Transparency Market Research has published a new report on the global Luxury Hotels Market. As per the report, the global luxury hotels market stood at US$148.6 bn in 2014 and is predicted to reach US$195.2 bn by 2021. The report, titled ‘Luxury Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021’, states that the global luxury hotels market is predicted to expand at a 4.0% CAGR during the period between 2015 and 2021.
The luxury hotels industry is one of the major customer service industries globally. Growing travel and tourism industry is one of the key reasons behind the growth of luxury hotels industry. In order to meet the increasing demand for unique customer services, luxury hotels are constantly striving to improve their services by focusing on changing consumer preferences.
Rise in the travel and tourism industry is contributing to the growth of luxury hotels globally. Urbanization and industrialization has paved the way for the development of hotel industry globally. 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 expected to have a positive impact on the luxury hotel industry.
The owners of luxury hotels are concentrating on implementing new services with properly trained hotel staff in order to satisfy consumer needs. The services provided by resorts and hotels also cater to the varied tastes of customers. Focusing on the customers’ demand, resorts and hotels have upgraded their services such as complimentary spa and massage treatment for guests and special dinner arrangements for customers. Moreover, some of the other services are customization of rooms according to the clients’ specifications, babysitting, pet care, and packing and unpacking services. Hence, identifying the consumer need is a major part of the business. Moreover, well managed branding and promotion activities are an integral part of the business. Furthermore, successful branding increases the consumers’ awareness, affinity, and in turn, loyalty.
Luxury hotels market in the developing countries such as Asia Pacific and Latin America is expected to witness sustainable growth during the forecast period. Resorts are the most attractive segment having a huge potential. Increasing brand consciousness is one of the prime reasons behind the growth of luxury hotels market globally.
Global luxury hotels market was valued at USD 148.62 billion in 2014 and anticipated to reach USD 195.27 billion by 2021, expanding at a CAGR 4.0% over the forecast period. With the consumer shift towards luxurious living is propelling 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).
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