According to IMARC Group latest report titled” Luxury Hotel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market exhibited moderate growth during 2015-2020. The global luxury hotel market to grow at a CAGR of around 6% during 2021-2026. Luxury hotels refer to commercial establishments providing luxurious and high-end lodging facilities to travelers, tourists, and guests. They commonly include business, airport, and suite hotels and resorts, etc. Luxury hotel accommodations offer various lavish services, including spas, swimming pools, dine-in restaurants, salons, private beaches, fitness centers, etc. They also provide convenient and discreet check-in and check-out, laundry, concierge services, smart planning and booking, babysitting, etc. Luxury hotels have exclusive designer interiors manufactured utilizing state-of-the-art technologies, flat-screen televisions (TVs), artisan toiletries, etc., to enhance the guest experience.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The expanding tourism and hospitality sectors are primarily driving the luxury hotel market across the globe. Furthermore, the growing preferences for weekend getaways among the working population and their changing lifestyle patterns are also propelling the market growth. Additionally, the escalating demand for staycations and weekend trips in luxury hotels for remote working is further augmenting the global market. Besides this, increasing social media penetration and rising collaborations between hotels and and influencers are also catalyzing the product demand. Several other factors, such as the rising expenditure capacities of the consumers and the growing development of eco-friendly luxury hotels, are anticipated to further propel the luxury hotel market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 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
Breakup by Room Type:
Breakup by Category:
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 (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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