According to IMARC Group latest report titled” Luxury Hotel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market exhibited moderate growth during 2015-2020. The global luxury hotel market to grow at a CAGR of around 6% during 2021-2026. Luxury hotels refer to commercial establishments providing luxurious and high-end lodging facilities to travelers, tourists, and guests. They commonly include business, airport, and suite hotels and resorts, etc. Luxury hotel accommodations offer various lavish services, including spas, swimming pools, dine-in restaurants, salons, private beaches, fitness centers, etc. They also provide convenient and discreet check-in and check-out, laundry, concierge services, smart planning and booking, babysitting, etc. Luxury hotels have exclusive designer interiors manufactured utilizing state-of-the-art technologies, flat-screen televisions (TVs), artisan toiletries, etc., to enhance the guest experience.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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 ongoing 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 around 6% during the forecast period (2021-2026).
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Accor
- Belmond Ltd.
- 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 L.L.C.
- Shangri-La International Hotel Management Ltd.
- The Indian Hotels Company Limited
Luxury Hotel Market Segmentation:
Our report has categorized the market based on region, type, room type and category.
Breakup by Type:
- Business Hotels
- Airport Hotels
- Suite Hotels
- Resorts
- Others
Breakup by Room Type:
- Luxury
- Upper-Upscale
- Upscale
Breakup by Category:
- Chain
- Independent
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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