The latest report by IMARC Group, titled “Luxury Hotel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global luxury hotel market size reached US$ 100.0 Billion in 2021. A luxury hotel is a lavish accommodation that houses high-paying guests. It provides high-quality services and dining experience, along with other amenities such as swimming pools, barbeque, spa, gym, and bar. These services can be tailor-made as per the requirements and desires of the customers. Luxury hotels deem themselves as four- or five-star hotels and include boutique hotels, resorts, and bed and breakfasts (B&B). In recent years, luxury hotels have gained immense popularity as they offer fast, convenient, and discrete check-in and check-out, smart planning and booking processes, babysitting, and concierge services to customers. They are also equipped with state-of-the-art technologies, which enhance the experience of travelers, tourists, and guests.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Luxury Hotel Market Trends:
The market is primarily driven by the growth of the tourism and hospitality industries. Rapid urbanization and improving living standards of individuals are also increasingly influencing the market growth. Nowadays, various sporting and entertainment events are hosted across various countries. Due to this, several sporting teams, performers, and spectators traveling from different destinations avail luxury accommodations for stays and services, propelling the demand for luxury hotels. Besides this, the coronavirus disease (COVID-19) pandemic has increased the preference for staycations and weekend trips in luxury hotels for remote working. In addition to this, the rising disposable income levels, coupled with the popularizing weekend culture, especially among the working population and the introduction of low-cost airline services, are facilitating the market growth. Furthermore, key players are extensively investing in upgrading the infrastructure to enhance the aesthetics and overall comfort of the customers. On account of these factors, the market is expected to grow at a CAGR of 4.6% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into business hotels, airport hotels, suite hotels, resorts, and others.
- On the basis of the room type, the market has been classified into luxury, upper-upscale, and upscale.
- The market has been segregated based on the category into chain and independent.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Accor SA, Belmond Limited (LVMH Moët Hennessy Louis Vuitton), Four Seasons Hotels Limited, Hyatt Hotels Corporation, InterContinental Hotels Group plc, ITC Limited, Jumeirah International LLC, Mandarin Oriental Hotel Group Limited, Marriott International Inc, Rosewood Hotels and Resorts LLC. (Rosewood Hotel Group), Shangri-La International Hotel Management Ltd., and The Indian Hotels Company Limited.
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