The luxury hotel market is estimated to reach a valuation of US$ 95,113 million in 2022 and US$ 160,481.2 million in 2032. Demand is projected to increase at a 5.0 % CAGR during the forecast period.
The growth of the travel and tourist industry, a rise in consumer demand for leisure travel, and changes in standard of living all contribute to the expansion of the world’s luxury hotel market.
Additionally, in order to draw visitors, luxury hotels are always raising the standard of their services, from the design of their rooms and menus to the addition of spas, fitness centers, swimming pools, and laundry services.
In order to diversify their offers and open additional franchise locations around the world, luxury hotel operators invest heavily and do considerable research. The tourism business has also had a big impact on the rise of luxury hotels, which opens up new potential for the hospitality sector.
The luxury hotels are only available in large cities, though. This is due to the products and services required to manage these hotels are only available in certain places. As a result, there aren’t many of these luxury hotels in a nation, which leads to a shortage.
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Rapid urbanization, sudden surge in infrastructure development, and swift technological advances are expected to drive the market in Asia Pacific.
Key Takeaways
- The luxury hotel market is likely to have a CAGR of 0% during the forecast period.
- Based on type, the business hotel segment accounts for around one-third of the global luxury hotel market.
- The US holds the highest shares in the global luxury hotel market.
- The demand for the luxury hotel is driven by the shift in consumer choice to luxurious travel, experience, and comfort, a surge in per capita income, and better standards of living.
- Several obstacles, such as high tariffs and pricing, are likely to limit the luxury hotel market global expansion.
- The market value of the luxury hotel market is expected to be US$ 160,481.2 million by 2032.
The luxury hotel market is expected to rise in the forecast periods with a CAGR of 5.0% due to the increasing per capita income and improved standard of living.
Competitive Landscape:
As a current trend in the luxury hotels, sustainability is once again at the forefront of the hospitality sector. In order to keep clients hooked on their services, luxury hotel owners are also concentrating on membership cards.
Major players present in the luxury hotel market 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.
Recent Developments: Hotel Expansion
- In January 2021, Marriott International announced that they would be opening 100 new properties in the Asia Pacific region that year. The goal is to introduce luxury brands and experiences to tourists and visitors in undiscovered locations in the area.
- Hyatt declared in April 2022 that they are concentrating more on emerging countries and have set a target of about 70% growth in India. A multi-brand presence throughout cities is the goal. This action is being taken at a time when more individuals are willing to spend money on luxury vacations, and when South West Asia is expanding rapidly.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Global Luxury Hotel Industry market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights by Type (Business Hotels, Airport Hotel, Suite Hotels, Resorts Others), By Room Type (Luxury, Upper-Upscale, Upscale), & Region.
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