Major luxury hotel market participants include AccorHotels, Waldorf Astoria Hotels & Resorts (Hilton), Four Seasons Hotels and Resorts, The Ritz-Carlton Hotel Company, Hilton Worldwide Holdings Inc., St. Regis Hotels & Resorts, Hyatt Hotels Corporation, Marriott International, InterContinental Hotels Group (IHG) and Jumeirah Hotels and Resorts
Selbyville, Delaware, June 03, 2024 (GLOBE NEWSWIRE) —
The luxury hotel market valuation is predicted to cross USD 204.9 billion by 2032, as reported in a research study by Global Market Insights Inc.
The growing focus on personalized and exclusive experiences has led several luxury hotels to innovate their offerings, ranging from personalized concierge services to unique amenities tailored to individual guest preferences. This effort is aiming to create unforgettable experiences that will appeal to the most discerning travelers who seek luxury and sophistication beyond the simple life.
The rising influence of experiential travel and social media is further driving the demand for luxury hotels among millennials. Luxury hotels market are capitalizing by organizing immersive experiences, such as culinary tours, lifestyle retreats and cultural tours aimed at modern travelers looking for Instagram-worthy moments. Sustainability programs and green practices are also increasingly important to luxury hotel guests, subsequently encouraging the adoption of green technologies as well as local resources to satisfy environmentally conscious guests. For instance, in February 2024, Le Méridien Mahabaleshwar Resort & Spa, nestled within a sprawling 27-acre jungle, launched the Forest Lounge Experience, its new innovative check-in concept.
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The suite hotels type segment in the luxury hotel market may exhibit a decent CAGR over 2023-2032 due to its ability to cater to the growing preferences of affluent travelers seeking enhanced comfort, space, and privacy. Suite hotels offer spacious lounges with private living rooms, bedrooms, and luxurious furnishings, giving guests a sense of luxury. They are also attracting travelers who value personal experiences and are willing to pay more for higher-end accommodations that offer amenities and perks.
The online travel agencies (OTAs) booking channel segment in the luxury hotel market will register noteworthy growth from 2023 to 2032 as they provide increased visibility and access to a global audience of travelers seeking premium accommodations. By partnering with OTAs, luxury hotels can use their extensive reach and marketing expertise to attract travelers who may not be familiar with their brand. OTAs also offer convenience and flexibility to travelers to compare prices, read reviews and book luxury hotels. OTAs further provide special discounts, bonuses, and loyalty programs for travelers, encouraging them to book through these platforms.
Asia Pacific luxury hotel market will register decent growth rate from 2023 to 2032. The growing affluence of the middle-class population in key Asian markets, including China, India, and Southeast Asia, has increased the demand for luxury travel and the expansion of luxury hotel products. With the presence of cultural heritage and diverse landscapes, from cities to pristine beaches and lush landscape, multiple opportunities have surfaced for the development of luxury hotels that meet the needs and desires of travelers. Adoption of digital technologies and innovative hospitality concepts adapted to Asian preferences will also stimulate the regional market growth.
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Some of the leading luxury hotel market are AccorHotels, Waldorf Astoria Hotels & Resorts (Hilton), Four Seasons Hotels and Resorts, The Ritz-Carlton Hotel Company, Hilton Worldwide Holdings Inc., St. Regis Hotels & Resorts, Hyatt Hotels Corporation, Marriott International, InterContinental Hotels Group (IHG) and Jumeirah Hotels and Resorts. Through loyalty programs, consistent quality and strategic sales, these firms are strengthening their position as a prominent leader, while focusing on innovations, product development and launches. To cite an instance, in May 2024, KKR, a prominent global investment firm, and Marriott International, Inc. launched each of their venture into the midscale hospitality space in Japan.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Luxury hotel market 3600 synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 – 2032
2.3 Regional trends
2.4 Type trends
2.5 Category trends
2.6 Booking channel trends
Chapter 3 Luxury Hotel Market Insights
3.1 Impact of COVID-19
3.2 Industry ecosystem analysis
3.3 Profit margin analysis
3.4 Tourism statistics
3.4.1 Best destination in tourism industry
3.4.2 Best preferred packages
3.4.3 Seasonal trends
3.4.4 Traveler behavior & preferences
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.7.1 Partnership/Collaboration
3.7.2 Merger/Acquisition
3.7.3 Investment
3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Growing tourism in Europe and North America
3.9.1.2 Rising disposable income globally
3.9.1.3 Increasing demand for unique and personalized experiences
3.9.1.4 Demand for luxury accommodations for corporate events
3.9.2 Industry pitfalls & challenges
3.9.2.1 Economic downturns and uncertainties can impact consumer spending
3.9.2.2 Rise of alternative accommodation options, such as vacation rentals and boutique lodgings
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 AccorHotels
4.3.2 Four Seasons Hotels and Resorts
4.3.3 Hilton Worldwide Holdings Inc.
4.3.4 Hyatt Hotels Corporation
4.3.5 InterContinental Hotels Group (IHG)
4.3.6 Jumeirah Hotels and Resorts
4.3.7 Marriott International
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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