotels, The Hoxton, Ovolo Hotels, COMO Hotels and Resorts, Auberge Resorts Collection, 1 Hotels, The Pod Hotel, Design Hotels, Bunkhouse Group, Triple Creek Ranch, Farmhouse Inn, Kerzner International Limited.
What Are The Dominant Trends In Boutique Hotel Market Growth ?
Major companies operating in the boutique hotel market are developing advanced technologies, such as app-enabled modern services, to gain a competitive advantage. App-enabled modern services refer to digital solutions that use mobile applications to streamline and enhance various services, providing users with convenient, efficient, and often personalized experiences.
How Is The Global Boutique Hotel Market Segmented?
1) By Hotel Type: Business Hotels, Suite Hotels, Airport Hotels, Resorts Hotels, Other Hotel Types
2) By Style And Theme: Historic Boutique Hotels, Art-Themed Boutique Hotels, Eco-Friendly Or Green Boutique Hotels, Boutique Beach Resorts
3) By Target Audience: Luxury Boutique Hotels, Budget Boutique Hotels, Adults-Only Boutique Hotels, Family-Friendly Boutique Hotels
4) By Booking Channel: Phone Booking, Online Booking, In Person Booking
5) By Location: Urban Boutique Hotels, Rural Or Countryside Boutique Hotels
Geographical Insights: Asia-Pacific Leading The Boutique Hotel Market
Asia-Pacific was the largest region in the boutique hotel market in 2023. The regions covered in the boutique hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Boutique Hotel Market Definition
A boutique hotel refers to a small, stylish hotel often situated in a unique setting, such as a historical building or trendy urban neighborhood. These hotels emphasize intimate settings, personalized service, and often distinctive decor and amenities that cater to a specific theme or clientele. Boutique hotels aim to provide a more personalized and upscale experience compared to larger chain hotels, often focusing on luxury, design, and individuality.
Boutique Hotel Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global boutique hotel market report covering trends, opportunities, strategies, and more
The Boutique Hotel Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on boutique hotel market size, boutique hotel market drivers and trends, boutique hotel market major players, boutique hotel competitors' revenues, boutique hotel market positioning, and boutique hotel market growth across geographies. The boutique hotel market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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The Business Research Company
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