Luxury Hotels Market Will Exhibit an Impressive Expansion by 2024-2030 | The Indian Hotels Company Limited, InterContinental Hotels Group plc

The Luxury Hotels Market is estimated for 2023-2030 for the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Luxury hotels provide premium accommodation and amenities along with fine dining options and bespoke services to business and leisure travelers. They cater to high-end customers seeking luxurious experiences during their travel.

Market Dynamics:

The global tourism industry has experienced strong growth over the past few years, fueled by increasing disposable incomes, globalization, and digitalization. International tourist arrivals have grown substantially, with Asia and Africa being major destinations. This rapid growth in tourism has driven the demand for luxury hotels across the world as affluent travelers prefer to stay in high-end hotels with superior facilities and room service. Additionally, changing consumer preference towards unique and premium hotel experiences has also propelled the luxury hotels market. Customers today look for customized offerings and personalized services tailored to their needs and requirements. To cater to these evolving consumer demands, luxury hotel chains are focusing on enhancing service quality, diversifying amenities, and offering immersive stays through specialized packages and themed rooms. These factors are expected to significantly boost the luxury hotels market during the forecast period.

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Top Key Players are Covered in this Report:

★ 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.

Market Segmentation:

By Hotel Type:

★ Business Hotels
★ Airport Hotels
★ Suite Hotels
★ Resorts & Spa
★ Others

By Operating Channel:

★ Online
★ Offline

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Growing Affluence and Disposable Income of the Middle Class Drives Demand for Luxury Hotels:

As countries develop and standard of living improves, more people are joining the affluent middle class globally. This expanding middle class segment has greater disposable income to spend on luxury leisure and travel experiences. They aspire to stay in top designer hotels and enjoy world-class amenities and services during vacations. Hotels in the luxury segment are positioning themselves to attract this growing customer base by offering bespoke services, lavish interiors, and attractions at their properties. The rising affluence translates directly into increased spending on luxury hotels.

Increasing Global Travel and Tourism Boosts the Luxury Hotels Industry:

International travel has seen tremendous growth over the past decades. More people are exploring different cultures and destinations through international trips. Emerging economies like China and India are also seeing a significant rise in outbound travel as citizens gain exposure and purchasing power. The tourism industry worldwide has collaborated to promote destinations through global campaigns. As travel becomes more accessible, luxury hotels benefit from the increased tourist inflows. They create unique experiences catering to the needs of global travelers. The growing global mobility of people expands the potential customer base for luxury accommodations.

Seasonality poses a Challenge for Luxury Hotel Businesses:

The luxury hotel industry is highly susceptible to seasonal fluctuations as demand varies with time of the year. Summer and winter seasons see peak occupancy rates owing to holidays and favorable weather. However, the off-seasons like spring and fall bring lower room bookings. This creates an uneven demand pattern throughout the year for luxury hotels. It becomes difficult to optimize resource utilization and maximize profits with such seasonality issues. The fixed operating costs remain the same regardless of room occupancy levels. Luxury hotels must devise strategic solutions to address the challenge of seasonality in the market.

Wellness Tourism presents Opportunity for Expansion:

There is a rising global trend of consumers seeking spiritual and physical well-being through wellness travel. People want to rejuvenate themselves through spa treatments, yoga retreats, and interaction with nature. Luxury hotels can capitalize on this opportunity by introducing wellness-focused amenities, programming and design elements. Transforming some rooms and facilities into dedicated wellness zones can cater to the growing wellness tourism segment. Partnerships with specialist wellness brands can also help luxury properties expand their service offerings in this domain. Integrating wellness philosophy will allow hotels to attract a new customer base and increase room rates through premium wellness experiences.

Sustainability becomes an Important Differentiating Factor:

With growing environmental concerns, sustainability is gaining increased attention across all industries globally. Hotel guests especially millennials and generation Z travelers are more informed about the environmental impact of their accommodations. They actively seek lodging options that are taking steps to reduce carbon footprint and optimize resource utilization. Luxury hotels need to demonstrate credible sustainability practices like use of renewable energy sources, waste management programs, local sourcing of materials if they wish to stay relevant to the new generation of affluent travelers. Those who actively incorporate green initiatives stand to gain a competitive advantage in the market over time.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Luxury Hotels market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Luxury Hotels market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Luxury Hotels Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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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.

This release was published on openPR.