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Luxury Hotel Market Trends

Report ID: GMI7446
Published Date: Nov 2023
Report Format: PDF

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Luxury Hotel Market Trends

Social media influencers play a pivotal role in fueling the luxury hotel industry by leveraging their online presence to showcase opulent travel experiences. With a wide reach and engaged audiences, influencers amplify the allure of luxury hotels, sharing visually stunning content, exclusive amenities, and personalized services. Their endorsements create aspirational narratives, inspiring followers to seek similar experiences. Luxury hotels, in turn, benefit from increased visibility, enhanced brand image, and a direct connection with a targeted audience seeking premium travel experiences.

Bespoke experiences in the luxury hotel market are an emerging trend that reflects a growing consumer desire for tailored and exclusive offerings. Luxury hotels are responding by crafting personalized services and curated packages that cater to individual preferences, creating a sense of exclusivity. Whether it is custom-designed itineraries, private events or unique amenities, this trend aims to go beyond standard offerings, providing guests with a one-of-a-kind and memorable stay, aligning with the increasing demand for distinctive and highly individualized luxury travel experiences.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of luxury hotel was worth USD 99.2 billion in 2022 and is predicted to register over 7% CAGR between 2023 and 2032, owing to the growth in tourism with surge in accommodations, amenities, and experiences.

The business luxury hotels market is expected to grow at a CAGR of over 8% through 2032. As corporate travel rises, executives and professionals seek accommodations that blend sophistication with functionality.

North America held around 38% share of the luxury hotel industry in 2022 and is estimated to register significant growth through 2032, due to a resurgence in travel and an improving economy post COVID.

AccorHotels, Four Seasons Hotels and Resorts, Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, InterContinental Hotels Group (IHG), Jumeirah Hotels and Resorts, Marriott International, St. Regis Hotels & Resorts, The Ritz-Carlton Hotel Company, and Waldorf Astoria Hotels & Resorts (Hilton).