Luxury Hotels Market : Technological Advancements And Move Towards Digital World Driving Revenue
- Anna Sibley
- Sep 7, 2021
- 3 min read
Global Luxury Hotels Market – Overview
Set to chart a sturdy growth trajectory over the forecast period, the global luxury hotels market would see a slew of growth opportunities lining its landscape between 2015 and 2021. A number of trends and drivers will help it chart this robust growth rate over the forecast period.
It is important to note here that an increase in disposable income and an aspirational middle class are major factors underscoring growth in the market.
Some of the prominent factors that are shaping up the way market operates over the forecast period are:
The millennial population is majorly into travel and tourism for meeting cultural needs, reasons of personal growth, and peer pressure. As they take to travelling with an enthusiasm never seen before, market for luxury hotels will see an upward growth curve.
Branding and marketing holds much sway in the market landscape, contributing positively to the growth of the market as a service hungry demographic witnesses complimentary services and gives its loyalty to customized and personalized experiences. This is a major contributor of growth over the forecast period.
Global Luxury Hotels Market: Snapshot
The healthy growth of the travel and tourism industry is allowing the global luxury hotels market to gain significant momentum. Rapid globalization and urbanization along with rising disposable are encouraging people to travel for vacations and business purposes, which in turn is escalating the development of the hotel industry worldwide. According to a report by Transparency Market Research, the global luxury hotels market will expand at a CAGR of 4.0% from 2015 to 2021, reaching a valuation of US$195.2 bn by the end of 2021.
Branding and promotions play a critical role in the growth of the market. In order to suit the constantly changing consumer requirements, luxury hotels are constantly trying to enhance their services. Their owners are paying high attention to implementing new services, including complimentary services and customization of rooms, with properly trained hotel staff in order to satisfy customers. Moreover, as people are becoming increasingly brand conscious, successful branding and marketing can increase the awareness and affinity of consumers and in turn loyalty. Apart from this, the increasing organization of international events is providing a tremendous boost to the luxury hotels market.
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Business Hotels to Remain Most Prominent Segment through 2021
On the basis of type, the global luxury hotels market is divided into suite hotels, business hotels, resorts, airport hotels, and others, which include service apartments, casino hotels, and conference and convention centers. The business hotel segment will continue to account for the lion’s share in the market until 2021. The growing number of multinational companies and rapid globalization are contributing to the growth of the segment. Apart from this, aggressive branding and marketing strategies undertaken by existing players are also anticipated to boost the popularity of business hotels.
The segment will be closely trailed by airport hotels. The target consumers of this type of hotel are airline passengers with overnight layovers or cancelled flights, airline crew and staff, and business clientele. The increasing air traffic is supplementing the growth of the airport hotels segment. Resorts will be the most promising segment during the forecast period. The growing popularity of all-inclusive resorts along with the rising spending power is providing a significant push to the segment.
Changing Lifestyles of Populace to Help North America Retain Dominance until 2021
From the geographical standpoint, the report classifies the global luxury hotels market into North America, Asia Pacific, and Europe. In Rest of the World, the report primarily focuses on Saudi Arabia and Brazil. North America will continue to be the frontrunner in the global market until 2021. The growth of the region can be attributed to the high disposable income and change in consumer lifestyles. The increasing inclination towards all-inclusive resorts is also propelling the luxury hotels market in the region.
Europe will also hold a prominent position in the global rena, thanks to the rising spending power of the populace. Besides this, the highly lucrative travel and tourism industry in the region is positively impacting the European luxury hotels market. Asia Pacific, on the other hand, will rise at a noteworthy CAGR during the review period. The growth of the region is largely driven by the growing disposable income and rapid infrastructural development. The demand for luxury hotels in regions in Rest of the World is augmented by the rising number of international events and the improving standard of living.
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