Press release
Luxury Hotel Market Report 2024: Strategies And Recent Developments | Jardine Matheson Holdings Ltd, Marriott International, Inc., Hilton Hotels & Resorts, Hyatt Hotels Corporation
Luxury Hotel Market Characteristics
The Business Research Company offers in-depth market insights through Luxury Hotel Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The luxury hotel market size has grown strongly in recent years. It will grow from $100.14 billion in 2023 to $106.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to economic growth and rising disposable income, increasing global tourism, cultural shift towards experiential travel, rise in business travel, brand differentiation and innovation, strategic location and destination appeal, cultural and heritage tourism trends..
The luxury hotel market size is expected to see strong growth in the next few years. It will grow to $131.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to continued economic prosperity, rising middle-class aspirations, sustainable and eco-friendly practices, health and wellness tourism, unique and authentic experiences, strategic partnerships and collaborations.. Major trends in the forecast period include emphasis on sustainable and eco-friendly practices, integration of smart hotel technologies, rise in wellness and health-centric offerings, customized experiences and personalization, culinary innovation and michelin-starred restaurants..
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Market Segmentation:
The main types of luxury hotels are business hotels, airport hotels, suite hotels, resorts, and others. Business hotels are establishments specifically designed to cater to the needs and preferences of business travelers. The room types involved are luxury, upper-upscale, and upscale, which are categorized as chain and independent.
Major Driver - Growth Of The Luxury Hotel Market Driven By Increase In Travel And Tourism
The increase in travel and tourism is expected to propel the growth of the luxury hotel market going forward. Travel and tourism refer to the activities of individuals or groups traveling to and staying in places outside their usual environment for leisure, business, or other purposes. Luxury hotels are integral to the travel and tourism industry, offering personalized services, exquisite accommodations, and unique experiences that cater to the discerning traveler's desire for comfort and exclusivity. For instance, in January 2023, according to the United Nations World Tourism Organization (UNWTO), a Spain-based intergovernmental organization, more than 900 million tourists traveled abroad in 2022, approximately double the amount recorded in 2021. Therefore, the increase in travel and tourism is driving the growth of the luxury hotel market.
Competitive Landscape:
Major companies operating in the luxury hotel market report are Jardine Matheson Holdings Ltd, Marriott International, Inc., Hilton Hotels & Resorts, Hyatt Hotels Corporation, W Hotels, Kempinski Hotels S.A., Host Hotels & Resorts, Inc., Accor SA, Four Seasons Hotel Limited, Ritz-Carlton Hotel Company LLC, Park Hotels & Resorts, Rosewood Hotel Group, InterContinental Hotel Group , Jumeirah International LLC, Radisson Hotels International Inc, Shangri-La International Hotel Management Ltd, Belmond Management Limited, The Peninsula Hotels, Aman Resorts, Mandarin Oriental Hotel Group Limited, Soneva, Banyan Tree Holdings, Six Senses, Oetker Collection, Aloft Hotels, Auberge Resorts, The Luxe Life Hotel, Fairmont Hotels & Resorts, Waldorf Astoria , The Oberoi Group
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Top Trend - Elevating The Guest Experience With Hilton's Industry-Leading Enhancements
Major companies operating in the luxury hotel market focus on improving guest experience to enhance the digital welcome experience with the use of multiple technological enhancements. The guest experience refers to a guest's overall satisfaction during their interaction with a hotel or other hospitality service provider, encompassing all touchpoints from the booking process to the post-stay experience. For instance, in October 2021, Hilton Worldwide Holdings Inc., a US-based hospitality company, launched multiple technology enhancements to improve the guest experience and create a more seamless travel experience across the company's 18 world-class hotel brands. The enhancements include digital key sharing, automated complimentary room upgrades, confirmed connecting rooms, and enhanced booking options. Gold and Diamond Hilton Honors members receive 72-hour notices of possible upgrades, allowing them to select their improved accommodation immediately through the Hilton Honors app. These two additions join the recently introduced Confirmed Connecting Rooms, enabling individuals to quickly and instantaneously confirm at least two connecting rooms when booking.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Luxury Hotel Market Characteristics
3. Luxury Hotel Market Trends And Strategies
4. Luxury Hotel Market - Macro Economic Scenario
5. Luxury Hotel Market Size And Growth
…..
27. Luxury Hotel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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