According to the latest report of the IMARC group entitled “Luxury Hospitality Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which includes information on Luxury Hospitality Market Trends 2022. The report also includes competitor and regional analysis, as well as contemporary advancements in the global market. The global luxury hotel market reached a value of US$100.0 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$131.7 billion by 2027, growing at a CAGR of 4.6% during the period 2022-2027.
Luxury hotels refer to commercial establishments offering luxurious and high-end accommodation facilities to travellers, tourists and guests. They usually include business, airport and suite hotels and resorts, etc. Luxury hotel accommodations offer various lavish amenities including spas, swimming pools, restaurants, salons, private beaches, fitness centers, and more. They also offer convenient and discreet services. check-in and check-out, laundry, concierge services, smart planning and booking, babysitting, etc. Luxury hotels have exclusive designer interiors made using state-of-the-art technology, flat screen televisions (TVs), etc., to enhance the guest experience.
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Like the novel coronavirus (COVID-19[feminine]) the crisis is taking over the world, we are constantly monitoring the changes in the markets, as well as the purchasing behavior of consumers around the world and our estimates on the latest market trends and forecasts are made after taking into account the impact of this pandemic.
The expanding tourism and hospitality sectors are primarily driving the luxury hotel market across the globe. Additionally, growing preferences for weekend getaways among the working population and changing lifestyles are also propelling the growth of the market. Additionally, the growing demand for luxury hotel stays and weekends for remote work is further increasing the global market. In addition, growing social media penetration and growing collaborations between hotels and influencers are also catalyzing product demand. Several other factors such as increasing consumer spending capabilities and growing development of eco-friendly luxury hotels are expected to further propel the luxury hotel market during the forecast period.
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Competitive landscape with key players:
The report has also analyzed the competitive landscape of the market with some of the key players.
- Belmond Ltd.
- Four Seasons Limited Hotels
- Hyatt Hotels Corporation
- InterContinental Hotels Group plc
- ITC limited
- Jumeirah International LLC
- Mandarin Oriental Hotel Group Limited
- Marriott International Inc.
- Rosewood Hotels and Resorts LLC
- Shangri-La International Hotel Management Ltd.
- The Indian Hotel Company Limited
Segmentation of the luxury hotel market:
Our report has categorized the market based on region, type, room type, and category.
Breakdown by type:
- Business Hotels
- Airport hotels
- Suite Hotels
Breakdown by type of room:
- Top of the line
- Top of the line
Breakdown by category:
Breakdown by region:
- North America (USA, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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