The luxury hotels
industry is one of the major customer service industries globally.
Growing travel and tourism industry is one of the key reasons behind
the growth of luxury hotels industry. In order to meet the increasing
demand for unique customer services, luxury hotels are constantly
striving to improve their services by focusing on changing consumer
preferences.
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Research Report of Luxury Hotels Market :
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.
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Luxury hotels market
in the developing countries such as Asia Pacific and Latin America is
expected to witness sustainable growth during the forecast period.
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.
Global luxury hotels
market was valued at USD 148.62 billion in 2014 and anticipated to
reach USD 195.27 billion by 2021, expanding at a CAGR 4.0% over the
forecast period. 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).
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