San Francisco, CA - Luxury Hotel Market size is
predicted to value at USD 115.80 billion by 2025. The market is subject to
undergo a substantial growth due to the rising personal expenditure in both
developed and developing countries, growing preference towards international
and local tourism, and numerous initiatives and advertisement by regional
government to promote tourism.
Organizing sporting events such as Olympics, world cups and
commonwealth games by local governments tends to attract large audience, is one
of the key factor escalating growth of the industry. Other factors responsible
for driving consumers towards luxury hotels are growing number of musical
concerts, travelling spectators for the sports tournaments and business meetings;
thus leading to expansion of the luxury hotel industry in recent years.
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With the rising investment by leading industry players to
establish luxury hotel chains, need for high-class accommodations for corporate
events, and holiday trips is further propelling growth of the market. Globally,
the luxury hotel market is predicted to grow at CAGR of 4.3% in forecast
period, providing numerous opportunity to the market players for further
investment to upgrade the existing services offered by luxury hotels.
Increasing number of travelers are opting for luxurious
holiday packages that includes required comfort features and finest quality of
services, while cost associated with such packages have become a secondary
consideration. Many organizations are opting for necessary modification and
upgradation in the services and infrastructure to provide full-filling
experience to the customers, and to sustain themselves in the vast competitive
market. Formulating various methodologies to engage and maintain customer
relations by offering the high degree of hospitality is one of the key factors
driving the market growth.
The luxury hotel sector truly sets itself apart from rest of
the lodging industry sectors by providing world-class services to customers in
return. The adoption of latest technologies such as IoT for betterment of
opulent facilities and top-line catering services are some of the modern
feature affixed in the luxury hotel industry segment in recent years. Luxury
hotels are considered as one of the most impulsive industry in the market, for
instance, thriving in the economical good times while suffering from heavy
losses during financial downturn. Due to which, it has become extremely
important to identify latest trends and market potential, while modifying or
constantly changing the services accordingly. In near future, it is predicted
that the luxury hotel market segment is likely to witness expeditious
expansions in the general hospitality industry.
The luxury hotels not only offers customers the world-class
services but also feature finest quality of infrastructure to provide an astonishing
outlook to the hotel. The infrastructural luxury packages involving the premium
quality marble or granite flooring and countertops, adoption of sub-zero
appliances, and range of handpicked hard-wood flooring are some of the stand
out feature of luxury hotels. As growing number of countries across the globe
are relying on the international tourism to generate revenue and maximize GDP
growth, thus leading to market growth over the forecast period.
The market report
addresses the following queries related to the Luxury Hotel Market:
What is the estimated value of the Luxury Hotel Market in 2019?
Which region is expected to present a range of opportunities
to market players in the Luxury Hotel
Market?
Which recent market trends are likely to accelerate the
growth of the Luxury Hotel Market in
the upcoming years?
Which end-use industry is expected to hold the maximum
market share in the Luxury Hotel
Market?
What are the recent mergers and acquisitions that have taken
place in the Luxury Hotel Market?
Regional Analysis For
Luxury Hotel Market:
For comprehensive understanding of market dynamics, the
global Luxury Hotel Market is analyzed across key geographies namely: North
America, Europe, Asia-Pacific, Latin America and Africa. Each of these regions
is analyzed on basis of market findings across major countries in these regions
for a macro-level understanding of the market.
Significant Features
that are under Offering and Key Highlights of the Reports:
- Detailed overview of Luxury
Hotel Market
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application etc
- Historical, current and projected market size in terms of
volume and value
- Recent industry trends and developments
- Competitive landscape of Luxury Hotel Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising
growth.
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