Latest News
HomeRegional NewsAfricaGlobal luxury hotels market is expected to reach USD 195.27 billion by 2021
Hospitality

Global luxury hotels market is expected to reach USD 195.27 billion by 2021

U.S. dominated the market for luxury hotels across North America in 2014 and is expected to maintain its position over the forecast period. Booming tourism industry and rise in the number of tourists have been the prime factors responsible for the growth of the luxury hotels market in the U.S. Furthermore, Germany dominated the market for luxury hotels in 2014 across Europe.

ALBANY, NEW YORK – Transparency Market Research has published a new market report titled – Luxury Hotels Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2021. According to the report, the global luxury hotels market was valued at USD 148.62 billion in 2014 and is anticipated to reach USD 195.27 billion by 2021, expanding at a CAGR of 4.0% from 2015 to 2021. North America dominated the global luxury hotels market in 2014 and is expected to maintain its leading position over the forecast period. The luxury hotels market in North America is expanding at a CAGR of 5.4% over the forecast period. The booming travel and tourism industry coupled with changing lifestyle is contributing in the growing popularity of luxury hotels globally.

Changing consumer preference for leisure and luxury is the major driver of the luxury hotels market. Growing number of travelers across different regions such as North America, Europe, Asia Pacific and Rest of the World (RoW) is contributing to the positive growth of the luxury hotels market. Increasing disposable income and growing expenditure on luxury lifestyle are also generating a positive impact on the luxury hotels market.

The luxury hotels market by type is segmented into: business hotels, suite hotels, airport hotels, resorts, and others. Business hotels held the largest market share in the luxury hotels market in 2014, expanding at a CAGR 3.8% over the forecast period. The business hotels cater to business travelers and are primarily located in business districts. The target customers for business hotels are business travelers and small conference groups. Airport hotels market is expanding at a CAGR 3.7% over the forecast period. Aggressive branding, promotional activities and expenses incurred on online advertisement are expected to create a high positive impact on the market for luxury hotels globally. Due to changing lifestyle and increasing disposable income, consumers are showing interest towards experiencing luxurious services during their holidays. These tourists with a wide range of taste and budget are keen on experiencing the luxury services provided by various luxury resorts and hotels. Moreover, rising numbers of international events are proving beneficial for the luxury hotels. In addition, increasing standard of living and information about various services provided by these hotels is fueling the demand for luxury hotels globally.

Rising consumer brand consciousness along with changing lifestyle is boosting the demand for luxury hotels in North America, followed by Europe. The growing travel and tourism industry is one of the major reasons behind the increasing popularity of luxury hotels in Asia Pacific. Moreover, increasing number of international events coupled with improving standard of living is driving the demand for luxury hotels in Rest of the World (RoW).

U.S. dominated the market for luxury hotels across North America in 2014 and is expected to maintain its position over the forecast period. Booming tourism industry and rise in the number of tourists have been the prime factors responsible for the growth of the luxury hotels market in the U.S. Furthermore, Germany dominated the market for luxury hotels in 2014 across Europe. Changing consumer preference for leisure and luxury is the major driver of the luxury hotels market. Starwood Hotels & Resorts, Four Seasons Holdings Inc., InterContinental Hotels Group PLC, ITC Hotels Limited, The Indian Hotels Company Limited, Mandarin Oriental International Limited, Jumeirah International LLC, Shangri-La International Hotel Management Ltd., Kerzner International Resorts, Inc., and Marriott International, Inc. among others have strong global presence in luxury hotels market.

Co-Founder & Chief Editor - TravelDailyNews Media Network | Website | + Posts

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.

She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

28/03/2024
27/03/2024
26/03/2024
25/03/2024
22/03/2024
21/03/2024