Global Luxury Hotel
Market Report
2024
The Global Luxury Hotel market size is USD 130.8 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 11.80% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Luxury Hotel market size is USD 130.8 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 11.80% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Luxury Hotel Market Sales Revenue 2023 | $ 130.8 Billion |
Global Luxury Hotel Market Sales Revenue 2030 | $ 139.28 Billion |
Global Luxury Hotel Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11.8% |
South America Luxury Hotel Market Sales Revenue 2023 | $ 6.54 Billion |
South America Luxury Hotel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11% |
Asia Pacific Luxury Hotel Market Sales Revenue 2023 | $ 26.16 Billion |
Asia Pacific Luxury Hotel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 13% |
North America Luxury Hotel Market Sales Revenue 2023 | $ 52.32 Billion |
North America Luxury Hotel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10% |
Europe Luxury Hotel Market Sales Revenue 2023 | $ 41.86 Billion |
Europe Luxury Hotel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.5% |
Middle East and Africa Luxury Hotel Market Sales Revenue 2023 | $ 3.92 Billion |
Middle East and Africa Luxury Hotel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11.2% |
Market Split by Type |
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Market Split by Room Type |
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Market Split by Category Type |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Luxury Hotel industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Luxury Hotel Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The global luxury hotel market refers to the sector within the hospitality industry that caters to high-end clientele, providing upscale accommodations, premium amenities, and personalized services. It emphasizes luxury, exclusivity, and a superior guest experience. In confluence with this, the experience is often complemented by premium concierge services, including personalized itinerary planning and priority reservations for in-house dining and spa facilities. Another market driver is the growing trend in experiential travel, where affluent travelers are willing to pay a premium for rooms that offer unique moments or direct access to exclusive events or locations. These strategies help key players capture a significant market share and stay competitive in the dynamic luxury hotel market.
The global luxury hotel market is flourishing, driven by a surge in affluence and a notable increase in disposable income worldwide. As consumers seek unparalleled experiences, the luxury hotel industry benefits from the growing demand for opulent accommodations, personalized services, and unique amenities. Discerning travelers increasingly prioritize premium hospitality, contributing to the sector's robust expansion. Luxury hotels strategically position themselves to cater to the evolving expectations of affluent clientele, offering exclusivity and sophistication. This trend indicates a promising market outlook as the desire for elevated travel experiences continues to shape the dynamics of the global luxury hotel industry.
For instance, in August 2019, Marriott International announced removing single-use bottles of bath gels, shampoos & conditioners from all of its properties globally. The hotel company aims to reduce plastic usage in the amenities department by about 30% by eliminating such tiny bottles.
The global luxury hotel market is witnessing growth propelled by evolving consumer preferences, specifically a demand for personalized and unique experiences. Discerning travelers increasingly seek bespoke services, exclusive amenities, and tailored offerings that align with their tastes. Luxury hotels are adapting to the trend by focusing on personalized concierge services, curated experiences, and distinctive accommodations. This shift in consumer expectations towards customized and immersive hospitality experiences is driving the market's expansion. As luxury hotels continue to redefine opulence through personalized services, the industry remains poised for sustained growth, catering to the preferences of the modern, experience-driven traveler.
For instance, 2L De Blend in Utrecht, Netherlands, received The World Luxury Hotel Awards under the LUXURY BUSINESS HOTEL category two times consecutively in 2019 and 2020. 2L De Blend, located about 1 km from the Utrecht Zuilen railway station, is an aparthotel opened in October 2018, wherein guests can stay in the hotel from 1 night up to 6 months.
(Source: www.businesstravelnews.com/Hotels/Utrecht-Netherlands/2L-De-Blend-ApartHotel-p57076243)
The global luxury hotel market faces challenges with the emergence of accommodation-sharing facilities offering lower prices. The rise of platforms providing alternative lodging options, often at more affordable rates, poses a competitive threat to traditional luxury hotels. Discerning travelers increasingly explore cost-effective alternatives without compromising comfort and unique experiences. This shift in consumer behavior may limit the growth of the luxury hotel sector, compelling established hospitality brands to innovate and adapt to changing preferences to maintain their market share and appeal to a broader range of clientele.
The global luxury hotel market faced significant challenges due to the COVID-19 pandemic. Travel restrictions, lockdowns, and reduced tourism impacted occupancy rates and revenue streams for luxury hotels worldwide. Many establishments experienced cancellations, event postponements, and a decline in business travel. Health and safety concerns led to increased operational costs for implementing stringent hygiene measures. However, the industry responded with innovative approaches, such as virtual events and contactless services. As vaccination efforts progress and travel restrictions ease, the luxury hotel market is gradually recovering. Still, the long-term impact of the pandemic has spurred a reevaluation of business models and a heightened focus on guest well-being and safety.
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The global luxury hotel market features intense competition among key players. The industry leaders continually strive to enhance guest experiences, expand global footprints, and innovate services. Rising demand for exclusive amenities and bespoke services further intensifies competition, fostering a dynamic market where established brands and boutique players continuously adapt to evolving consumer preferences to maintain their competitive edge.
Top Companies Market Share in Luxury Hotel Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue, owing to the combination of strong economic growth, high disposable income, and a well-established tourism sector. Major cities like New York, Las Vegas, and Miami are renowned for their upscale accommodations, attracting domestic and international high-end travelers.
In contrast, Europe experiences robust growth fuelled by an increase in international tourism, affluent travelers, and rich cultural heritage. Cities such as Paris, London, and Rome are pivotal hubs for luxury hotel experiences, attracting discerning visitors seeking opulent accommodations amidst historical and cultural richness.
The current report Scope analyzes Luxury Hotel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
According to Cognitive Market Research, the global Luxury Hotel market size was estimated at USD 130.8 Billion, out of which Latin America held the major market of more than 5% of the global revenue with a market size of USD 6.54 billion in 2023 and will grow at a compound yearly growth rate (CAGR) of 11.0% from 2023 to 2030 due to the region's burgeoning tourism, economic growth, and rising demand for upscale hospitality experiences. Overview-wise, Latin America's rich cultural heritage and diverse landscapes contribute to the market's attractiveness. The dominating segment in the Latin American market includes boutique and resort-style luxury hotels catering to travelers seeking distinctive, immersive, and personalized stays. As consumers increasingly prioritize experiential luxury, these hotels offer a blend of opulence and local authenticity. In conclusion, the Latin American luxury hotel market signifies a convergence of cultural richness and premium hospitality. The dominating segment's focus on boutique and resort-style accommodations underscores the region's appeal to travelers seeking unique and sophisticated experiences. With Latin America's growing prominence in the global travel landscape, the luxury hotel market presents significant growth potential for upscale hospitality providers in the region.
According to Cognitive Market Research, the global Luxury Hotel market size was estimated at USD 130.8 Billion, out of which Asia Pacific held the major market of more than 20% of the global revenue with a market size of USD 26.16 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 13.0% from 2023 to 2030 due to a booming tourism industry, economic prosperity, and a rising demand for premium hospitality experiences. Overview-wise, Asia-Pacific's diverse landscapes, cultural richness, and economic growth contribute to the market's dynamism. The dominating segment in the Asia-Pacific market includes high-end boutique hotels and resorts, offering unique and personalized luxury experiences. As travelers increasingly seek exclusive and culturally immersive stays, these establishments gain prominence. In conclusion, the Asia-Pacific luxury hotel market represents a convergence of opulence and cultural allure. The dominating segment's emphasis on boutique offerings aligns with the region's affinity for distinct, intimate accommodations. With continued economic development and a growing middle class, the Asia-Pacific luxury hotel market presents ample opportunities for upscale hospitality brands to cater to the evolving preferences of discerning travelers in the region.
According to Cognitive Market Research, the global Luxury Hotel market size was estimated at USD 130.8 Billion, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 52.32 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2023 to 2030 due to thriving hospitality industry, with luxury hotels offering premium services and unique experiences. The dominating segment includes boutique and upscale hotel chains renowned for their distinctive designs, exceptional amenities, and personalized service. As travelers increasingly prioritize luxury and immersive experiences, North America's luxury hotel market continues to evolve. In conclusion, the North American luxury hotel market signifies a convergence of opulence and tailored experiences. The dominating segment underscores the demand for exclusive and well-curated hospitality, presenting growth opportunities for luxury hoteliers. With discerning guests seeking elevated stays, the market's future lies in providing innovative and personalized services that cater to the evolving expectations of affluent travelers in the North American region.
According to Cognitive Market Research, the global Luxury Hotel market size was estimated at USD 130.8 Billion, out of which Europe held the major market of more than 32% of the global revenue with a market size of USD 41.86 billion in 2023 and will grow at a compound yearly growth rate (CAGR) of 10.5% from 2023 to 2030 due to its rich cultural heritage and affluent tourism industry. Overview-wise, Europe attracts discerning travelers seeking opulent experiences, influencing the market's growth. The dominating segment in the European luxury hotel market includes boutique and heritage hotels, reflecting the region's emphasis on unique, intimate, and culturally immersive accommodations. As travelers seek personalized and exclusive experiences, luxury hotels in Europe focus on blending modern amenities with historical charm. In conclusion, the European luxury hotel market signifies a harmonious blend of tradition and contemporary luxury. The dominating segment underscores the demand for boutique and heritage experiences, presenting significant growth opportunities for luxury hoteliers in Europe. With a commitment to excellence, these hotels continue to shape the hospitality landscape, meeting the evolving expectations of sophisticated travelers across the continent.
According to Cognitive Market Research, the global Luxury Hotel market size was estimated at USD 130.8 Billion, out of which the Middle East and Africa held the major market of more than 3% of the global revenue with a market size of USD 3.92 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 11.2% from 2023 to 2030 due to confluence of economic prosperity and a growing tourism sector. Overview-wise, M.E.A.'s diverse landscapes and cultural attractions contribute to the market's robust growth. The dominating segment in the M.E.A. market includes high-end boutique hotels and luxury resort properties, reflecting the region's desire for unique and immersive hospitality experiences. As luxury travel gains traction, these establishments cater to discerning guests seeking exclusivity and personalized services. In conclusion, the M.E.A. luxury hotel market signifies the intersection of opulence and cultural exploration. The dominating segment underscores the demand for distinctive, upscale accommodations, presenting significant growth opportunities for luxury hoteliers in the M.E.A. to cater to the evolving preferences of the region's affluent travelers.
Global Luxury Hotel Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Luxury Hotel Industry growth. Luxury Hotel market has been segmented with the help of its Type, Room Type Category Type, and others. Luxury Hotel market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Business hotels are strategically positioned in major business districts, offering upscale accommodations and amenities tailored to corporate travelers. These hotels often feature state-of-the-art conference facilities, high-speed internet, and executive lounges, providing a sophisticated environment for meetings and business-related activities. Business hotels focus on creating a seamless blend of luxury and functionality to cater to the demands of the discerning business clientele.
Airport hotels, on the other hand, target travelers seeking convenience and proximity to airports. Positioned near major air travel hubs, these hotels prioritize accessibility and efficient transit services. They often provide luxury accommodations, along with amenities such as shuttle services, business centers, and recreational facilities. Airport hotels cater to both business and leisure travelers who prioritize seamless connectivity to flights and value-added services.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Luxury Hotel Industry. Request a Free Sample PDF!
In the upscale segment, hotels emphasize refined amenities and services, targeting travelers seeking a sophisticated experience without the ultra-exclusivity of the luxury tier. Upscale hotels often feature stylish accommodations, diverse dining options, and personalized services.
In contrast, the luxury segment goes beyond, offering unparalleled opulence and exclusivity. Lavish accommodations, top-tier dining experiences, and personalized, high-touch services characterize luxury hotels. They often boast iconic architecture, exceptional spa facilities, and unique, immersive offerings. Luxury hotels cater to a niche market seeking the epitome of indulgence and superior hospitality.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Luxury Hotel market report 2024 Edition by contacting our team.
Chain hotels, affiliated with well-known brands or hotel groups, dominate the market. These establishments offer a consistent experience across various locations, leveraging brand reputation, standardized services, and loyalty programs to attract and retain guests. Chain hotels often have a widespread presence, benefiting from economies of scale and centralized management.
On the other hand, independent luxury hotels operate autonomously, free from brand affiliations. These establishments emphasize unique, personalized experiences, often tied to the local culture or history of the destination. Independent luxury hotels showcase individuality, distinctive design, and a focus on bespoke services, appealing to travelers seeking a more authentic and exclusive stay.
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The Global Luxury Hotel Market is witnessing significant growth in the near future.
In 2023, the Business Hotels segment accounted for noticeable share of global Luxury Hotel Market and is projected to experience significant growth in the near future.
The Luxury segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Accor , Four Seasons Hotels Limited and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Type | Business Hotels, Airport Hotels, Suite Hotels, Resorts, Others |
Room Type | Luxury, Upper-upscale, Upscale |
Category Type | Chain, Independent |
List of Competitors | Accor, Belmond Ltd. (LVMH Moët Hennessy Louis Vuitton), Four Seasons Hotels Limited, Hyatt Hotels Corporation, InterContinental Hotels Group plc, I.T.C. Limited, Jumeirah International LLC, Mandarin Oriental Hotel Group Limited, Marriott International Inc, Rosewood Hotels and Resorts L.L.C. (Rosewood Hotel Group), Shangri-La International Hotel Management Ltd., The Indian Hotels Company Limited |
This chapter will help you gain GLOBAL Market Analysis of Luxury Hotel. Further deep in this chapter, you will be able to review Global Luxury Hotel Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Luxury Hotel Market Trends North America Luxury Hotel Technological Road Map North America Luxury Hotel Market Drivers North America Luxury Hotel Market Restraints North America Luxury Hotel Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Room Type Analysis 2019 -2031
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Chapter 12 Market Split by Category Type Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Luxury Hotel market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Business Hotels have a significant impact on Luxury Hotel market? |
What are the key factors affecting the Business Hotels and Airport Hotels of Luxury Hotel Market? |
What is the CAGR/Growth Rate of Luxury during the forecast period? |
By type, which segment accounted for largest share of the global Luxury Hotel Market? |
Which region is expected to dominate the global Luxury Hotel Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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