As per a recent market analysis by Future Market Insights (FMI), the global Boutique Hotel market is poised to reach a valuation of US$ 93.37 Billion in 2022. Sales projected to increase at a 6.7% CAGR, with the market size reaching US$ 115.80 Billion by 2032.
With the growth in the number of restaurants and hotels around the world, the hospitality industry has experienced astounding growth. Additionally, the expansion of the hospitality market has been significantly aided by advancements in travel and the tourist sector. A variety of travelers, including those travelling in business class, on family vacations, and going on educational excursions, are enthusiastic about the boutique hotels trend since they may enjoy every single opulent experience there. Many well-known companies and brands have large hotel chains that serve travelers’ demands and are the reason why interest in boutique hotels is growing as travelers pursue their objectives.
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Despite the wide range of available housing options, boutique hotels are becoming more and more popular with tourists. A boutique hotel sets itself apart from other lodging options because to its smaller size as well as its superior administrations, layout, and ambiance. These hotels are smaller and located in distinctive settings in premium areas. A boutique hotel can be identified by its spotless environment, feel, personalized services, sublime atmosphere, premium furnishings, cutting-edge technology, and attention to detail. When looking for lodging, the modern traveler must value a home-away-from-home experience. Due to the inability of the majority of traditional hotels to provide such an experience, the creation of boutique hotels has increased.
The tourism industry is seen favorably by the federal government and local government, and Boutique, small, and medium-sized hotels can benefit from this programs by launching financing projects, advertising campaigns, and training programs. The travel and leisure sector supports the construction of hotels. It promotes social development and job creation within the region. It keeps millions of jobs in the hotel industry alive.
In order to raise awareness and boost ticket sales, the hotel industry is adopting cutting-edge social media marketing techniques, including Facebook. More customers are using booking applications due of their usability and convenience.
Key Takeaways:
- The North America and Asia Pacific regions hold a market share of ~28% and ~25% respectively.
- The Covid-19 pandemic had a 45% impact on the value of the Boutique Hotel tourism.
- Online booking channels lead the charts in Boutique Hotels tourism market booking channel segmentation.
- Miami, Los Angeles, London, New York City, the USA, and UK are some of the most popular destinations for Boutique Hotel tourism
- Promoting domestic tourism and supporting safe returns of international tourism.
Impact of COVID-19 on the Boutique Hotel Market
Governments and businesses will turn to the protection of their citizens as their top priority as the COVID-19-affected economies continue to spiral out of control. But governments and businesses will need to act quickly to deal with the impact of the slide in equities on global revenue and stock values. Almost every region of the world has been impacted by COVID-19’s interruptions, and the hotel business has been among those most badly impacted.
The travel bans were put into place, and they had a direct impact on hotel staff as well. The hotel and leisure industries are also working hard to understand and quantify the operational and financial ramifications for their companies while reacting rapidly and maintaining focus. Decisions to shut down lodging facilities, eateries, amusement parks, and theatres, as well as the general disruptive effects of the travel ecosystem.
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Who is winning?
To raise their market share, take advantage of market prospects, and boost market profitability, the companies in the Boutique Hotel business have employed a variety of developmental tactics. The top businesses are able to maintain their competitive advantage in the industry by offering all-inclusive packages and saving travellers the effort of browsing multiple channels for their trips.
Leading players operating in the Boutique Hotel industry are Hyatt Hotels, Four Seasons Holdings Inc., Mandarin Oriental International Limited, The Indian Hotels Company Limited, Jumeirah International LLC, Marriott International, Inc., Starwood Hotels and Resorts (Marriott), Starwood Hotels and Resorts (Marriott), Hyatt Hotels, ITC Hotels Limited, and Kerzner International Resorts, Inc.
The Boutique Hotel Market by Category
By Hotel Type:
- Business Hotels
- Suite Hotels
- Airport Hotels
- Resorts Hotels, and others
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveller
- Package Traveller
- Tour Group
By Consumer Orientation:
- Men
- Women
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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