Luxury Hotel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Luxury Hotel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Luxury Hotel Market

The luxury hotel market size was valued at USD 140.28 billion in 2023, and the market is now projected to grow from USD 154.32 billion in 2024 to USD 369.36 billion by 2032, exhibiting a CAGR of 11.5% during the forecast period of 2024-2032.

The COVID-19 pandemic furthered its impact on the luxury hotel market as well. Travel limitations, confinements to home and the fear of the virus caused a steep drop in the travel around the world. However, instead of only health travelers, business and leisure travelers also canceled or postponed their trips which caused low occupancy rates and revenue decline for luxury hotels. Luxury hotels had revenue losses due to less occupancy rates and the decreased need for accommodation. Numerous hotels had to opt for the temporary closure or work with a reduced staff, which negatively affected their finances and resulted in layoffs in the sector.

With its mostly wealthy customers opting for premium items, hence the rich population increasing the world over stands likely to help market growth. In addition among the empowered folks, they mostly look for unique as well as lavish ways to travel. Luxury hotels in this capacity, provide high-end amenities, personalized and superb level of comfort that are sought after by wealthy passengers who are after glamor and hype. The Organization for Economic Co-operation and Development (OECD) reveals some grim data from its 2021 report, according to which 40% of the US population owns 1% of its wealth. those of top 5% of the country in terms of the individual shares of wealth of same country.This drives the luxury hotel market share.

Hotel owners focus on providing services that are done in an eco-friendly way including offering items that are free from pollution because of the shift in consumers demand toward having serene and green habitats. Meanwhile, in March 2023, Hotel Sustainability Basics (Basics) verification scheme, unveiled by World Travel & Tourism Council (WTTC), introduces a global template for accommodation providers across the industry. Among them are a number of measures that each hotel shall be adapted to and these are designed to encourage responsible and sustainable tourism.

Comprehensive Analysis of Luxury Hotel Market

The luxury hotel market and consumer goods industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the consumer goods industry. These segmentations are methodically segregated By Room Type Analysis and By Category Analysis. The category can be divided into the markets for luxury, upper-upscale market, and upscale based on room type. High-end hotel services that sell at affordable prices will obviously welcome more buyers, establishing such chain as the most dominant segment in the global market. The industry research report on global luxury hotel market can be divided into two scope such as category chain and independent. The global market is greatly affected by the strong position of hotels in the chain category, chains, which have presence in many locations worldwide.

The North American market size was valued at USD 45.21 billion in 2023. Extending budgets on very expensive residential homes in the U. S. and Canada leads to additional revenue and North America is most likely to surpass any other region.

The top players in the market play a crucial role in the consumer goods industry assuring industrial prospectus growth and setting market standards. These players include, Marriott International, Inc. (U.S.), Hyatt Hotels Corporation (U.S.), InterContinental Hotels Group plc (U.K.), Four Seasons Hotel Limited (Canada), Hilton Hotels & Resorts (U.S.), Kempinski Hotels S.A. (Switzerland), Accor SA (France), The Indian Hotels Company Limited (India), Mandarin Oriental Hotel Group (Hong Kong) and Shangri La International Hotel Management Ltd. (Hong Kong).

In March 2022, Rosewood Hotel Group, a multi-national hospitality agency, unveiled another ultraluxury hotel located in Sao Paulo, Brazil. The hotel offers a wide array of luxury items, interactive components, artworks, gardens, and comfortable lodging facilities.

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 11.5% during 2024-2032

Unit Value (USD Billion)

Segmentation By Room Type

Luxury

Upper-upscale

Upscale

By Category

Chain

Independent

By Geography

North America (By Room Type, Category, and Country)

- U.S. (By Category)

- Canada (By Category)

- Mexico (By Category)

Europe (By Room Type, Category, and Country)

- U.K. (By Category)

- Germany (By Category)

- France (By Category)

- Italy (By Category)

- Spain (By Category)

- Rest of Europe (By Category)

Asia Pacific (By Room Type, Category, and Country)

- China (By Category)

- India (By Category)

- Japan (By Category)

- Australia (By Category)

- Rest of Asia Pacific (By Category)

South America (By Room Type, Category, and Country)

- Brazil (By Category)

- Argentina (By Category)

- Rest of South America (By Category)

Middle East and Africa (By Service Type, Category, and Country)

- South Africa (By Category)

- UAE (By Category)

- Rest of the Middle East & Africa (By Category)


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