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| Global Luxury Hotel Market |
The Luxury Hotel Market is estimated to be valued at US$ 128.54 Bn in 2023 and is expected to exhibit a CAGR of 11.1% over the forecast period 2023-2030,
as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Luxury Hotel market caters to high-end travelers offering premium amenities and
world-class service. These Hotel offer luxurious guest rooms and suites with
beds decked in finest linens, spa & fitness facilities, gourmet dining
options, 24-hour room service etc. They provide an exceptional experience and
personalized services like airport transfers, baby-sitting services, fitness
instructor access etc. to enhance guest comfort. Luxury hotel chains are
expanding globally in emerging tourist destinations and business hubs to
capitalize the rising inbound tourism and business travel demands.
Market Dynamics:
Rising disposable incomes and changing lifestyle preferences of high net-worth
individuals are driving the demand for luxury stays during business and leisure
travels. Moreover, the expanding tourism industry worldwide owing to factors
like globalization, rising spending power and increasing ease of travel is
propelling the luxury Hotel market growth. Between 2019 to 2023, international
tourist arrivals grew steadily at a pre-pandemic compound annual growth rate
(CAGR) of 4% globally, which further augments the need for upscale
accommodation facilities. Additionally, increasing MICE (meetings, incentives,
conferences and exhibitions) activities across the corporate sector also
contributes to the business demand for luxury Hotel.
Segment Analysis
The Global
Luxury Hotel Market comprises business Hotel, airport Hotel, suite Hotel,
resort & spa Hotel and others. Resort & spa Hotel dominate the luxury
hotel segment with around 35% share owing to increasing preference of travelers
for all-inclusive luxury resort vacations offering wide array of amenities and
services.
PEST Analysis
Political: Favorable government initiatives to promote tourism sector
significantly spur the luxury hotel market growth.
Economic: Rise in high net worth individuals and global economic growth propel
the spending on luxury travel and accommodation.
Social: Changing lifestyle, increasing disposable income, and growing passion
for leisure travel boost the demand for luxury Hotel.
Technological: Adoption of innovative technologies by luxury Hotel such as AI,
IoT, blockchain etc. enhances customer experience and service delivery.
Key Takeaways
The global luxury Hotel market is expected to witness high growth, exhibiting CAGR of 11.1% over the forecast period,
due to increasing preference for premium hotel stays amongst global travelers.
The Asia Pacific region dominates the luxury hotel market with nearly 35% share
in 2023 driven by strong economic growth in major countries such as China and
India leading to significant rise in expatriate travelers and business
travelers.
Europe follows Asia Pacific in the luxury hotel market with around 30% share in
2023. Western European countries particularly witness high demand for luxury Hotel
as they are major tourist destinations. Countries like Germany, France, UK
contribute a major portion in the regional market.
North America captures approximately 25% share in the global luxury Hotel
market in 2023. U.S. is the major contributor in the regional market as it is
the preferred business and leisure destination amongst international travelers.
Key players operating in the luxury Hotel market are The Indian Hotel Company
Limited, InterContinental Hotel Group plc, Rosewood Hotel & Resorts, Oberoi
Hotel & Resorts, Naman Retreat, Jumeirah International LLC, Shangri-La
International Hotel Management Ltd., Hyatt Hotel Corporation, Accor S.A, Hilton
Hotel & Resorts, and Marriott International, Inc. The market is highly
competitive as major players are increasing their footprint through mergers
& acquisitions and expanding internationally especially in emerging
economies.
Read More: https://www.rapidwebwire.com/luxury-hotels-market-demand/