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luxury-hotels-market-global-demand-analysis-opportunity-outlook-2024

Luxury Hotels Market : Global Demand Analysis & Opportunity Outlook 2024

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Report ID: 323 | Published On: Feb 13, 2023
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Market Segmentation

Our in-depth analysis segmented the global luxury hotels market in the following segments:

By Type

  • Suite Hotels
  • Business Hotels
  • Airport hotels
  • Others

By Region

Global luxury hotels market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis


Luxury Hotels market
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Market Size and Forecast
cscs

The global luxury hotels market is expected to grow at a CAGR of 4.3% over the forecast period i.e. 2017-2024. Further, luxury hotels market is anticipated to reach USD 23 billion globally by 2024. Rise in travel & tourism industry, growth in preference for leisure travel, and change in standard of living is anticipated to foster the growth of luxury hotel market.

Luxury Hotels market

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Regionally, North America and European region accounted for about two-third of the total luxury hotel market. North America accounts for the largest share in global luxury hotel market. Further, U.S. dominates the North America region owing to huge presence of luxury hotels. Latin America is expected to garnish the growth of luxury hotels market by the end of 2024. Further, Mexico is expected to witness a tremendous growth over the forecast period. 

North America is trailed by Europe and Asia-Pacific. Rising tourism in Germany, Italy, France and U.K. is believed to spur the demand for luxury hotels in Europe region. On the other hand, Asia-Pacific is expected to grow at a tremendous rate over the forecast period. Moreover, rising disposable income in China and India is projected to positively impact the market.

Further, Saudi Arabia is the fastest growing luxury hotel market anticipated to expand at a CAGR of 12.6% over the forecast period. Thailand is the second largest market in terms of luxury rooms owing to rise in tourism. Many hoteliers are planning to expand their luxury hotels in developing nations owing to rise in per capita income.


Growth Drivers and Challenges

Riding on the back of growing tourism and rise in affluent leisure coupled with increasing business travels across the globe are believed to be the dynamic factors behind the growth of luxury hotel market. Further, growing number of international events is also envisioned to bolster the growth this market.

Moreover, rising disposable income coupled with changing lifestyles have boosted the demand for luxury hotels during holidays and travel. In addition, more and more consumers are showing interests towards luxurious services which are expected to propel the growth of luxury hotel market.

However, damages caused by natural disasters and terrorist threats are expected to hamper the growth of luxury hotel market.    


Top Featured Companies Dominating the Market

The major key players for luxury hotels market are as follows

  • Four Seasons Holdings Inc.
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Intercontinental Hotels Group
  • Marriott International Inc.
  • Hyatt Corporation
  • ITC Hotels Limited
  • Shangri-La International Hotel Management Ltd.
  • Sheraton
  • Hilton
  • Starwood Hotels and Resorts Worldwide
  • Jumeirah International LLC
  • The Indian Hotel Companies Limited


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Top Featured Companies Dominating the Market

    The major key players for luxury hotels market are as follows

    • Four Seasons Holdings Inc.
      • Company Overview
      • Key Product Offerings
      • Business Strategy
      • SWOT Analysis
      • Financials
    • Intercontinental Hotels Group
    • Marriott International Inc.
    • Hyatt Corporation
    • ITC Hotels Limited
    • Shangri-La International Hotel Management Ltd.
    • Sheraton
    • Hilton
    • Starwood Hotels and Resorts Worldwide
    • Jumeirah International LLC
    • The Indian Hotel Companies Limited

    Scope and Context


In The News


Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

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