Luxury Hotels Market - Global Industry Analysis & Key Insights by 2021
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Rise in the travel and tourism industry is contributing to the growth of luxury hotels globally. Urbanization and industrialization has paved the way for the development of hotel industry globally. Growing number of travelers across different regions such as North America, Europe, Asia Pacific, and Rest of the World (RoW) is contributing to the positive growth of the luxury hotels market. Increasing disposable income and growing expenditure on luxury lifestyle are also expected to have a positive impact on the luxury hotel industry.
The owners of luxury hotels are concentrating on implementing new services with properly trained hotel staff in order to satisfy consumer needs. The services provided by resorts and hotels also cater to the varied tastes of customers. Focusing on the customers’ demand, resorts and hotels have upgraded their services such as complimentary spa and massage treatment for guests and special dinner arrangements for customers. Moreover, some of the other services are customization of rooms according to the clients’ specifications, babysitting, pet care, and packing and unpacking services. Hence, identifying the consumer need is a major part of the business. Moreover, well managed branding and promotion activities are an integral part of the business. Furthermore, successful branding increases the consumers’ awareness, affinity, and in turn, loyalty.
By type, the market can be segmented into business hotels, suite hotels, airport hotels and resorts among others. The others segment includes casino hotels, extended stay hotels, service apartments, and conference and convention centers, which have both regular as well as business occupancy. In terms of revenue, business hotel is leading the market for luxury hotels globally, followed by Airport hotels. Increasing number of multinational companies and rapid industrialization are some of the major factors boosting the demand for business hotels. In addition, aggressive marketing and branding strategies of the existing players are also slated to fuel the business hotels segment. The business hotels cater to business travelers and are primarily located in business districts. These hotels have both business rooms as well as suites. Luxury hotels market in the developing countries such as Asia Pacific and Latin America is expected to witness sustainable growth during the forecast period. The target consumers of airport hotels include airline passengers with cancelled flights or overnight layovers, business clientele, and airline crew and staff among others. Moreover, resorts are the most attractive segment having a huge potential. Increasing brand consciousness is one of the prime reasons behind the growth of luxury hotels market globally.
With the consumer shift towards luxurious living is propelling the demand for luxury hotels globally. Rising consumer brand consciousness along with changing lifestyle is boosting the demand for luxury hotels in North America, followed by Europe. The growing travel and tourism industry is one of the major reasons behind the increasing popularity of luxury hotels in Asia Pacific. Moreover, increasing number of international events coupled with improving standard of living is driving the demand for luxury hotels in Rest of the World (RoW). Four Seasons Holdings Inc. (Canada), InterContinental Hotels Group PLC (U.K.), Starwood Hotels & Resorts (U.S.), Jumeirah International LLC (UAE), Kerzner International Resorts, Inc. (U.S.), The Indian Hotels Company Limited (India), Mandarin Oriental International Limited (Hong Kong), ITC Hotels Limited (India), Shangri-La International Hotel Management Ltd. (Hong Kong), Marriott International, Inc (U.S.) are some of the major players operating in the luxury hotels market worldwide.
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