Wilmington, Delaware, United States, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Globally, luxury hotels generated revenue of US$ 193.5 billion in 2020. From 2021 to 2031, the industry is expected to increase at a CAGR of 6.2%. The global luxury hotel market is expected to reach US$ 304.6 billion by 2031.
A significant role is played by changing consumer preferences. In modern travel, experiences are often more important than possessions, and luxury hotels offer a wide range of personalized services and amenities tailored to the needs of their guests.
Travelers seeking more intimate and unique accommodations who value design, art, individualized service, and niche accommodations are attracted to boutique and lifestyle hotels, which often fall under the luxury category.
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Key Findings of the Market Report
- The increasing spending capacity of consumers and rapid growth in the hospitality industry are driving global luxury hotel demand.
- Based on type, luxury hotels are likely to experience a surge in demand in the near future due to resort hotels.
- In terms of room capacity, luxury hotels are predicted to grow in demand in the next few years due to large hotels.
- The number of chain hotels in various regions will likely increase in the coming years, making chain hotels an increasingly dominant force.
- The Asia Pacific region will likely drive demand for luxury hotels in coming years.
Global Luxury Hotels Market: Growth Drivers
- Increasing international travel and globalization have increased the demand for luxury hotels. People with high net worth and business executives who often seek quality accommodations boost the demand for luxury hotels.
- Technology enhances guest experiences in the hospitality sector. A luxury hotel promotes a personalized guest experience, streamlines check-in processes, and offers high-tech amenities using mobile apps, artificial intelligence, and the Internet of Things.
- Wellness and sustainability are growing in demand in the hospitality industry. Hotels cater to health-conscious and eco-conscious travelers by adding spas, pools, and fitness facilities.
- In recent years, luxury travel has been influenced by cultural and experiential tourism. Luxury hotels often collaborate with local businesses and cultural institutions to create a deeper connection with the destination.
- Social media influences a significant number of travel decisions. A luxury hotel's social media presence should be desired to attract high-end guests, engage with guests, and showcase its offerings.
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Global Luxury Hotels Market: Regional Landscape- APAC to be a Soft Spot for Service Providers
- The Asia Pacific region is expected to drive demand for luxury hotels in the market. Increasing diversity of history and culture will create a demand for luxury hotels in the coming years. Increasing middle-class income and increased consumer spending make Asia Pacific a leading market for luxury hotels. Revenue growth at luxury hotels in Asia Pacific is largely driven by leisure travel.
- The demand for tourism in the Asia Pacific region has caused a boom in accommodation prices in the region.
- Major international hotel chains in Asia Pacific, including Hilton and Marriott International, are offering luxury accommodations. These companies are investing heavily in the region as the demand for luxury accommodations increases.
- Governments in the Asia Pacific region have promoted tourism and hospitality sectors. Combined with improved infrastructure and transportation, these initiatives have contributed to the growth of luxury hotels.
- Online travel booking platforms have increased in popularity in the Asia Pacific region. The ease of discovering and booking high-end accommodations has facilitated the growth of luxury hotels.
- Luxury hotels have been in demand in the Asia Pacific region due to business and tourism expansion. Guests seeking high-quality accommodations and experiences in this region include both business travelers and tourists.
Global Luxury Hotels Market: Key Players
A few major players dominate the luxury hotels market globally, contributing more than 50% of the total market. With homestay players entering the market, the competition is expected to intensify. Some prominent luxury hotels profiled in TMR’s report are:
- Accor
- Marriott International
- Hyatt Hotels
- Hilton Worldwide
- InterContinental Hotels Group
- Best Western Hotels
- Choice Hotels International, Inc.
- Wyndham Destinations
- Radisson Hotel Group
- Indian Hotels Company Limited
Key Developments
- In December 2023, EDITION Hotels established its presence in Italy, Singapore, and Mexico and opened a second location in Tokyo, cementing the brand's presence in Japan.
- Starting in 2024, Accor is set to introduce one of its most diverse line-ups of new hotels. With its 40+ hospitality brands worldwide, Accor offers an impressive selection of new hospitality options across all segments and categories. Some of the planned inaugurations include the Orient Express Grand Hotel de la Minerve, Raffles Jaipur, and Fairmont Golden Prague.
Global Luxury Hotels Market: Segmentation
By Type
- Business/Commercial Hotels
- Resort Hotels
- Boutique Hotels
- Casino Hotels
- Transit Hotels
- Bed & Breakfast Hotels
- Others
By Room Capacity
- Small Hotel
- Medium Hotel
- Large Hotel
- Mega Hotels
By Business Model
- Chain Hotels
- Individual Hotels
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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