The luxury hotel market is poised to reach a valuation of US$ 95,113 million in 2022 and US$ 160,481.2 million in 2032. Demand is projected to increase at a 5.0 % CAGR during the forecast period.
The growth of the travel and tourist industry, a rise in consumer demand for leisure travel, and changes in standard of living all contribute to the expansion of the world’s luxury hotel market.
Additionally, in order to draw visitors, luxury hotels are always raising the standard of their services, from the design of their rooms and menus to the addition of spas, fitness centers, swimming pools, and laundry services.
In order to diversify their offers and open additional franchise locations around the world, luxury hotel operators invest heavily and do considerable research. The tourism business has also had a big impact on the rise of luxury hotels, which opens up new potential for the hospitality sector.
The luxury hotels are only available in large cities, though. This is due to the products and services required to manage these hotels are only available in certain places. As a result, there aren’t many of these luxury hotels in a nation, which leads to a shortage.
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Rapid urbanization, sudden surge in infrastructure development, and swift technological advances are expected to drive the market in Asia Pacific.
The luxury hotel market is expected to rise in the forecast periods with a CAGR of 5.0% due to the increasing per capita income and improved standard of living.
As a current trend in the luxury hotels, sustainability is once again at the forefront of the hospitality sector. In order to keep clients hooked on their services, luxury hotel owners are also concentrating on membership cards.
Major players present in the luxury hotel market are Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation, ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, and The Indian Hotel Companies Limited.
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