Global Luxury Hotels : Growth, Trends, and Forecast Up to 2021

Transparency Market Research has published a new market report titled - Luxury Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021. According to the report, the global luxury hotels market was valued at USD 148.62 billion in 2014 and is anticipated to reach USD 195.27 billion by 2021, expanding at a CAGR of 4.0% from 2015 to 2021. Increasing consumer awareness and changing lifestyle are the major factors contributing to the growing popularity of luxury hotels globally. With the increasing standard of living, consumers are opting for luxury hotels for better services. Furthermore, the booming travel and tourism industry is one of the key factors fueling the demand for luxury hotels globally. In addition, rise in branding and promotional activities are one of the prime factors responsible for the increasing awareness about luxury hotels. Hoteliers are focusing on branding and promotions for better market penetration. Online booking, advance services, and easy check-in and check-out processes are the major driving factors responsible for the success of the luxury hotel industry. Moreover, in order to meet the consumer demands, hoteliers are focusing on upgrading their services. As service is a crucial part of the hospitality industry, hoteliers are concentrating on providing excellent services to retain customers.

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Rise in the number of international events is fueling the market growth of luxury hotels globally. Consumers are opting for luxury hotels to spend their leisure time, with a view to experience the luxurious living offered in such hotels. Furthermore, the services, which include spa treatments, beauty services, and various other amenities offer relaxation and rejuvenate the customers. Moreover, hectic daily lifestyle and demand for luxurious living are some of the key reasons behind the growing popularity of luxury hotels globally.

The global luxury hotels market by geography has been categorized into North America, Europe, Asia Pacific, and Rest of the World (RoW). The scope of the report offers an insight into luxury hotel preferences in these regions, based on revenue (USD billion). In addition, the current and future trends in the luxury hotels market are also covered in the report.

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Currently, the U.S. is dominating the market for luxury hotels in North America. Germany is dominating the market for luxury hotels in Europe, followed by the U.K. The growing tourism industry is stimulating the demand for luxury hotels across the various regions globally. China dominates the luxury hotels market in Asia Pacific currently, followed by India and Singapore. Increasing brand awareness among consumers is driving the demand for luxury hotels in Brazil and Saudi Arabia.

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The business hotels segment accounts for the largest share in the luxury hotels market. Business travelers, tour groups, small conference groups, and individual tourists are the target customers of business hotels. Moreover, suite hotels are one of the major segments in the luxury hotels market. These hotel rooms have bedrooms and a separate living room area. Professionals such as lawyers, businessmen and accountants usually tend to prefer such hotels. In addition, currently, the airport hotels segment is showcasing a promising growth in the luxury hotels market globally. The target customers of airport hotels include airline passengers, especially those whose flight is cancelled or overnight layovers, business clientele and airline crew and staff, among others.

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The global luxury hotels market report provides an insight into the regional as well as country-wise preferences of luxury hotels. North America dominated the global luxury hotels market in 2014, followed by Europe and Asia Pacific. Increasing standard of living coupled with the booming travel and tourism industry are having a positive impact on the growing market for luxury hotels globally. The shift in consumer preferences toward living a luxurious lifestyle, along with the rise in the number of international events, is propelling the demand for luxury hotels in the Rest of the World (RoW).

Some of the major luxury hotels in North America, Europe, Asia Pacific, and RoW include Starwood Hotels & Resorts, Four Seasons Holdings Inc., InterContinental Hotels Group PLC, ITC Hotels Limited, The Indian Hotels Company Limited, Mandarin Oriental International Limited, Jumeirah International LLC, Shangri-La International Hotel Management Ltd., Kerzner International Resorts, Inc., and Marriott International, Inc.

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