Global Luxury Hotel Market 2023-2030

Title: Global Luxury Hotel Market Size, Share, and Trends Analysis Report by Type (Business Hotels, Airport Hotels, Suite Hotels, Resorts Hotels, and Others), and by Category (Chain and Independent) Forecast Period (2023-2030).

The global luxury hotel market is anticipated to grow at a considerable CAGR of 7.6% during the forecast period (2023-2030). The market's growth is attributed to factors such as luxury properties on the rise in the hotel industry globally. The luxury hotel industry has seen a boom in the post-Covid - 19 period, as an increasing number of travelers seek high-end travel and stay experiences. For instance, in November 2022, Marriott International, Inc, announced its expansion into apartment-style accommodations with the launch of apartments by Marriott BonvoyTM. The company is seizing upon growing consumer interest among families and friends seeking more space for stays, propelled by the blending of work and leisure travel, and the desire among younger travelers for wider accommodations options. Leading hotel companies are leveraging modern innovations such as artificial intelligence, machine learning, Internet of things, near-field communication, mobile payment, and data analytics to improve online reservations, increase return on advertising spend, better understand guest preferences, and cultivate strong customer relationships.

Segmental Outlook

The luxury hotel market is segmented based on type, and Category. Based on the type, the market is segmented into business hotels, airport hotels, suite hotels, resorts hotels, and others including casino hotels, transit hotels and boutique hotel. Based on category, the market is bifurcated into chain and Independent. Among the category, the independent sub-segment is expected to hold a considerable share of the market owing to the increased demand and use of technology. Globally, there is a significant demand for personalized, simple, and engaging experiences among the hospitality industry. Hence, the hoteliers started deploying various technology to manage services such as mobile check-in, digital payments, ordering food via app, voice control and biometrics.

The Chain Sub-Segment is Anticipated to Hold a Prominent Share of the Global Luxury Hotel Market

Among the category, the chain sub-segment is expected to hold a prominent share of the global market due to growing demand for hygiene and safety protocols are implemented globally. Consumer behavior and expectations have shifted, especially after COVID-19 pandemic, which has increased people's concerns towards the safety, hygiene, and health during their stay. Thus, the hotel industry players are mainly focusing on consumer health and safety by introducing various safety precautions and standards. For Instance, in May 2020, Accor SA launched ALLSAFE, a hygiene and cleanliness label that guarantees guests complete peace of mind. It does this in three ways such as the most stringent cleanliness standards and operational procedures in the globe of hospitality, accredited by auditors including Bureau Veritas; medical assistance in collaboration avec AXA Partners.

Global luxury hotel Market Growth, by Region, 2023-2030

The global luxury hotel market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East and Africa, and Latin America). Among these, the Asia-Pacific region is anticipated to grow at a significant rate over the forecast period, owing to the higher demand for rooms. According to hospitability net organization, in December 2022, India had a little over 28,000 branded rooms in the leisure segment spread across the entire country and its insignificant when it is compared to nearby Bali and Phuket, that has around 120,000 branded rooms.

Source: OMR Analysis

North America is Expected to Hold a Prominent Share of the Global Luxury Hotel Market

The North America region is expected to hold a prominent share in the luxury hotel market, owing to the increasing demand for elasticity to the analysis of luxurious hotel rooms. American customers in luxurious hotels are not sensitive to price so they hesitate to switch hotels when there is an increase in room rate. In addition, American people consider luxury hotels to be reserved for high income persons since the income elasticity of luxury hotel demand is elastic in the high season. Moreover, in the US, income in 2021 increase from 0.7% to 1.8% compared with the previous year. Therefore, high income travelers in the US may stay more in luxury hotels. Managers in the luxurious segment of hotels can change their price in the high season without affecting their business.

Market players' outlook

The major companies serving the global luxury hotel market include Accor SA, Belmond Ltd., Choice Hotels international, Inc., Four Seasons Luxury Resorts Pvt., Intercontinental Hotels Group Plc, and others. The market players are considerably contributing to market growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Marriott International launched the Marriott design lab to accelerate the development and deployment of new technologies and products.

The report covers:

• Market value data analysis for 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions
• Key companies operating in the global luxury hotel market Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.