A luxury hotel is a high-end lodging establishment that offers guests looking for upscale experiences excellent comfort, service, and amenities. Beautiful architecture, opulent decor, exquisite dining options, individualised services, and remarkable attention to detail are all hallmarks of these hotels. By providing upscale facilities like spas, concierge services, private suites, and customised experiences, they appeal to affluent tourists. Seclusion, security, and personalised hospitality are the top priorities of luxury hotels, which are found in well-known places like cities, resorts, and scenic regions.
According to SPER market research, ‘Global Luxury Hotel Market Size- By Category, By Type, By Booking Mode - Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Luxury Hotel Market is predicted to reach 213.98 billion by 2034 with a CAGR of 7.46%.
Drivers:
Because wealthy consumers predominantly use lavish services, it is expected that the growing number of wealthy people worldwide would stimulate market expansion. Furthermore, wealthy people usually seek out premium and unique experiences when they travel. Additionally, the increasing availability of hotel packages featuring opulent lodging and first-rate amenities has attracted more guests for longer stays, which has boosted revenue growth. The increasing usage of cutting-edge technology in five-star hotel rooms with features like free Wi-Fi or smart bathtubs would draw guests. Thus, the growing demand for leisure and luxury travel-related activities by sports teams and spectators has increased the necessity for lavish hospitality locations.
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Restraints:
The growth of the sector is expected to be hampered by the emergence of low-cost shared housing platforms such as Airbnb in low-income countries and the higher rates for stays in hotels with higher star ratings. Younger travellers and millennials may find the freedom and authenticity offered by lodging-sharing services particularly alluring. Instead of choosing the opulence and conveniences offered by conventional hotels, they might appreciate the chance to stay in local neighbourhoods, engage with hosts, and see places as locals do. Furthermore, industry expansion would be further constrained by the growing number of low- and mid-range hotels in many countries. As travel demand improves, the luxury hotel market in North America is growing, especially among Millennials and high-net-worth individuals (HNWIs) looking for upscale experiences. The need for distinctive, customised vacations is rising along with domestic travel. Some of the key market players are Accor, Belmond Management Limited, Four Seasons Hotel Limited, InterContinental Hotel Group, Mandarin Oriental Hotel Group Limited, and others.
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