The expanding growth of the travel and tourist sector, rising disposable income, rising standards of living, and increased government investments in the tourism and hospitality industry are predicted to fuel the luxury hotel market.
According to the India Brand Equity Foundation (IBEF), India was ranked third among 184 nations in terms of overall contribution to GDP from travel and tourism in 2016, and is anticipated to expand at a rate of 7.9% annually from 2016 to 2026.
In terms of revenue, the business hotels category accounted for the greatest proportion of the worldwide luxury hotel market in 2018. Due to an increase in the number of business travellers and increased business travel spending internationally, the market is predicted to rise significantly over the forecast period.
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