New York, USA, Oct. 02, 2022 (GLOBE NEWSWIRE) -- The Global Luxury Hotel Market Size Was Valued at USD 93.4 Billion In 2021. The Market Is Projected to Grow USD 238.4 Billion In 2030, At A CAGR of 10.5%. as per the latest research report by Spherical Insights & Consulting.
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The emergence of the travel and tourism business, as well as shifting patterns in standard of life, has resulted in a steady increase in the luxury hotel market. The demand for luxury hotels varies depending on the property type and is impacted by factors including location, size, and on-site amenities. The market is likely to be driven by rising disposable income, popularising weekend culture, the introduction of low-cost airline services, and the developing service industry. The rise in spending power and the style of living are two of the most important factors driving people to luxury resorts. The demand for luxury hotels is also fueled by a city's or country's hosting of sporting events. Sports teams, as well as spectators flying from all over the world for the tournament, prefer to stay in luxury hotels, resulting in a rise in bookings. Major market participants are heavily investing in infrastructure and upgrading their properties with the most up-to-date amenities in order to improve aesthetics and overall consumer comfort. Over the projection period, the North American region is expected to lead the market, followed by Europe. The business hotel category is currently leading and is projected to continue to do so in the future.
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Travelers are increasingly opting for a luxury lifestyle throughout their vacations or holidays. They regard it as a very soothing and revitalising vacation experience. This is gaining popular with newlywed couples and senior adults, who regard their luxury stay as a once-in-a-lifetime opportunity. It has become a tendency in the luxury hotel sector to sell their offerings while keeping their brand image; different techniques and endorsements are used to practice.
North America dominated largest market share for the global luxury hotel market in 2020 owing to the presence of dominant players in the market are investing profoundly in infrastructure and upgrading their property with the latest accessories to enhance aesthetics and the overall comfort offered to customers. Increased spending on lavish lodging in the United States and Canada generates more revenue, making North America the leading region in the luxury hotel sector. Domestic travelers in the United States spent about USD 972 billion in 2019, according to the U.S. Travel Association's U.S. TRAVEL AND TOURISM OVERVIEW (2019), with spending on lodgings, such as hotels/motels/B&B and vacation homes, among others, totaling USD 242 billion for both domestic and international travelers.
Browse key industry insights spread across 198 pages with 120 market data tables and figures & charts from the report “Global Luxury Hotel Market Size By Type (Business Hotels, Airport Hotels, Suite Hotels, Resorts, Others), By Category (Chain, Independent); By Region (U.S., Canada, Mexico, Rest Of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest Of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest Of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest Of Middle East & Africa, Brazil, Argentina, Rest Of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends And Forecast, 2021-2030” in detail along with the table of contents
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Key Companies & Recent Developments
Companies Covered: ITC HOTELS, Marriott International Inc, Accor S.A, Belmond Ltd, Hyatt Corporation, Belmond Ltd, Four Seasons Hotels Limited, InterContinental Hotels Group PLC, Rosewood Hotels & Resorts, Ritz-Carlton Hotel Company LLC, Shangri-La International Hotel Management Ltd.
In addition, product differentiation and developments, as well as service expansion, are projected to help organizations thrive in the market. For instance, In January 2021, Marriott International, Inc. revealed plans to open almost 100 hotels in Asia Pacific by 2021, including The Ritz-Carlton, St. Regis, W, The Luxury Collection, and JW Marriott, among other luxury brands.
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