Global Luxury Hotels Market to Rise at a CAGR of 4.0% from 2015 to 2021 as Disposable Incomes Grow

2024-11-07 06:36:31 News & Society

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Transparency Market Research has recently published a new research report, titled ?Luxury Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021?. According to the research report, the global luxury hotels market was valued at US$148.62 bn in 2014 and is likely to reach US$195.27 bn by 2021, surging at a CAGR of 4.0% from 2015 to 2021.

Luxury travel has given birth to luxury hotels that are characterized by a high-end experience at a premium price. Defined by luxury features such as en-suite bathrooms, swimming pool, and the highest levels of professional and personalized service, luxury hotels have become the epicenter of revenues earned by the overall hospitality industry. Luxury hotels are usually classified on the basis of Four Diamond or Five Diamond depending on the facilities they may have.

Changing lifestyles due to rising disposable incomes have accelerated the demand for luxurious services during holidays and travel. As more and more consumers are showing a keen interest in materializing their aspirations of luxury living, they are spending lavishly on the same. With a wide range of expectations from the world of luxury services, consumers are opting for luxury resorts and hotels over regular bed and breakfast accommodations. The global luxury hotels market is also being propelled by the growing number of international events and strong branding and advertising strategies implemented by these hotels across the globe.

The global luxury hotels market is segmented on the basis of type and geography. On the basis of type, this market is segmented into suite hotels, business hotels, airport hotels, resorts, and others. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World.

Out of all the types of luxury hotels, the business hotels segment held the biggest share in the overall market in 2014. Between 2015 and 2021, this segment is expected to surge at a CAGR of 3.8%. In the coming years, this segment is expected to cater to the burgeoning class of business travelers and conference groups that are backed by a corporate budget to spend on living in foreign countries. Meanwhile, the airport hotels segment will rise at a steady CAGR of 3.7% during the forecast period. The global luxury hotels market will receive a huge impetus from ubiquitous promotional activities, strong branding strategies, and increasing investment in online advertising.

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Some of the Important Players in the global luxury hotels market are Shangri-La International Hotel Management Ltd., Four Seasons Holdings Inc., ITC Hotels Limited, InterContinental Hotels Group PLC, Starwood Hotels & Resorts, Mandarin Oriental International Limited, Jumeirah International LLC, The Indian Hotels Company Limited, Marriott International, Inc., and Kerzner International Resorts, Inc. The research report provides a thorough analysis of the competitive landscape of the luxury hotels market and the regulatory framework governing the industry. Additionally, the research report also provides an insight into the management styles, business and marketing strategies, branding strategies, key mergers and acquisitions, and investment outlooks of these top players in the global luxury hotels market.

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