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Luxury Hotels Market: Analyzing the Evolution of Opulence and Service Excellence | The Indian Hotels Company Limited

11-28-2023 02:07 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

Luxury Hotels Market

Luxury Hotels Market

Market Overview:

Luxury hotels offer premium accommodation services and amenities to business and leisure travelers. They provide deluxe rooms, suites, finest dining, spa and wellness facilities, and premium services.

Market Dynamics:

The luxury hotels market is expected to witness high growth during the forecast period due to the rising tourism industry globally. According to the World Tourism Organization, international tourist arrivals grew by 4% in 2019 reaching 1.5 billion globally. This rise in tourism has led to an increase in demand for high-end hotel stays. Another factor driving the market growth is the increasing disposable incomes of consumers in developing regions that has boosted their spending on luxury travel and hospitality services. Consumers today are willing to spend more on premium hotel experiences and unique amenities which is further supporting the market expansion.

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The report provides key statistics on the market status of the manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry. The Market report also presents the vendor landscape and a corresponding detailed analysis of the major vendors operating in the market.The data contains the company profile, Y-O-Y turnover, product type and services, income generation, which offers direction to businesses to take crucial steps.

Major Players in Luxury Hotels Market

The Indian Hotels Company Limited, InterContinental Hotels Group plc, Rosewood Hotels & Resorts, Oberoi Hotels & Resorts, Naman Retreat, Jumeirah International LLC, Shangri-La International Hotel Management Ltd., Hyatt Hotels Corporation, Accor S.A, Hilton Hotels & Resorts, Marriott International Inc.

Luxury Hotels Market Drivers and Analysis

Increasing Number of High Net Worth Individuals

The global luxury hotel market is witnessing strong growth due to the rising affluence in many developing and developed nations. According to a recent report by Knight Frank, the number of millionaires across the world is expected to rise by 46% by 2026. Wealthy individuals are increasingly spending more on luxury experiences such as stays at prestigious hotels. Five-star and boutique luxury hotels catering to ultra-high-net-worth travelers continue capturing more market share.

Growing Tourism and Business Travel Spending

International tourism is booming globally due to higher disposable incomes, easier travel policies, and emerging destinations. According to the United Nation's World Tourism Organization, over 1.4 billion tourists traveled internationally in 2020. Leisure and business travel patterns have also evolved favorably for luxury hotels. Extended and frequent stays along with spend on luxurious amenities have allowed luxury hotel chains to increase room rates and optimize property utilization rates. Convention facilities provided by luxury resorts also help attract major corporate events and conferences.

Luxury Hotels Market Restraint

Volatile Economic Conditions Impacting Consumer Spending

While the affluent segment remains relatively insulated, broader economic uncertainty can negatively impact the luxury hotel industry. During periods of economic slowdown or recession, discretionary consumer spending comes under pressure. Some high-net-worth individuals may also postpone major spending including luxury hotel vacations or experiences. The industry is vulnerable to declines in business and leisure travel when GDP growth slows down substantially. Higher interest rates can additionally reduce consumer wealth and spending power in the short to medium term.

Luxury Hotels Market Opportunity

Growing Demand for Wellness-Focused Luxury Stays

A major opportunity for luxury hotel players lies in wellness tourism that has gained tremendous popularity in recent years. Affluent travelers today not only seek beauty and relaxation but also want to invest in preventive healthcare and well-being during vacations. This has led to the emergence of wellness-focused luxury resorts with intricate spa therapies and yoga/meditation programs using native or organic ingredients. They also promote nutrition, fitness, and mindfulness. By customizing services as per new-age luxury demand, hotel chains can boost asset utilization and average room rates.

Luxury Hotels Industry Trends

Rise of Sustainable and Responsible Luxury

A defining trend across the luxury sector is the growing emphasis on sustainability and responsible business practices. Upscale travelers today research a company's environmental and social commitments before making high-value purchases. Several luxury hotel brands have made bold sustainability targets and invest heavily in environmental conservation efforts, green building certifications, waste management, and community upliftment projects. Some properties also focus on promoting local artisans and sustainable livelihoods. By aligning with the preferences of millennials and Gen Z patrons, hotels now perceive ESG compliance as a key driver of brand differentiation and loyalty in the long-run.

Segmentation

On the basis of hotel type, the global luxury hotels market is segmented into:

Business Hotels
Airport Hotels
Suite Hotels
Resorts & Spa
Others

On the basis of operating channel, the global luxury hotels market is segmented into:

Online
Offline

Regional Analysis:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

๐๐ฎ๐ซ๐œ๐ก๐š๐ฌ๐ž ๐“๐ก๐ข๐ฌ ๐๐ซ๐ž๐ฆ๐ข๐ฎ๐ฆ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐“๐จ ๐€๐œ๐œ๐ž๐ฌ๐ฌ ๐…๐ฎ๐ฅ๐ฅ ๐ˆ๐ง๐Ÿ๐จ๐ซ๐ฆ๐š๐ญ๐ข๐จ๐ง (Get Upto 25% Off)@ https://www.coherentmarketinsights.com/insight/buy-now/3079

Reasons to Purchase this Report

โ€ข Current and future of global Luxury Hotels market outlook in the developed and emerging markets

โ€ข The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.

โ€ข Regions/countries that are expected to witness the fastest growth rates during the forecast period

โ€ข The latest developments, market shares, and strategies that are employed by the major market players

Key Questions:

โ€ข Who are the key market players?
โ€ข Which region dominates the market in terms of market share?
โ€ข What are the latest trends in the Luxury Hotels Market?
โ€ข How are legal and regulatory factors impacting the market?
โ€ข What marketing and advertising strategies are employed by businesses in the market?
โ€ข What are the consumer preferences and buying behaviors in the market?
โ€ข What is the future outlook and growth potential of the market

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakehulders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Luxury Hotels Market, 2023-2030 (USD Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID 19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle-East and Africa

Contact Us

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame
CA 94010, United States
Email: sales@coherentmarketinsights.com
Phone: U.S.: +1-206-701-6702
U.K.: +44-020-8133-4027
JAPAN: +81-50-5539-1737
INDIA: +91-848-285-0837

About Coherent Market Insights

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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