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

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

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

The market has badly impacted by COVID-19 in 2020 and the global pandemic has shown an impact on the proper functioning of various industries in India. It affected the Indian luxury hotel market also badly causing several disruptions such as occupancies were halved and worse; all India ADR was down by 12.9%; and Rev PAR down by one-third to 70% across main markets in 2020. Even in 2021 amidst several state-wide lockdowns and restriction in place amidst the second wave of pandemic the growth of industry is expected to be dull. This was primarily due to reduced manufacturing because of lockdown being imposed and thus halt in logistics and tourism. The report study has analysed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and its analysis.

Luxury Hotel industry in India is a flourishing sector. An increasing international sports events, trade fairs and exhibitions are expected to contribute inflows of international tourists and domestic tourist movement. The rise in the travel and tourism industry and changing patterns in the standard of living have led to progressive growth in the luxury hotel market trends. Major factors such as rising purchasing power parity of domestic travellers, developing airline industry, increasing foreign tourist arrival and relaxed visa restrictions are driving the India Hotel Market over forecast period. Moreover, GST council’s rate cut from 28% to 18% for luxury hotels is expected to drive Indian luxury hotels market over forecast period.

Leading hotel companies are leveraging advance technologies such as artificial intelligence, machine learning, IoT and near-field communication, mobile payment and data analytics to increase online reservations, improve the return on advertising spend, better understand guest preferences and build stronger customer relationships. These technologies are expected to create lucrative opportunities for market over forecast period.

Key Market TrendsIncreasing Expenses by Domestic Travelers is fueling Luxurious Hotel Industry

Indian travelers are splurging like never before and spends are not limited to overseas travel. The domestic luxury and branded hotels are registering an increase in the share of revenue coming from the domestic leisure travelers. These travelers are not just staying at top end hotels for holidays but also spending a significant amount of money within the hotel during the stay. The domestic leisure travel is the fastest growing category for the Luxury Hotels chain. The overall leisure segment (domestic and international put together) is growing at 10-11 per cent but, the rate of domestic leisure travel is even higher.

Heritage Theme is Going to Witnesses Strong Growth

The Heritage Theme is expected to hold highest market share over forecast period. There are many Hetritage theme hotels present in India for instance, The Leela Palace which is an Indian Heritage hotel in Rajasthan has been on a continuous journey to delight the guests by providing unparalleled luxury in captivating environs ensconced in the lap of nature and wrapped in the graciousness of Indian hospitality. These hotels have a historical infrastructure, and they try to put in their best efforts to give the glimpse of their region through regional art and traditional cuisine. On the other hand, the Contemporary Luxurious Hotels offer the high end IOT Infrastructure offering the relax in living.

Competitive Landscape

The report covers major international players operating in the India 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
 
The Indian Hotels Company Limited
ITC Hotels
Oberoi Hotels
The Park Hotels
Fortune Hotels
The Leela
Kumarakom Lake Resort
Rambagh Palace
Marriott International Inc.
Shangri La Hotels and Resorts
Hyatt Corporation
Radisson Hotels

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