Luxury hotels provide unmatched accommodation, dining and spa services to enhance guest experience. They offer lavish rooms, suites and villas equipped with premium amenities. Increasing brand promotions through digital channels are driving demand for luxury stays globally.
The global luxury hotels market is estimated to be valued at US$ 164.52 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digital marketing is playing a key role in the growth of luxury hotels market. Hotels have increased their digital presence through exclusive websites and engagement on social media platforms to attract millennial travelors. They provide curated lifestyle content, photos and videos showing lavish interiors, cuisine options and amenities to potential guests online. Live reviews and testimonials further boost brand visibility. Personalized communication through chatbots and emails help book direct reservations. Advanced online platforms allow guests to customize their stay with room upgrades, dining preferences and spa treatments conveniently. Growing preference for digital discovery and booking among global travelers is propelling revenue growth of luxury hotels significantly.
Segment Analysis
The global luxury hotels market is segmented by room type into business hotels, airport hotels, suite hotels, resort & spa and others. The resort & spa segment dominates the market and accounts for around 35% share owing to rise in wellness tourism and higher spending on leisure travel globally. This segment witnesses high demand throughout the year from tourists wanting relaxation and premium stay experience with high-end amenities.
Key Takeaways
The global luxury hotels market analysis is expected to witness high growth over the forecast period. The global luxury hotels market is estimated to be valued at US$ 164.52 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031.
Regional analysis shows that Asia Pacific holds the major share currently and is projected to maintain its dominance through 2031. Countries like China, Thailand, Indonesia and Malaysia have witnessed a rapid rise in number of luxury hotels opening in the past few years to tap the growing affluent customer base and boost tourism industry. Rising affluence, economic growth and changing lifestyle & purchasing behavior have boosted tourism and travels within the region significantly. The number of international tourist arrivals in APAC countries grew at 8-9% yearly during the past 5 years. This has boosted demand for quality stays and encouraged hotel operators to invest heavily in luxury hospitality projects across major cities and tourist destinations.
Key Players:
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. Bader GmbH & Co. KG specializes in luxury furnishings, soft trim materials and leather for premium automotive industry worldwide. Gruppo Mastrotto operates mainly in the automotive sector supplying high quality upholstery leather and technical leathers for automobile interiors to major OEMs globally.
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