Global Luxury Hotels Market - Overview
The rapid entry of new players in the global luxury hotels market is likely to intensify
competition in the said market, says Transparency Market Research in a new
publication. Some key players in the global luxury hotels market are Marriott
International Inc., ITC Hotels, The Indian Hotels Company Limited, InterContinental
Hotels Group PLC, Jumeirah International LLC, Shangri-La International Hotel
Management Ltd, Kerzner International Resorts Inc., Mandarin Oriental
International Limited, Four Seasons Holdings Inc., and Starwood Hotels and
Resorts Worldwide.
According to the findings of the TMR report, the global
luxury hotels market is likely to expand at a CAGR of 4.0% between 2015 and
2021. Expanding at this pace, the market is likely to be worth US$195.2 bn by
the end of 2021.
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Among the key segments based on type, business hotels held
the dominant share of the market in 2014; the growth of this segment rides on
the rising business travel globally of associates of multinational companies.
Geography-wise, North America holds the leading share in the luxury hotels
market.
Advanced Communication Networks for Top-of-the-line Services
spurs Growth
The booming travel and tourism industry worldwide is a key
factor driving the luxury hotels market. Rising disposable incomes, and surging
international travel for both business and leisure are bolstering the demand
for luxury hotels. Consumers are increasingly willing to spend exorbitant money
for a luxurious stay experience.
Besides this, intensive efforts by luxury hotel chains to
deliver top-in-the line service and uber luxury to deliver transformative
customer experience has created demand for luxury hotels. The luxury hotel
chains are equipped with advanced technology, which helps offer uber comfort
and convenience to guests.
Huge marketing budgets of luxury chains is serving to create
demand for luxury hotels. Luxury hotel chains are increasingly adopting
innovative brand promotion strategies that have been successful with
digitally-savvy consumers. In addition, aggressive re-branding of luxury hotel
chains is opening new growth prospects for the luxury hotels market.
Complimentary Services to lure Customers carry Marketing
Objective
The global luxury hotels market is also benefitting from the
rising focus of luxury hotel chains to offer complimentary services and
amenities. Both business and leisure travelers are attracted to complimentary
services that are provided at basic charges. Families traveling for vacation
look for in-house entertainment and complimentary services for engagement.
Movie room, snooker room, children’s library, and entertainment lounge are some
of the complementary services offered by luxury hotels.
The rise in number of international spectacles is serving to
spur the growth of luxury hotels market. Luxury hotels often reserve rooms,
suites for guests attending such events. Not only this, they offer personalized
and tailored customer services that creates an impression in the minds of
guests. Such practices have underlying marketing intent that serves to open new
growth avenues.
The review presented is based on the findings of a TMR
report, titled “Luxury Hotels Market (Type - Business Hotels, Suite Hotels,
Airport Hotels, and Resorts) - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2015–2021”.
For the report, the market is segmented as follows;
Luxury Hotels Market, by type
- Business
Hotels
- Suite
Hotels
- Airport
Hotels
- Resorts
- Others
Luxury Hotels Market, by Geography
- North
America
- Europe
- Asia
Pacific
- Rest
of the World
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