Valuation of the luxury hotel market worth USD 160,481.23 million
Luxury hotel market
According to a new report published by Allied Market Research, titled Luxury Hotel Market by Type, by Category: Global Opportunity Analysis and Industry Forecast, 2020-2031. The report offers an in-depth analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces Analysis, and competitive landscape.
Luxury Hospitality Market was valued at USD 95,113.00 Million in 2020 and is projected to reach USD 160,481.23 Million by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
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The global luxury hotel market is driven by booming travel and tourism industry, increasing preference for leisure travel and improving living standards. However, the high price charged by these hotels is hampering the growth of the luxury hotel market. Increase in leisure activities, growing demand for recreational stays, and innovative services during stays are just some of the factors that are emerging as trends in the luxury hospitality market. Luxury hotels provide a comfortable stay for tourists and travelers along with services such as a spa, swimming pool, and fitness center. The luxury hotel market has grown significantly in recent years due to the increase in the number of business travelers around the world. Changing customer preferences and the upscaling of services provided by hoteliers are further driving demand for luxury stays.
The business hotel segment is expected to dominate the market throughout the analysis period, due to the huge consumer base, which includes business travellers, tourist groups and small conference groups that holds a strong position in the luxury hotel market share.
The airport hotel segment accounted for approximately ~25% of the overall luxury hotel market revenue share in 2021. These hotels typically target business customers, passengers with overnight trips or flights cancelled, and airline crews or personnel.
The outbreak of the COVID-19 pandemic has had a negative impact on the tourism and travel industry. The implementation of social distancing, stay-at-home orders and travel restrictions across the globe has limited the growth of the luxury hotel market.
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The global luxury hotel market is majorly focused on type and geographic segment. The luxury hotel type segment includes airport hotels, business hotels, suite hotels, resorts and others (eco-friendly hotels and serviced apartments). On the basis of category, the luxury hospitality industry is analyzed by chain and independent nature of businesses. Regarding geographic segmentation, the global luxury hotel market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Major market players such as Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd. and Jumeirah International LLC are expanding their product portfolios to strengthen their presence. on the market. The companies profiled 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.
Main benefits for stakeholders:
• This report provides a quantitative analysis of market segments, current trends, estimates and dynamics of the Luxury Hospitality Market analysis from 2020 to 2031 to identify current opportunities in the Luxury Hospitality market. luxury.
• Market research is offered with information related to key drivers, restraints and opportunities.
• Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
• In-depth analysis of luxury hotel market segmentation helps to determine existing market opportunities.
• Major countries in each region are mapped according to their contribution to global market revenue.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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