Asia-Pacific Luxury Hotel Market- Growth, Trends, Covid-19 Impact and Forecast(2022 - 2027)

Asia-Pacific Luxury Hotel Market- Growth, Trends, Covid-19 Impact and Forecast(2022 - 2027)

The Asia-Pacific Hotel Market is projected to register a CAGR less than 7% during the forecast period (2021-2026).

Factors that were driving the hospitality industry before pandemic COVID-19 include increasing disposable income, new travel trends, increasing online business of travelling due to increased internet penetration and internet banking, web-presence of hotels & tourism directories and many more. The effect of COVID-19 on hospitality industry can be observed in all the regions including Asia-Pacific. Key factors affecting the market after the pandemic include the decrease in tours and travels as most of the flights are getting canceled. The government all across the globe are cancelling the foreign visits and locking down most of the area which is one of the other major reasons behind the slowing down of hospitality industry which further affected the luxury hotel market in Ais-Pacific region.

Asia-Pacific’s fastest-growing national hotel markets are, quite unsurprisingly, led by China will open many luxury hotels in the coming years. However, given the recent circumstances caused by the COVID-19 outbreak, it is uncertain how quickly China’s 2020 openings can proceed. Australia comes in second , followed by India and Indonesia. Thailand is next in line with Vietnam just behind it, which shows that luxury hotel market in Vietnam will on average be larger than in many other APAC nations. Large international brands lead the hotel market’s growth in APAC, but smaller chains and local developers also create interesting offerings for their guests. The largest project set to open in the APAC region in the coming years is the Mui Dinh Eco-Resort in Vietnam. Planned for early 2022, the development will include 7,000 rooms and 500 ocean-facing villas as well as amenities like a theme park, a casino, a beach club and a mountain clubhouse.

Key Market TrendsAsia-Pacific is the Fastest Growing Tourism Place

The Asia-Pacific region has been the fastest growing tourist destination in the world, earlier attracting attention of accommodation developers, resulting a 91.5% increase in region's hotel rooms within a decade. While these developments are increasingly dominated by local chains, such as Shangri-La (Hong Kong), Southern Pacific (Sydney) and Prince Hotels (Japan), and by chains based in Europe (Accor, Intercontinental) and the US (Holiday Inn, Hyatt International, ITT Sheraton), five less traditional types of properties are also showing significant growth in the region. The region has forged a reputation as being the in-trend destination for holiday goers, boasting must-see attractions and idyllic, natural landscapes. Although an exciting travel opportunity for tourists, the tourism industry is vital for many established and growing economies across the Asia Pacific region, having made vast contributions to various GDPs.

Lower cost of Luxury Hotels Room and Increasing Per Capita Expenses on Luxurious Hotel Industry

The low cost of luxury hotel rooms compared to Americas and Europe rehion and the growing per capita expenditure owing to the rising client's preference towards luxurious travelling is one of the major factors fuelling the market growth. This is mainly backed by the incredible user experience, and luxurious comfort they want to have in their lives which is being facilitated by the continuous rise in per capita income and improving standards of living and thus, demand is shooting high in the luxury hotel industry all over China followed by India and other Asia-Pacific Countries.

Competitive Landscape

The report covers major international players operating in the Asia-Pacific Luxury Hotel Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies is increasing their market presence by securing new contracts and tapping into new markets. The leading brands are opening exclusive stores for special products. The companies are also promoting, differentiating and selling limited editions to increase their visibility and brand awareness in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
St. Regis Hotel
The Indian Hotels Company Limited
JW Marriott
Hyatt Group
The Penninsula Shangai
The Okura Tokyo
Bellagio Shanghai
The Reverie Saigon
The Nai Harn
Mandarin Oriental Hotel Group
Saffire Freycinet

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