Press release
Luxury Accommodation Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2028: Key Players are Marriott International Inc and Four Seasons Holdings Inc.
The prime factors propelling the growth of the luxury accommodation market are:• The increase in consumer spending on leisure travel.
• The expansion of the travel and tourism sector.
• The improvement in living standards.
As per the report, the luxury accommodation market is expected to grow steadily during the forecast period.
Luxury accommodation refers to an accommodation environment and setting meeting premium quality and high-class requirements. These facilities frequently accommodate affluent and privileged guests. Hence the quality of the services and food is expected to be exclusive. In addition to first-rate spa services, personal trainers, laundry facilities, swimming pools, and other amenities, they also offer various benefits for visitors. The need for opulent lodging among vacationing families and corporate travelers has dramatically influenced the increase in the demand for luxury accommodations. The idea of luxury accommodations centers on features that give guests a luxurious and comfortable stay. The luxury lodging industries place a more significant emphasis on the venues for success, as hotels in prominent settings are expected to perform better than those in less prominent locations.
Companies specializing in hospitality use marketing techniques to build a strong brand reputation and invest actively in digital advertisements to advance their luxury lodging sector. Additionally, it is projected that this sector will grow due to the rise in emerging economies and an increase in sponsorship, and the number of sporting events across different geographical regions. However, expensive rates, availability of economic substitutes, and a restricted market of potential customers are some significant challenges. In addition, the pandemic severely impacted the luxury accommodation market, as it disrupted the travel and tourism of all countries.
Sample request or complete report can be purchased through the link below:
https://www.knowledge-sourcing.com/report/luxury-accommodation-market
The luxury accommodation market has been categorized based on type and geography.
By type, the luxury accommodation market has been segmented into boutique luxury hotels, five-star hotels & resorts, private villas & home vacation rentals, penthouses, luxury yachts, and other luxury accommodations. Five-star hotels and resorts capture a significant portion of the luxury accommodation segment owing to the incorporation of the hotel franchising business by leading international hotel conglomerates. Luxury yachts are witnessing increased demand due to the inclusion of extracurricular activities such as scuba diving and snorkeling. In contrast, private villas are experiencing greater demand post-pandemic by customers expecting an advanced level of exclusivity and isolation to protect their privacy and adhere to the covid prevention protocol.
Geographically, the Asia-Pacific region is witnessing lucrative growth opportunities owing to the various government initiatives taken to develop the tourism sector of their respective economies and an increase in the number of international tourists visiting Asian countries. Furthermore, in the North American region, the United States holds a significant share owing to a high level of personal spending and the abundance of disposable income in the country, fueling the luxury accommodation market. In addition, the European region is also expected to witness rapid growth in its luxury accommodation market as it remains the leading tourism sector across the world, fueled by the shorter geographical distances between the countries of this continent and the presence of historically significant infrastructure and other tourist attractions.
Major players covered in the Luxury Accommodation Market are Marriott International Inc., Hilton, Hyatt Hotels, Four Seasons Holdings Inc., Shangri-La International, InterContinental Hotels Group, Mandarin Oriental International, The Indian Hotels Company Limited, Jumeirah International LLC, Kerzner International Resorts, Belmond Ltd, Accor S.A., and Ritz-Carlton Hotel Company LLC.
This Luxury Accommodation Market has been analyzed into the following segments:
• By Type
o Boutique Luxury Hotels
o Five-Star Hotels & Resorts
o Private Villas & Home Vacation Rentals
o Penthouses
o Luxury Yacht
o Others
• By Geography
o North America
• USA
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• United Kingdom
• Germany
• France
• Spain
• Italy
• Others
o Middle East and Africa
• Saudi Arabia
• Israel
• UAE
• Others
o Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Vietnam
• Thailand
• Singapore
• Others
Related Reports:
• https://www.knowledge-sourcing.com/report/smart-cities-market
• https://www.knowledge-sourcing.com/report/global-smart-hospitality-market
• https://www.knowledge-sourcing.com/report/paper-straws-market-
• https://www.knowledge-sourcing.com/report/global-spa-services-market
• https://www.knowledge-sourcing.com/report/global-soap-market
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.
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