Luxury Hospitality Market by Type: Analysis of Global Opportunities and Industry Forecast, 2014 to 2022, New Report Says COVID-19 impact assessment
– Shankar Bhandalkar
PORTLAND, OREGON, USA, December 9, 2021 /EINPresswire.com/ – The luxury hospitality market was valued at $ 15,535 million in 2015 and is expected to reach $ 20,442 million by 2022, with a CAGR of 4.0% from 2016 to 2022. The business hotel segment accounted for approximately 42% of the total market revenue in 2015.
The report provides detailed analysis of major investment pockets, top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
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Luxury hotels provide a comfortable stay for tourists and travelers as well as services such as a spa, swimming pool and fitness center. The luxury hospitality market has grown considerably in recent years due to the increase in the number of business travelers around the world. Changing guest preferences and upgrading services provided by hoteliers are further driving the demand for luxury stays.
The global luxury hospitality market is driven by the boom in the travel and tourism industry, increasing preference for leisure travel and improving living standards. However, the high prices charged by these hotels limit the growth of the market. According to Sheetanshu Upadhayay, research analyst at Allied Market Research, the increase in the number of business travelers and the changing lifestyles of customers have fueled the demand for luxury stays, with an upward trend for various services. luxury such as spa and others. North American and European regions dominate the market due to a higher number of tourist arrivals.
The business hotel segment is expected to dominate the market throughout the analysis period, owing to the huge consumer base, which includes business travelers, tour groups, and small conference groups.
The airport hotel segment accounted for approximately 20% of the overall luxury hotel market revenue in 2015, and is expected to grow at a CAGR of 3.7% during the forecast period. These hotels typically target business customers, passengers with overnight trips or canceled flights, and airline crew or staff.
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In 2015, North America and Europe collectively accounted for about two-thirds of the total luxury hotel market size and are expected to continue to dominate the market due to increasing numbers of tourists and travelers.
Major companies featured in the report include Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation, ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, and The Indian Hotel Companies Limited.
Lockdowns in various countries and bans on international travel have disrupted the supply chain and the income chain. The report includes in-depth analysis of the Covid-19 pandemic on the growth of the global luxury hotel market.
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Main conclusions of the study
â¢ North America is expected to maintain its leadership position throughout 2022, with a CAGR of 5.1% from 2016 to 2022.
â¢ The business hotel segment occupied approximately 41% of the total size of the luxury hotel market in 2015.
â¢ The United States occupied four-fifths of the total North American luxury hotel market in 2015, while Mexico is expected to experience the fastest growing, with a CAGR of 6.6% from 2016 to 2022.
â The wellness tourism market will show an increase by 2027
â Hotel uniform market: booming in the coming years due to global demand
â Rapidly growing vacation rental market with significant CAGR until 2027
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