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According to Fortune Business Insight’s “Luxury Hotel Market, 2021-2028” report, which analyses the global luxury hotel market, the size of the market is expected to reach $238.49 billion by 2028, growing at a compound annual growth rate (CAGR) of 10.4% over the forecast period. The report also notes that the market was worth USD 93.43 billion in 2020.
The report provides a detailed analysis of the various drivers, trends, segments and constraints influencing the luxury hotel market. In other words, it takes a comprehensive look at the regional dynamics of the market, and provides an in-depth assessment of the competitive landscape of the market.
For this purpose, the report has divided the market into three categories: luxury, upscale and very upscale, each of which is segmented into chain and independent. On the basis of geography, the market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The main companies included in the study were: Mandarin Oriental Hotel Group (Quarry Bay, Hong Kong), Accor SA (Issy-les-Moulineaux, France), Shangri-La Asia Limited (Quarry Bay, Hong Kong), Four Seasons Hotel Limited (Toronto, Canada), Hyatt Hotels Corporation (Chicago, USA), The Indian Hotels Company Limited (Mumbai, India), Kempinski Hotels S.A. (Geneva, Switzerland), Hilton Hotels & Resorts (McLean, USA), InterContinental Hotels Group plc (Denham, UK), and Marriott International, Inc. (Maryland, USA).
According to Fortune Business Insights, the factors that will drive the market’s growth will be the emergence of environmentally friendly luxury hotels and the high spending capacity of travellers. However, the report does not forget to mention the restraints to the development of the market, such as the general instability linked to the pandemic.
In terms of competition, the majority players are exploiting the opportunities of developing markets to the fullest. As living standards rise in the emerging markets of Asia and Africa, luxury hotel brands are making inroads.
Like any sector impacted by the virus, innovation is the order of the day, which is why hotel chains are proposing new offers and creating unique services to attract travellers and establish their regional position.
The emergence of environmentally friendly luxury hotels will boost the market
The dramatic increase in green consciousness among travellers, especially the new generation, has redefined the dynamics that previously governed the hotel industry, leading to the building of green luxury hotel brands. Hotel development is now influenced by sustainable values and has led to a change in the perception of luxury accommodation.
For example, the Andaz Maui at Wailea Resort in Hawaii has been designed to minimise waste and emissions. The resort has a solar water heating system and variable speed chillers, while in the guest rooms, glassware is made from recycled materials and temperature controls are automated.
In the same vein, the Saffire Freycinet in Tasmania uses Modwood as a wood substitute. LED technology is used extensively to make the entire facility energy efficient, and natural cycle air circulation systems have also been installed.
Thus, according to the study, the growing popularity of these high-end, eco-friendly hotels in exotic locations should accelerate the expansion of this market.
High spending capacity of travellers will fuel the market in North America
According to the report, North America is expected to dominate the luxury hotel market during the forecast period, driven by the high potential consumer spending in the country. The size of the North American market has been pegged at US$30.66 billion in 2020.
Another report, from the US Travel Association, showed that in 2019, domestic travellers spent $972 billion and approximately 25% was spent on accommodation, an increase of 4.1% on the previous year. These figures indicate a strong consumer willingness to spend on holidays.
Fortune Business Insight continues its analysis by indicating that the European market will experience a period of sustained growth, thanks to its many tourist locations considered to be the most attractive in the world.
The UNWTO (World Tourism Organisation) has also reported that Europe accounted for almost half of all tourist arrivals worldwide in 2018.
In Asia-Pacific, the expansion of upper-middle and middle class populations is driving international luxury hotel chains to establish their presence in countries such as India, China and Indonesia.
Widespread instability in the hotel industry after the pandemic
However, the report does not ignore the negative effects of the virus on the hotel industry. In this respect, the growth of the luxury hotel market is expected to shrink, with the market declining by 60.82% in 2020 and reaching a value of USD 119.55 billion in 2021.
This unprecedented slowdown is logically justified by the sharp drop in tourism activity around the world. According to estimates published by the World Tourism Organisation (UNWTO), export earnings from tourist arrivals have fallen by around $910 billion to $1.2 trillion in 2020, which could reduce global GDP by 1.5-2.8%.
The hotel sector has been particularly hard hit, and according to the American Hotel & Lodging Association (AHLA), 71% of hotels will not survive the next six months without federal assistance and 77% will have to lay off employees.
In summary, the markets associated with the travel, tourism and hospitality industry will enter a period of severe financial stress due to the coronavirus.
Read also > LUXURY HOTELS IN FRANCE : TOWARDS A REOPENING OF RESTAURANTS THIS SUMMER ?
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According to Fortune Business Insight’s “Luxury Hotel Market, 2021-2028” report, which analyses the global luxury hotel market, the size of the market is expected to reach $238.49 billion by 2028, growing at a compound annual growth rate (CAGR) of 10.4% over the forecast period. The report also notes that the market was worth USD 93.43 billion in 2020.
The report provides a detailed analysis of the various drivers, trends, segments and constraints influencing the luxury hotel market. In other words, it takes a comprehensive look at the regional dynamics of the market, and provides an in-depth assessment of the competitive landscape of the market.
For this purpose, the report has divided the market into three categories: luxury, upscale and very upscale, each of which is segmented into chain and independent. On the basis of geography, the market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The main companies included in the study were: Mandarin Oriental Hotel Group (Quarry Bay, Hong Kong), Accor SA (Issy-les-Moulineaux, France), Shangri-La Asia Limited (Quarry Bay, Hong Kong), Four Seasons Hotel Limited (Toronto, Canada), Hyatt Hotels Corporation (Chicago, USA), The Indian Hotels Company Limited (Mumbai, India), Kempinski Hotels S.A. (Geneva, Switzerland), Hilton Hotels & Resorts (McLean, USA), InterContinental Hotels Group plc (Denham, UK), and Marriott International, Inc. (Maryland, USA).
According to Fortune Business Insights, the factors that will drive the market’s growth will be the emergence of environmentally friendly luxury hotels and the high spending capacity of travellers. However, the report does not forget to mention the restraints to the development of the market, such as the general instability linked to the pandemic.
In terms of competition, the majority players are exploiting the opportunities of developing markets to the fullest. As living standards rise in the emerging markets of Asia and Africa, luxury hotel brands are making inroads.
Like any sector impacted by the virus, innovation is the order of the day, which is why hotel chains are proposing new offers and creating unique services to attract travellers and establish their regional position.
The emergence of environmentally friendly luxury hotels will boost the market
The dramatic increase in green consciousness among travellers, especially the new generation, has redefined the dynamics that previously governed the hotel industry, leading to the building of green luxury hotel brands. Hotel development is now influenced by sustainable values and has led to a change in the perception of luxury accommodation.
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According to Fortune Business Insight’s “Luxury Hotel Market, 2021-2028” report, which analyses the global luxury hotel market, the size of the market is expected to reach $238.49 billion by 2028, growing at a compound annual growth rate (CAGR) of 10.4% over the forecast period. The report also notes that the market was worth USD 93.43 billion in 2020.
The report provides a detailed analysis of the various drivers, trends, segments and constraints influencing the luxury hotel market. In other words, it takes a comprehensive look at the regional dynamics of the market, and provides an in-depth assessment of the competitive landscape of the market.
For this purpose, the report has divided the market into three categories: luxury, upscale and very upscale, each of which is segmented into chain and independent. On the basis of geography, the market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The main companies included in the study were: Mandarin Oriental Hotel Group (Quarry Bay, Hong Kong), Accor SA (Issy-les-Moulineaux, France), Shangri-La Asia Limited (Quarry Bay, Hong Kong), Four Seasons Hotel Limited (Toronto, Canada), Hyatt Hotels Corporation (Chicago, USA), The Indian Hotels Company Limited (Mumbai, India), Kempinski Hotels S.A. (Geneva, Switzerland), Hilton Hotels & Resorts (McLean, USA), InterContinental Hotels Group plc (Denham, UK), and Marriott International, Inc. (Maryland, USA).
According to Fortune Business Insights, the factors that will drive the market’s growth will be the emergence of environmentally friendly luxury hotels and the high spending capacity of travellers. However, the report does not forget to mention the restraints to the development of the market, such as the general instability linked to the pandemic.
In terms of competition, the majority players are exploiting the opportunities of developing markets to the fullest. As living standards rise in the emerging markets of Asia and Africa, luxury hotel brands are making inroads.
Like any sector impacted by the virus, innovation is the order of the day, which is why hotel chains are proposing new offers and creating unique services to attract travellers and establish their regional position.
The emergence of environmentally friendly luxury hotels will boost the market
The dramatic increase in green consciousness among travellers, especially the new generation, has redefined the dynamics that previously governed the hotel industry, leading to the building of green luxury hotel brands. Hotel development is now influenced by sustainable values and has led to a change in the perception of luxury accommodation.
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