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The Global Luxury Hotels Market was valued at US$ 25.6 billion in 2018 and is projected to increase significantly at a CAGR of 14.6% from 2023 to 2032.
Market drivers include emerging tourism and corporate sectors in various regions, rising disposable revenue, a higher standard of living, and a greater preference for leisure travel.
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Customers are drawn to luxury resorts by factors such as an increase in purchasing power and a higher standard of living. Luxury accommodations are becoming more sought-after for corporate events, stays, leisure trips, and corporate events.
The industry’s growth can be attributed to local governments organizing major sporting events, such as the Olympics and commonwealth Games. In recent years, other factors have led to a rise in luxury hotel sales, such as the increasing number of concerts and travel spectators for sporting events.
Travelers are increasingly choosing luxury holiday packages, which include all the comforts and highest quality services. The costs of such packages are now secondary. Many companies are looking to improve their services and infrastructure to offer a satisfying experience to customers and compete in a competitive market. Market growth can be driven by developing innovative ways to engage and retain customers through high levels of hospitality.
Driving Factors
Blooming Tourism and Travel Industry to Expand Market Size
The tourism industry has experienced steady growth with increased domestic and international travel. According to the UNWTO report, “International Tourism Highlights 2019 edition”, international tourist arrivals increased by 685 from 2000 to 1,401 in 2018. The same report shows that among the many reasons to travel, leisure, recreation, and vacation have increased from 51% to 57% between 2000 and 2018.
The availability of more luxurious rooms and higher-end services in lodging packages has increased revenue generation. Guests are attracted further by the increasing use of advanced technologies such as Wi-Fi and smart bathrooms in 5-star hotel rooms. Growing demand for extravagant hospitality places has resulted in a rise in luxury and leisure travel.
To support growth, there is an increasing number of high-net-worth individuals
The majority of wealthy consumers use luxury services which will encourage market expansion. According to the Capgemini World Wealth Report (2020), the population of High-Net-Worth Individuals (HNWIs) has increased from 10.05 million in 2009 to 19.8 million in 2019. Global HNWI wealth rose 8.7% in 2019, a higher rate than in 2018.
Due to the constant bookings of business executives at luxury city hotels and luxury airport hotels, business luxury hotels have been on the rise. 2L De Blend in Utrecht (Netherlands) was awarded The World Luxury Hotel Awards for the LUXURY BUSINESS HOSTEL category twice in succession in 2019 and 2020. 2L De Blend is an aparthotel just 1 km from Utrecht Zuilen’s railway station. Guests can stay for as little as one night up to 6 months in this hotel.
RESTRAINING ACTORS
It is possible to create accommodation-sharing facilities at lower prices to limit the demand for accommodation.
Market growth is likely to be limited by the high tariffs of star-rated hotels and low-cost sharing accommodation platforms like Airbnb, which are expected to hinder it. Further, market growth would be limited by the presence of more affordable and mid-scale hotels in all parts of the globe.
Key Trends
Increased Digitization of Services, and Online Bookings on Apps and Sites
Direct bookings can be made at luxury hotels through their hotel brand websites. Hilton launched a campaign called “Stop Clicking Around” to draw attention to the well-known fact that global travelers visit an average of 38 websites before booking. Apps have become an increasingly important part of how hoteliers manage their services. They can now control many aspects of the guest experience and cycle. 2020 saw a new era of digital and contactless services. Traditional customer service functions are redesigned due to widespread technology-assisted options like mobile check-ins, contactless payments, and voice control. Customers who use fingerprint and facial recognition to unlock their phones and laptops will soon expect the same ease when accessing their hotel rooms.
The rising trend of luxurious lifestyles while traveling is a growing trend
Travelers are increasingly opting for a luxurious lifestyle when on vacation. It is a rejuvenating and relaxing experience that they enjoy during vacation. Senior citizens and newly married couples are increasingly embracing this trend. They see it as a
once-in-a-lifetime experience. It is a popular trend in the luxury hotel industry to market their products while maintaining their brand image. Many strategies and endorsements are being used.
Key Market Segments:
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Key Market Players included in the report:
Recent Developments
Marriott International announced in January 2021 that they would open 100 properties in the Asia Pacific region. This is a plan to bring luxury brands and experiences to visitors and tourists in previously undiscovered areas of the region.
The Luxe Life Hotel New York debuted in New York City in March 2020. It is the first property to be branded under the Luxe Collection. Zeavola Resort, Thailand, Il Tornabuoni, Florence, Eurostars Magnificent mile in Chicago, CoolRoomsAtocha, Spain, and The Belmont will be adding 4- and 5-star hotels (Dallas).
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Updated : 2022-09-13 05:57 GMT+08:00
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