Luxury travel is one the fastest growing niche markets, making a serious contribution to sectors such as food and wine and cultural tourism. Statistics show that though the tourism industry has grown at an average rate of 4% every year, the luxury travel industry has surged at a rate of 48% in the past five years. This positive trend indicates that the global luxury hotels market is here to stay, due to changing consumer demands and upgrading of services by hoteliers across the world.
A crucial component supporting the growth of the global luxury hotels market is the rising disposable income in several regions of the world as economies stabilize and strengthen.
The global luxury hotels market has been evaluated through a political, legal, social, environmental, and economic lens to understand the intricacies shaping the market. Furthermore, the research report also includes SWOT analysis and Porter’s five forces analysis to highlight the important factors governing the global luxury hotels market. The report focuses on answering questions pertaining to the size of the luxury hotels market and its scope in the coming years.
Overview of Global Luxury Hotels Market
In recent years, the global luxury hotels market has witnessed unprecedented growth due to the increasing standard of living, growth in the number of luxury living options, and a remarkable improvement in the service industry. Additionally, the global luxury hotels market is also being fueled by the rising travel and tourism industry.
The impactful business and marketing strategies that are aimed towards creating and building brand awareness are also making a serious contribution towards the rise of the luxury hotels market in recent years. Owing to these reasons, several hoteliers are making sincere efforts towards making strong promotional campaigns. The options of online booking, rise of e-commerce, and simple check-in and check-out processes are also propelling the overall luxury hotels market.
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According to the research report, the global luxury hotels market was valued at US$148.6 bn in 2014 and is expected to reach US$195.3 bn by 2021, rising at a CAGR of 4.0% from 2015 to 2021. The global luxury hotels market is segmented on the basis of hotel type into business hotels, airport hotels, suite hotels, resorts, and others. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World.
In terms of regions, North America held a dominant share in the global luxury hotels market in 2014. Analysts predict that this dominance will continue in the forecast period as the market in North America will surge at a CAGR of 5.4% between 2015 and 2021. This growth will be attributable to the burgeoning travel and tourism industry, along with drastically changing lifestyles that are defined by luxury travelling and living.
Companies Mentioned in the Luxury Hotels Market are:
Some of the key luxury companies profiled in the global luxury hotels market report are Four Seasons Holdings Inc., Starwood Hotels & Resorts, ITC Hotels Limited, InterContinental Hotels Group PLC, Mandarin Oriental International Limited, The Indian Hotels Company Limited, Jumeirah International LLC, Kerzner International Resorts, Inc., Marriott International, Inc., and Shangri-La International Hotel Management Ltd.