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| Global Luxury Hotels Market Size |
Luxury hotels provide premium accommodation with enhanced facilities and
excellent customer service to attract business as well as leisure travelers
globally. Luxury hotels offer luxurious rooms equipped with modern amenities
and facilities like spa, fitness centres, swimming pools and premium in-room
services. With rising incomes and changing lifestyle, demand for premium stay
experience is increasing.
The global
luxury hotels market is estimated to be valued at US$ 142.81 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The growth of the luxury hotels market is expected to be accelerated by the
increased business and leisure travel over the coming years. After facing
decline during the pandemic, demand for both business and leisure travel is
recovering strongly. Various factors such as economic growth, globalization of
businesses, MICE (Meetings, Incentives, Conferences and Exhibitions) tourism
and rising incomes are driving the travel industry. Luxury hotels are
witnessing high occupancy rates driven by the recovery in corporate travel and
events. The hotels are also focusing on enhancing the leisure travel experience
through unique accommodation options and offers to attract tourists. This
rising travel trend is anticipated to drive significant growth in the luxury
hotels market during the forecast period.
Segment
Analysis
The global luxury hotels market is dominated by business travelers segment.
Luxury hotels offer premium amenities and services tailored for business travelers
such as executive lounges, spacious meeting rooms, high-speed internet
connectivity and dedicated concierge services. The business travelers segment
accounts for over 50% market share as luxury hotels aim to provide top-notch
business facilities and optimize the travel experience of corporate guests.
Key Takeaways
Global
Luxury Hotels Market Size is expected to witness high growth.
Regional
analysis: The Asia Pacific region currently holds around 35% share of the
global luxury hotels market and is expected to maintain its leading position
during the forecast period. Factors such as rising affluence, growing business
travel, and increasing focus of global hospitality brands on tapping the
potential of developing nations are supporting the growth of luxury hotels
industry in Asia Pacific. Countries like China, Thailand, and Singapore have
emerged as top destinations for luxury hospitality.
Key players operating in the luxury hotels market are Bader GmbH & Co. KG,
Bovine Leather, GST Autoleather Co. Ltd., Classic Soft Trim, Ctl Leather Inc.,
Eagle Ottawa, Llc (Lear Corporation), and Gruppo Mastrotto spa. These players
are focusing on expanding their luxury hotel chains and offering differentiated
experiences to attract more travelers globally. However, the competitive
intensity is also increasing with the entry of local luxury hotel brands in
different country markets.
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