According to a new report released by Allied Market Research titled The Luxury Hospitality Market Report Offers In-Depth Analysis Of Key Growth Strategies, Drivers, Opportunities, Key Segment, Five Forces Analysis Porter and competitive landscape.
the luxury hotel 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 sales. total market business in 2015.
âThe 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 luxury services such as spa and others. The regions of North America and Europe dominate the market due to a higher number of tourist arrivals.
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. The changing preferences of customers and the move upmarket in the services provided by hoteliers are further strengthening the demand for luxury stays.
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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.
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.
The business hotel segment is expected to dominate the market throughout the analysis period, due to the huge consumer base, which includes business travelers, tour groups, and small conference groups. 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 the increase in the number of tourists and travelers.
The Covid-19 pandemic is having a vital impact on the growth of the global luxury hospitality market and has altered several market scenarios. Lockdowns in various countries and bans on international travel have disrupted the supply chain and the revenue chain. The report includes in-depth analysis of the Covid-19 pandemic on the growth of the global luxury hotel market.
Get a detailed analysis of the impact of COVID-19 on the luxury hotel market:
The companies described in the report are 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 Luxury Hotel MarchÃ©
â¢ Business hotels
â¢ Airport hotels
â¢ Suite hotels
â¢ North America
â¢ Asia Pacific
Main conclusions of the study of the luxury hotel market:
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.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to offer business information and advice to help clients make strategic business decisions and achieve sustainable growth in their respective market areas.
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