Luxury Hotel Market Size - By Type (Business Hotels, Airport Hotels, Suite Hotels, Resorts), By Category (Chain, Independent), By Booking Channel (Direct Booking, Online Travel Agencies (OTAs)), Forecast 2023

Description

List of Tables

Luxury Hotel Market size is poised to record over 7% CAGR from 2023-2032, driven by the emerging remote working trend and the surging consumer preference for extended stays, work-friendly spaces, and amenities conducive to productivity.

Of late, luxury hotels are increasingly investing in renovations and redesigns for offering updated and modern accommodations, including refreshing interior designs, upgraded amenities, and enhanced guest comfort. To cite an instance, in May 2021, Adelaide's iconic luxury hotel, InterContinental Adelaide disclosed a $32 million refurbishment plan. The growing emphasis on regular renovations for maintaining the property's value whilst upgrading the facilities and aesthetics will influence the market growth.

The luxury hotel industry is segmented into type, category, and region.

In terms of type, the industry share from the resorts segment may record robust CAGR from 2023 to 2032. The growth is led by the strong presence of diverse activities and amenities suitable for different age groups for catering to families and multigenerational travelers. Luxury resorts offer premium services and amenities, including personalized concierge services, such as world-class spas, fine dining, and private beaches and pools. The growing consumer preference for destinations providing relaxation, rejuvenation, and indulgence will also define the segment growth.

Based on category, the luxury hotel chain industry value is expected to expand exponentially from 2023-2032 owing to the rising emphasis on sustainability and responsible practices. Luxury hotel chains increasingly prioritize safety and security measures. This has made way for significant investments in robust security protocols and cleanliness standards for attracting guests concerned about safety. Personalized services, global accessibility, loyalty programs, and higher adaptability to changing guest preferences are other factors influencing the segment expansion.

Regionally, the Asia Pacific luxury hotel market size is projected to witness over 10% CAGR through 2032 owing to the rapidly expanding growing middle-class population in the region. With the rising number of travellers seeking more intimate and personalized experiences, there has been rising interest in unique and boutique luxury accommodations. The rapid digital transformation across several industries, the increasing internet penetration along with the robust growth of smaller luxury properties with distinct offerings will contribute to the regional industry growth.

Product Code: 7446

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Luxury hotel market 360 degree synopsis, 2018 - 2032
2.2 Business trends
- 2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Type trends
2.5 Category trends
2.6 Booking channel trends

Chapter 3 Luxury Hotel Industry Insights

3.1 Impact of COVID-19
3.2 Industry ecosystem analysis
3.3 Profit margin analysis
3.4 Tourism statistics
- 3.4.1 Best destination in tourism industry
- 3.4.2 Best preferred packages
- 3.4.3 Seasonal trends
- 3.4.4 Traveler behavior & preferences
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
- 3.7.1 Partnership/Collaboration
- 3.7.2 Merger/Acquisition
- 3.7.3 Investment
- 3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
- 3.9.1 Growth drivers
  - 3.9.1.1 Growing tourism in Europe and North America
  - 3.9.1.2 Rising disposable income globally
  - 3.9.1.3 Increasing demand for unique and personalized experiences
  - 3.9.1.4 Demand for luxury accommodations for corporate events
- 3.9.2 Industry pitfalls & challenges
  - 3.9.2.1 Economic downturns and uncertainties can impact consumer spending
  - 3.9.2.2 Rise of alternative accommodation options, such as vacation rentals and boutique lodgings
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis

Chapter 4 Competitive Landscape, 2022

4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
- 4.3.1 AccorHotels
- 4.3.2 Four Seasons Hotels and Resorts
- 4.3.3 Hilton Worldwide Holdings Inc.
- 4.3.4 Hyatt Hotels Corporation
- 4.3.5 InterContinental Hotels Group (IHG)
- 4.3.6 Jumeirah Hotels and Resorts
- 4.3.7 Marriott International
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022

Chapter 5 Luxury hotel Market Estimates & Forecast, By Type (Revenue)

5.1 Key trends, by type
5.2 Business hotels
5.3 Airport hotels
5.4 Suite hotels
5.5 Resorts
5.6 Others

Chapter 6 Luxury Hotel Market Estimates & Forecast, By Category (Revenue)

6.1 Key trends, by category
6.2 Chain
6.3 Independent

Chapter 7 Luxury Hotel Market Estimates & Forecast, By Booking Channel (Revenue)

7.1 Key trends, by booking channel
7.2 Direct bookings
7.3 Online Travel Agencies (OTAs)
7.4 Other platforms

Chapter 8 Luxury Hotel Market Estimates & Forecast, By Region (Revenue)

8.1 Key trends, by region
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Nordics
8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 Australia
- 8.4.5 South Korea
- 8.4.6 Southeast Asia
8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Argentina
8.6 MEA
- 8.6.1 UAE
- 8.6.2 Saudi Arabia
- 8.6.3 South Africa

Chapter 9 Company Profiles

9.1 AccorHotels
9.2 Aman Resorts
9.3 Four Seasons Hotels and Resorts
9.4 Hilton Worldwide Holdings Inc.
9.5 Hyatt Hotels Corporation
9.6 InterContinental Hotels Group (IHG)
9.7 Jumeirah Hotels and Resorts
9.8 Mandarin Oriental Hotel Group
9.9 Marriott International
9.10 Oberoi Hotels & Resorts
9.11 Rosewood Hotel Group
9.12 Shangri-La Hotels and Resorts
9.13 St. Regis Hotels & Resorts
9.14 The Ritz-Carlton Hotel Company
9.15 Waldorf Astoria Hotels & Resorts (Hilton)