8th Aug 2019 – The global luxury
hotel market size is predicted to value at USD 115.80 billion by 2025.
The market is subject to undergo a substantial growth due to the rising
personal expenditure in both developed and developing countries, growing
preference towards international and local tourism, and numerous initiatives
and advertisement by regional government to promote tourism.
Globally, the luxury hotel market
is predicted to grow at CAGR of 4.3% in forecast period, providing numerous
opportunity to the market players for further investment to upgrade the
existing services offered by luxury hotels.
Organizing sporting events such as
Olympics, world cups and commonwealth games by local governments tends to
attract large audience, is one of the key factor escalating growth of the
industry. Other factors responsible for driving consumers towards luxury hotels
are growing number of musical concerts, travelling spectators for the sports
tournaments and business meetings; thus leading to expansion of the luxury
hotel industry in recent years.
With the rising investment by leading
industry players to establish luxury hotel chains, need for high-class
accommodations for corporate events, and holiday trips is further propelling
growth of the market.
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Increasing number of travelers are
opting for luxurious holiday packages that includes required comfort features
and finest quality of services, while cost associated with such packages have
become a secondary consideration. Many organizations are opting for necessary
modification and upgradation in the services and infrastructure to provide
full-filling experience to the customers, and to sustain themselves in the vast
competitive market. Formulating various methodologies to engage and maintain
customer relations by offering the high degree of hospitality is one of the key
factors driving the market growth.
The luxury hotel sector truly sets
itself apart from rest of the lodging industry sectors by providing world-class
services to customers in return. The adoption of latest technologies such as
IoT for betterment of opulent facilities and top-line catering services are
some of the modern feature affixed in the luxury hotel industry segment in
recent years. Luxury hotels are considered as one of the most impulsive
industry in the market, for instance, thriving in the economical good times
while suffering from heavy losses during financial downturn. Due to which, it
has become extremely important to identify latest trends and market potential,
while modifying or constantly changing the services accordingly. In near
future, it is predicted that the luxury hotel market segment is likely to
witness expeditious expansions in the general hospitality industry.
The luxury hotels not only offers
customers the world-class services but also feature finest quality of
infrastructure to provide an astonishing outlook to the hotel. The
infrastructural luxury packages involving the premium quality marble or granite
flooring and countertops, adoption of sub-zero appliances, and range of
handpicked hard-wood flooring are some of the stand out feature of luxury
hotels. As growing number of countries across the globe are relying on the
international tourism to generate revenue and maximize GDP growth, thus leading
to market growth over the forecast period.
The luxury hotel market is divided into
regional market segment such as North America, Europe, Asia-Pacific, Latin
America and Africa. North America has shown major growth in recent years owing
to increasing upgradation in existing services offered by luxury hotels and
existence leading industry players. Asia-Pacific region is predicted to hold
major market share in the luxury hotel industry with massive growth in forecast
period. Countries such as India, China and Singapore are leading the
Asia-Pacific market with increase in number of the travelers each year and rise
in the investment by leading industry players due to potential market
opportunities.
European region has also shown
significant growth in the luxury hotel industry during recent years owing to
the large number of initiatives undertaken by local governments to promote
tourism in the region. The key players in the market are Marriott
Incorporations, Shangri-La International Limited, InterContinental Hotels
Group, Accor Hotels Inc., Taj Hotels, and Four Seasons Hotels Ltd.
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