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

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

The North America Luxury Hotel Market is projected to register a CAGR less than 8% during the forecast period (2021-2026)

The North American market was negatively impacted by COVID-19 in 2020. The coronavirus pandemic has shown an impact on the proper functioning of various industries across U.S., Canada and other parts of the North America.It has badly affected North America Luxury Market. This was primarily due to halt in logistics and tourism. The banned national borders, halted travel modes and strict governments rules made the luxury hotel industry to keet hotels shut.

Luxury Hotel industry in North America is huge because of the largest tourist spots in here and maximum international tourism to North America has boosted this industry. 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.

The demand for luxury hotels varies with the type of properties and is influenced by factors such as location, size, and on-site properties. Rising disposable income, popularizing weekend culture, the introduction of low-cost airline services, and the booming service sector are expected to drive the market. The inflation in purchasing power and standard of living are some of the key constituents responsible for attracting customers toward luxury resorts. Hosting sports events by a city or country is also a significant factor propelling the demand for luxury accommodations. Sports teams, as well as spectators traveling from different destinations for the tournament, tend to book their stays in luxury hotels, leading to a surge in the number of bookings. Dominant players in the market are investing profoundly in infrastructure and upgrading their property with the latest accessories to enhance aesthetics and the overall comfort offered to customers. The business hotel segment is leading and is expected to dominate the market.

Key Market TrendsNorth America is the Largest Luxury Hotel Market Across the Globe.

The business hotels segment occupied around 41% of the total luxury hotel market size. The U.S. occupied four-fifths of the total North American luxury hotel market while Mexico is expected to grow at the fastest rate. Along with Europe,North America collectively accounted for two-thirds of the total luxury hotel market size, and are expected to continue to dominate the market due to increase in number of tourists and travelers.

The U.S. is Estimated for the Largest Revenue Share in North America Luxury Hotel Market.

The U.S. is estimated for the largest revenue share in that market since it is a global financial hub as well as one of the most popular tourist destinations for people across the world. The United States is one of the most popular travel destinations worldwide. Every year, the country's famous cities, national parks, and entertainment options attract millions of visitors from around the globe. In 2019, the number of international tourist arrivals to the U.S. stood at almost 80 million after being on the rise for over a decade. Thanks to this influx of visitors and a boost in U.S. travel spending, the travel and tourism industry contributed over 1.1 trillion U.S. dollars to the country's GDP and supported millions of jobs in 2019.

Competitive Landscape

The report covers major international players operating in the North America 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
 
Marriott International Inc.
Hyatt Corporation
Ritz
Carlton Hotel Company LLC
Rosewood Hotels & Resorts
Hilton Worldwide
Wyndham Hotels & Resorts
Trump International Hotel and Tower
Radisson Hotels
Four Seasons Hotels and Resorts
Fairmont Hotels and Resorts

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