PUBLISHER: The Business Research Company | PRODUCT CODE: 1436645
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436645
Resort planning is an ongoing process that outlines the systematic and regulated development of a resort. This planning includes architectural considerations, drafting, and overall development. It can be applied to either an existing resort or a new resort under construction, ensuring that the development aligns with specific objectives and standards.
Resort planning is categorized into overall planning and partial planning. Overall planning involves comprehensive services covering the entire design and development of resorts, from conceptualization to construction completion. These services are utilized by large enterprises and investment agencies for resort planning in urban and rural areas.
The resort planning market research report is one of a series of new reports from The Business Research Company that provides resort planning market statistics, including resort planning industry global market size, regional shares, competitors with a resort planning market share, detailed resort planning market segments, market trends and opportunities, and any further data you may need to thrive in the resort planning industry. This resort planning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The resort planning market size has grown strongly in recent years. It will grow from $192.99 billion in 2023 to $202.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth witnessed in the historic period can be attributed to various factors, including the growth of the tourism industry, evolving consumer preferences, a focus on environmental conservation and sustainable tourism practices, government initiatives, and favorable tourism policies, as well as the expansion of the global economy.
The resort planning market size is expected to see strong growth in the next few years. It will grow to $258.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to several factors, including the rise in luxury and wellness tourism, the emergence of eco-tourism, a heightened focus on unique experiences, trends in digital marketing and online booking, and a focus on crisis recovery and resilience. Notable trends expected in the forecast period encompass cultural immersion and local community engagement, the integration of luxury sustainability and eco-lodges, the adoption of smart environmental design, the provision of holistic event and wedding facilities, as well as the promotion of wellness retreats and specialty programs.
The growth of the resort planning market is expected to be propelled by the increase in worldwide tourism. Tourism, encompassing social, cultural, and economic aspects, involves individuals traveling beyond their typical surroundings for personal or business reasons. The global tourism sector has experienced substantial growth in the past decade, driven by factors such as increased disposable income, accessibility to diverse locations, the desire for exploration, and more. This surge in global tourism is creating a significant demand for the development of sophisticated yet sustainable resorts, leading to an increased need for resort planning services. According to the United Nations World Tourism Organization (UNWTO), global tourism witnessed a 4% growth in 2021 compared to 2020, with arrivals increasing from 400 million to 415 million during that period. As a result, the rise in global tourism is expected to stimulate demand for resort planning services in the forecast period.
The growth of the resort planning market is anticipated to be driven by an increase in disposable income. Disposable income represents the total income available to households and individuals for spending and saving after deducting taxes. This factor plays a crucial role in the resort planning market, as higher levels of disposable income directly influence spending on leisure and travel. Individuals with higher disposable income are more likely to seek well-designed, upscale resorts that offer premium amenities and experiences. For example, in August 2023, the Bureau of Economic Analysis reported a $7.3 billion increase (less than 0.1%) in disposable personal income in July 2021. Hence, the growth in disposable income is contributing to the expansion of the resort planning market.
Strategic partnerships have become a prominent trend in the resort planning market, with key companies collaborating to unlock new opportunities in the development of advanced resorts. These partnerships leverage the combined expertise, resources, and technologies of the involved parties. One notable example is the merger of Benchmark Global Hospitality and Pyramid Hotel Group in September 2021, resulting in the formation of Benchmark Pyramid. This collaboration combines Benchmark Global Hospitality's proficiency in developing and managing independent and lifestyle properties with Pyramid Hotel Group's success in branded/franchise and resort properties, boasting a global portfolio of 210 properties and annual operating revenue exceeding $3 billion.
A noteworthy trend among major companies in the resort planning market is the introduction of new hospitality brands to maximize revenue. The Palette brand, launched by OYO Hotels & Homes in July 2023, exemplifies this approach. Palette focuses on boutique hotels that offer unique, design-centric accommodations, providing personalized experiences for travelers seeking distinctive and stylish stays. OYO's expansion into premium resorts and hotels through the Palette brand underscores the industry's commitment to catering to diverse traveler preferences.
In December 2023, Dutco Group and Align Partners made strategic acquisitions, securing Mar Hall Hotel, Golf, and Spa Resort in Scotland. The undisclosed investments are part of a £15 million program aimed at enhancing and expanding the resort. The planned improvements include the construction of new woodland lodges and renovations to the hotel's leisure and spa facilities, guest rooms, and public areas. This acquisition reflects a commitment to upscale developments in the luxury resort sector.
Major companies operating in the resort planning market report are Gensler Jr. & Associates Inc., Hellmuth Obata & Kassabaum Inc., Nikken Sekkei Komu Co. Ltd., Leo A. Daly Company, EDSA Inc., CallisonRTKL Inc., Cooper Carry, Forrec Ltd., SB Architects Ltd., HKS Inc., Wilson Associates, Hirsch Bedner Associates, MHBC Planning, Urban Design & Landscape Architecture, Yabu Pushelberg, Humphreys & Partners Architects, M2Leisure, Nomadic Resorts, VITA Planning and Landscape Architecture, Affiniti Architects PA, Wimberly Allison Tong & Goo, International Place Design LLC, Smallwood Contracts Ltd., Ankenman Marchand Architects, Urban Resort Concepts Ltd., LandRun Studio LLC, Arcmax Architect, Resort Management Company, SE Group Ltd., WATG Urban, M. Arthur Gensler Jr. & Associates Inc., DiLeonardo International
Western Europe was the largest region in the resort planning market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the resort planning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the resort planning market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The resort planning market includes revenues earned by entities by providing services such as beach resort planning, mix land-use resort planning, mountain resort planning, and lake resort planning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Resort Planning Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on resort planning market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for resort planning ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The resort planning market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.