Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) -- The "Luxury Sleep Market Analysis, Trends, Revenue, Size & Growth: Global Market Forecast by Type, Blanket, Sheets and Pillowcases, Pillows, Bed, Bed Frame, and Region" report has been added to ResearchAndMarkets.com's offering.
The global luxury sleep market has experienced a significant surge in recent years, primarily fueled by a notable increase in leisure travel bookings. By the end of March 2023, bookings had risen by approximately 31% compared to March 2019, showcasing a remarkable 25% year-over-year growth between 2022 and 2023. This surge in travel demand is particularly evident among travelers from Europe, North America, and Latin and Middle East countries.
To capitalize on this trend, the luxury hotel sector has seen a resurgence, with transaction volumes surpassing pre-pandemic levels in 2022, reaching USD 75 billion. Moreover, online bookings for luxury hotels have also experienced substantial growth, with a 25% increase compared to 2019, highlighting the evolving landscape of luxury tourism and hospitality.
According to this research, the market's size is projected to grow at a CAGR of 3.9% during 2024-2030F. The global luxury sleep industry is poised for significant growth in the coming years, driven by the increasing prevalence of luxury accommodations worldwide. Noteworthy developments include the IKN Nusantara Hotel Development in Indonesia, which plans to introduce a 400-room hotel, and the Cadia Qui Nhon project in Vietnam, featuring two 40-story towers offering a mix of retail, residential, and premium hotel spaces by the end of 2024.
Additionally, in the United Kingdom, the Peninsula London luxury accommodations are expected to be completed by 2025. These projects exemplify the dynamic expansion occurring across diverse regions, each contributing to the advancement of their respective markets and presenting lucrative opportunities for players in the luxury sleep sector. These factors have been fueling the Global Luxury Sleep Market growth.
Market Segmentation by Type
In 2023, Sheets & Pillowcases dominated the global luxury sleep market in terms of revenue. This was largely attributed to their versatility, as sheets & pillowcases could be easily replaced or updated to suit changing preferences or seasons.
Market Segmentation by Blankets
In 2023, duvets dominated the global luxury sleep market in terms of revenue. This was largely attributed to their versatility, as duvets come with removable covers, facilitating easy washing and customization. This flexibility allows users to effortlessly change the duvet cover to complement their decor or preferences without the need to replace the entire bedding set.
Market Segmentation by Sheets and Pillowcases
In 2023, cotton dominated within the global luxury sleep market in revenue terms. Cotton's ability to facilitate efficient airflow and moisture-wicking properties during sleep plays a significant role in regulating body temperature and ensuring users experience cool and comfortable nights throughout the year. This versatile characteristic positions cotton as an ideal choice for luxury bedding across all seasons.
Market Segmentation by Pillows
In 2023, cotton dominated the global luxury sleep market in terms of revenue. Cotton fabric pillowcases are highly favored for their ease of care, as they can be conveniently machine washed and dried, facilitating everyday use. In contrast, materials such as silk and cashmere typically require delicate hand washing and air drying, making cotton a more practical and convenient choice for luxury bedding.
Market Segmentation by Bed
In 2023, high headboard bed frames dominated the global luxury sleep market in terms of revenue. High headboards come in a variety of styles, from traditional to contemporary, allowing for customization to suit different bedroom aesthetics and personal preferences.
Market Segmentation by Region
In 2023, Europe dominated the global luxury sleep market in terms of revenue. This was largely attributed to influence of luxury brands in the region. Europe is home to many prestigious luxury brands in the industry, attracting consumers from across the globe.
Key Attractiveness of the Report
- 10 Years Market Numbers
- Historical Data Starting from 2020 to 2023
- Base Year: 2023
- Forecast Data until 2030
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Key Topics Covered
1. Executive Summary
2. Introduction
2.1 Report Description
2.2 Key Highlights of the Report
2.3 Market Scope and Segmentation
2.4 Research Methodology
2.5 Assumptions
3. Global Luxury Sleep Market Overview
3.1 Global Luxury Sleep Market Revenues (2020-2030)
3.2 Global Luxury Sleep Market Industry Life Cycle
3.3 Global Luxury Sleep Market Porter Five Forces
3.4 Global Luxury Sleep Market Revenue Share and Revenues, By Types (2020-2030)
3.5 Global Luxury Sleep Market Revenue Share and Revenues, By Blanket Types (2020-2030)
3.6 Global Luxury Sleep Market Revenue Share and Revenues, By Sheets and Pillowcases (2020-2030)
3.7 Global Luxury Sleep Market Revenue Share and Revenues, By Pillow (2020-2030)
3.8 Global Luxury Sleep Market Revenue Share and Revenues, By Bed Size (2020-2030)
3.9 Global Luxury Sleep Market Revenue Share and Revenues, By Bed Frames (2020-2030)
3.10 Global Luxury Sleep Market Revenue Share and Revenues, By Region (2020-2030)
4. Global Luxury Sleep Market Dynamics
4.1 Market Restraints
5. Global Luxury Sleep Market Trends & Evolution
6. North America Luxury Sleep Market Overview
6.1 North America Luxury Sleep Market Overview
6.1.1 USA Luxury Sleep Market Overview
6.1.2 Canada Luxury Sleep Market Overview
6.2 North America Luxury Sleep Market Key Performance Indicators
7. Asia Pacific Luxury Sleep Market Overview
7.1 Asia Pacific Luxury Sleep Market Overview
7.1.1 India Luxury Sleep Market Overview
7.1.2 Japan Luxury Sleep Market Overview
7.1.3 China Luxury Sleep Market Overview
7.1.4 Singapore Luxury Sleep Market Overview
7.1.5 Thailand Luxury Sleep Market Overview
7.1.6 Malaysia Luxury Sleep Market Overview
7.1.7 Indonesia Luxury Sleep Market Overview
7.2 Asia Pacific Luxury Sleep Market Key Performance Indicators
8. Europe Luxury Sleep Market Overview
8.1 Europe Luxury Sleep Market Overview
8.1.1 United Kingdom Luxury Sleep Market Overview
8.1.2 Germany Luxury Sleep Market Overview
8.1.3 France Luxury Sleep Market Overview
8.1.4 Italy Luxury Sleep Market Overview
8.1.5 Switzerland Luxury Sleep Market Overview
8.1.6 Norway Luxury Sleep Market Overview
8.1.7 Sweden Luxury Sleep Market Overview
8.2 Europe Luxury Sleep Market Key Performance Indicators
For more information about this report visit https://www.researchandmarkets.com/r/vus5ll
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