The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The luxury hotel market size has grown strongly in recent years. It will grow from $100.14 billion in 2023 to $106.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%.  The  growth in the historic period can be attributed to economic growth and rising disposable income, increasing global tourism, cultural shift towards experiential travel, rise in business travel, brand differentiation and innovation, strategic location and destination appeal, cultural and heritage tourism trends..

The luxury hotel market size is expected to see strong growth in the next few years. It will grow to $131.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.  The growth in the forecast period can be attributed to continued economic prosperity, rising middle-class aspirations, sustainable and eco-friendly practices, health and wellness tourism, unique and authentic experiences, strategic partnerships and collaborations.. Major trends in the forecast period include emphasis on sustainable and eco-friendly practices, integration of smart hotel technologies, rise in wellness and health-centric offerings, customized experiences and personalization, culinary innovation and michelin-starred restaurants..

The increase in travel and tourism is expected to propel the growth of the luxury hotel market going forward. Travel and tourism refer to the activities of individuals or groups traveling to and staying in places outside their usual environment for leisure, business, or other purposes. Luxury hotels are integral to the travel and tourism industry, offering personalized services, exquisite accommodations, and unique experiences that cater to the discerning traveler’s desire for comfort and exclusivity. For instance, in January 2023, according to the United Nations World Tourism Organization (UNWTO), a Spain-based intergovernmental organization, more than 900 million tourists traveled abroad in 2022, approximately double the amount recorded in 2021. Therefore, the increase in travel and tourism is driving the growth of the luxury hotel market.

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What Are The Key Trends That Influence 3D IC And 2.5D IC Packaging Market Share Analysis?

Major companies operating in the luxury hotel market focus on improving guest experience to enhance the digital welcome experience with the use of multiple technological enhancements. The guest experience refers to a guest’s overall satisfaction during their interaction with a hotel or other hospitality service provider, encompassing all touchpoints from the booking process to the post-stay experience. For instance, in October 2021, Hilton Worldwide Holdings Inc., a US-based hospitality company, launched multiple technology enhancements to improve the guest experience and create a more seamless travel experience across the company’s 18 world-class hotel brands. The enhancements include digital key sharing, automated complimentary room upgrades, confirmed connecting rooms, and enhanced booking options. Gold and Diamond Hilton Honors members receive 72-hour notices of possible upgrades, allowing them to select their improved accommodation immediately through the Hilton Honors app. These two additions join the recently introduced Confirmed Connecting Rooms, enabling individuals to quickly and instantaneously confirm at least two connecting rooms when booking.

Which Market Players Are Driving Growth In The Luxury Hotel Market?

Major companies operating in the luxury hotel market report are Jardine Matheson Holdings Ltd, Marriott International, Inc., Hilton Hotels & Resorts, Hyatt Hotels Corporation, W Hotels, Kempinski Hotels S.A., Host Hotels & Resorts, Inc., Accor SA, Four Seasons Hotel Limited, Ritz-Carlton Hotel Company LLC, Park Hotels & Resorts, Rosewood Hotel Group, InterContinental Hotel Group , Jumeirah International LLC, Radisson Hotels International Inc, Shangri-La International Hotel Management Ltd, Belmond Management Limited, The Peninsula Hotels, Aman Resorts, Mandarin Oriental Hotel Group Limited, Soneva, Banyan Tree Holdings, Six Senses, Oetker Collection, Aloft Hotels, Auberge Resorts, The Luxe Life Hotel, Fairmont Hotels & Resorts, Waldorf Astoria , The Oberoi Group

How Is The Global Luxury Hotel Market Segmented?

1) By Type: Business Hotels; Airport Hotels; Suite Hotels; Resorts; Other Types
2) By Room Type: Luxury; Upper-Upscale; Upscale
3) By Category: Chain; Independent

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The Luxury Hotel Global Market Report 2024 provides an overview of the luxury hotelmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The luxury hotel market forecast analyzes luxury hotel market size, luxury hotel market share, leading competitor and their market positions.

The Table Of Content For The Luxury Hotel Market Include

1. Luxury Hotel Market Executive Summary
2. Luxury Hotel Market Segments
3. Luxury Hotel Market Size And Template Market Growth Rate
4.  Key Luxury Hotel Market Trends
5. Major Luxury Hotel Market Drivers
……
25. Key Mergers And Acquisitions In The Luxury Hotel Market
26. Top Luxury Hotel Companies
27. Luxury Hotel Market Opportunities And Strategies
28. Luxury Hotel Market, Conclusions And Recommendations
29. Appendix

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