Global luxury hotels market is expected to expand at a noteworthy CAGR of 4.3% over the forecast period. Moreover, the global luxury hotels market is expected to reach USD 23 Billion by the end of 2024. Swelled disposable income of the consumers and their inclination towards luxurious lifestyle are key reasons which are propelling the demand for luxury hotels across the globe.
The global luxury hotels market is segmented into type such as suite hotels, business hotels, airport hotels and others. Among these segments, business hotels segment is expected to occupy remarkable CAGR over the forecast period. Further, growing corporate tourism across the globe due to global expansion of companies is likely to drive the market of this segment over the forecast period. Moreover, rising per capita income of the consumers have led them to spend more on luxurious living which is projected to flourish the growth of luxury hotels market over the forecast period.
In terms of regional platform, Europe and North America are most prominent regional markets of luxury hotels. Moreover, North America region contributed the biggest market of Luxury Hotels in 2016 and is projected to continue its dominance over the forecast period. Moreover, rising number of tourism in North America countries such as Canada and U.S. is projected to boost the demand for luxury hotels. Apart from this, Asia-pacific is the most lucrative market owing to rising middle class along with rise in number of foreign tourist arrival. For instance, according to ministry of tourism, foreign tourist arrivals (FTAs) in India increased 19.5% Y-o-Y to 630,000 in May 2017.
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Expansion of Hospitality Sector
Increasing spending by international hoteliers in order to expand their hotel chains in various countries such as Thailand, India and others is anticipated to escalate the growth of luxury hotel market. For instance, according to ministry of tourism, international hotel chains is likely to investment in India and projected to value for 50% share in the Indian hospitality industry by 2022, from the current 44%.
Changing Living Standards
Population across the globe these days is seeking for luxurious experiences whether in terms of food, clothing, living or other experiences. Further, swelled disposable income along with rising purchasing power of the consumers have backed them to spend more on travel and tourism which is believed to bolster the growth of global luxury hotels market in upcoming years.
However, damages caused by natural disasters and terrorist threats are envisioned to dampen the growth of luxury hotel market.
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The report titled “Luxury Hotels Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global luxury hotels market in terms of market segmentation by type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Luxury Hotels Market which includes company profiling of Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation, ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Sheraton, Hilton, Starwood Hotels and Resorts Worldwide, Jumeirah International LLC and The Indian Hotel Companies Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global luxury hotels market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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