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Planning the Perfect Getaway: Resort Design Trends for 2024
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According to The Business Research Company's, The resort planning market size has grown strongly in recent years. It will grow from $192.99 billion in 2023 to $202.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to tourism industry growth, changing consumer preferences, environmental conservation and sustainable tourism, government initiatives and tourism policies, global economic expansion.
The resort planning market size is expected to see strong growth in the next few years. It will grow to $258.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rise in luxury and wellness tourism, emergence of eco-tourism, focus on unique experiences, digital marketing and online booking trends, crisis recovery and resilience. Major trends in the forecast period include cultural immersion and local community engagement, luxury sustainability and eco-lodges, adoption of smart environmental design, holistic event and wedding facilities, wellness retreats and specialty programs.
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Market Drivers and Trends:
The increase in worldwide tourism is expected to propel the growth of the resort planning market. Tourism is a social, cultural, and economic phenomenon that involves individuals travelling to nations or locations beyond their typical surroundings for personal or business/professional reasons. The world has seen massive growth in tourism in the past decade due to the increased disposable income, access to various locations, the urge to explore, and other reasons. The growth of global tourism will create a significant need for the development of sophisticated yet sustainable resorts, driving the demand for resort planning as it aids the tourism industry by enabling a luxurious experience for the tourists. For instance, according to the United Nations World Tourism Organization (UNWTO), global tourism grew by 4% in 2021 over 2020, increasing to 415 million arrivals in 2021 from 400 million arrivals in 2020. Therefore, the increase in global tourism is expected to boost demand for resort planning services during the forecast period.
Strategic partnership is a key trend gaining popularity in the resort planning market. Key companies operating in the resort planning market are focusing on partnerships to open up new opportunities in the planning and development of advanced resorts by leveraging each other's expertise, resources, and technologies. The strategic partnerships will also help companies strengthen their position and expand into new markets. For instance, in September 2021, Benchmark Global Hospitality, a US-based innovator in the development, management, marketing, and owner-advisory services of resorts, hotels, and others, and Pyramid Hotel Group, a US-based company that offers asset, hotel, project, and resort management, lender, receivership, and acquisition services merged and formed Benchmark Pyramid. The merger combines the strengths of Benchmark Global Hospitality in the development and management of independent and lifestyle properties and Pyramid Hotel Group's success across branded/franchise and resort properties, with a global portfolio of 210 properties and annual operating revenue under the management of over $3 billion.
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Major Key Players of the Market:
Gensler Jr. & Associates Inc., Hellmuth Obata & Kassabaum Inc., Nikken Sekkei Komu Co Ltd., Leo A. Daly Company, EDSA Inc., CallisonRTKL Inc., Cooper Carry, Forrec Ltd., SB Architects Ltd., HKS Inc., Wilson Associates, Hirsch Bedner Associates, MHBC Planning, Urban Design & Landscape Architecture, Yabu Pushelberg, Humphreys & Partners Architects, M2Leisure, Nomadic Resorts, VITA Planning and Landscape Architecture, Affiniti Architects PA, Wimberly Allison Tong & Goo, International Place Design LLC, Smallwood Contracts Ltd., Ankenman Marchand Architects, Urban Resort Concepts Ltd., LandRun Studio LLC, Arcmax Architect, Resort Management Company, SE Group Ltd., WATG Urban, M. Arthur Gensler Jr. & Associates Inc., DiLeonardo International
Resort Planning Market 2024 Key Insights:
• The resort planning market size is expected to see strong growth in the next few years. It will grow to $258.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Fueling Growth In The Resort Planning Market Through Global Travel Surge
• Reshaping The Resort Planning Landscape Through Collaborative Partnerships
• Western Europe was the largest region in the resort planning market share in 2023
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