Market Overview:
Luxury hotels provide superior facilities such as concierge service, spa and wellness centers, premium dining options and lavish rooms. They cater to high-end customers seeking exclusive experience during their travel. These facilities and services enhance customer experience and satisfaction.
Market key trends:
The growing tourism industry globally has significantly boosted the demand for luxury hotels market. International tourism has increased steadily over the past few years. According to United Nations World Tourism Organization (UNWTO), international tourist arrivals grew by 6% in 2020 to reach 1.5 billion and is expected to continue growing in the coming years. This rise in international travel is one of the major factors propelling the growth of luxury hotels market.
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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The luxury hotels market is segmented by type into business hotels, airport hotels, suite hotels, resorts and others. The resort segment dominates the market and is expected to witness high growth during the forecast period. This is mainly attributed to rising preference of affluent travelers for vacationing in exotic locations and indulging in luxury experiences. Resorts offer a wide range of amenities and experiences under one roof such as spa, golf courses, water sports and fine dining which attracts high spending customers.
Key Takeaways
The Global Luxury Hotels Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing wealth and international travel.
The market size for luxury hotels is estimated to reach US$ 142.81 Bn by 2023. The rising affluence in developing nations and growth of business travel are driving the demand for luxury accommodations.
Europe presently dominates the luxury hotels market, holding more than 30% share. Countries like France, Italy and United Kingdom have a strong presence of luxury brand hotels and witness high occupancy rates. However, Asia Pacific is expected to exhibit the fastest growth over the forecast period due to economic development and growth of middle-class population in countries like China and India.
Key players operating in the luxury hotels market are Marriott International, Hilton Worldwide Holdings Inc., InterContinental Hotels Group PLC, and Four Seasons Hotels and Resorts. Marriott International is the largest chain with a portfolio of luxury hotel brands like Ritz-Carlton and St. Regis. Hilton Worldwide Holdings also has a significant presence in the upscale segment with Conrad and Waldorf Astoria brands. These major players are focusing on expansion strategies through mergers and acquisitions to strengthen their global presence.
For More Insights, Read: https://www.newsstatix.com/luxury-hotels-market-size-share-and-growth-forecast-2023-2030/
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