According to IMARC Group latest report titledLuxury Hotel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, offers a comprehensive analysis of the industry, which comprises insights onluxury hotel marketoutlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global luxury hotel market size reached US$ 104.7 Billion in 2022. Looking forward, IMARC Group expects themarket to reach US$ 137.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
What is luxury hotel?
A luxury hotel is a high-end accommodation establishment providing guests with superior service, amenities, and comfort. It is designed to provide guests with an exceptional experience that is both luxurious and memorable. It is located in prime locations, such as city centers, scenic waterfronts, or exclusive resorts, and offers guests access to an array of on-site amenities, including world-class restaurants, spas, fitness centers, and concierge services. In addition to the on-site amenities and services, luxury hotels offer guests a range of activities and experiences to enjoy during their stay. From guided tours of local attractions to outdoor adventures, such as hiking, skiing, or water sports, luxury hotels strive to provide guests with an unforgettable experience beyond just comfortable accommodations.
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What are the growth prospects and trends in the luxury hotel industry?
Significant growth in the tourism and hospitality industries majorly drives the global market. This can be supported by the growing preference for weekend getaways and changing lifestyle patterns among the working population. Along with this, the widespread implementation of the work-from-home model has increased the number of staycations and weekend trips in luxury hotels for remote working, is significantly supporting the market. In addition, the rising proliferation of social media platforms and hotels collaborating with celebrities and influencers is positively influencing the demand. Moreover, the development of smartphone applications and websites for online booking of hotels, with technology-assisted facilities such as mobile check-in, contactless payments, voice control, and biometrics, enhances the overall experience for guests, creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and inflating disposable income levels.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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 (2017-2022)
- Market Outlook (2023-2028)
- Porters Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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