According to the latest IMARC group report titledLuxury Hospitality Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2021-2026», The market showed moderate growth during the period 2015-2020. The Global luxury hospitality market size grow up to one CAGR of about 6% in 2021-2026. Luxury hotels refer to commercial establishments providing luxurious and upscale accommodation facilities for travelers, tourists and guests. They usually include business hotels, airports, suites and resorts, etc. Luxury hotels offer various lavish services including spas, swimming pools, restaurants, lounges, private beaches, fitness centers, and more. They also offer practical and discreet services. check-in and check-out, laundry, concierge services, smart planning and booking, babysitting, etc. Luxury hotels have exclusive designer interiors made using cutting edge technology, flat screen televisions (televisions), handcrafted toiletries, and more to enhance the guest experience.
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Like the new coronavirus (COVID-19[female[feminine) the crisis is taking hold of the world, we are constantly monitoring changes in the markets, as well as the purchasing behavior of consumers around the world and our estimations on the latest market trends and forecasts are made after considering the impact of this pandemic.
The expanding tourism and hospitality sectors are primarily the driving force behind the luxury hospitality market across the world. In addition, the growing preferences of the workforce for weekend getaways and their changing lifestyles are also driving the market growth. In addition, the growing demand for stays and weekends in luxury hotels for remote working is further increasing the global market. In addition to this, the growing penetration of social media and the growing collaborations between hotels and influencers are also catalyzing demand for products. Several other factors such as increasing spending capabilities of consumers and growing development of eco-friendly luxury hotels are expected to further propel the luxury hotel market during the forecast period.
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Competitive landscape with key players:
The report also analyzed the competitive landscape of the market with some of the major players.
- 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 LLC
- Shangri-La International Hotel Management Ltd.
- The Indian Hotels Company Limited
Segmentation of the luxury hotel market:
Our report categorized the market based on region, type, room type, and category.
Breakdown by type:
- Business hotels
- Airport hotels
- Family hotels
Breakdown by room type:
- Top of the line
- Top of the line
Breakdown by category:
Breakdown 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, others)
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
- Complete mapping of the competitive landscape
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