Growth of travel and tourism enhances the market for luxury hotels worldwide

Market - Mohit Shah - Jul 14,2017

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growth of travel and tourism enhances the market for luxury hotels worldwide

As per reports, the market for luxury hotels on the global scale is expected to rise at a healthy CAGR of 4.0% from 2015 to 2021; market to reach a valuation of US$195.3 billion by 2021.

In the present scenario, increasing consumer awareness along with changing lifestyle are seen as the major factors contributing to the growing popularity of luxury hotels all across the global. The developing standard of living, various consumers are opting for luxury hotels in order to seek better services. Moreover, growing travel and tourism is also significantly contributing towards the advancement of this popular industry of the modern era.

As per a recent report published by Market Research Reports Search Engine (MRRSE), the global luxury hotels market is likely to rise at a healthy CAGR of 4.0% from 2015 to 2021. Retaining this pace, the market might acquire a valuation of US$195.3 billion by 2021 from a previous value of US$148.6 billion in 2014.

In addition, the rise in branding and promotional activities are also considered as one of the prime factors responsible for the increasing awareness of luxury hotels. Interestingly, hoteliers are concentrating on branding and promotions in order to acquire market penetration. Also, online booking, easy check-in and check-out processes as well as advance services are known to be the striking driving factors responsible for the success in the luxury hotel industry.

At present, the geographical aspect is in favor for the North American region. In 2014, this region held the largest share considering the global luxury hotels market. Further, it is predicted that the market in North America would advance at a CAGR of 5.4% during the period 2015-2021. The prime players from this sector include names like Starwood Hotels & Resorts, ITC Hotels Limited, Four Seasons Holdings Inc., InterContinental Hotels Group PLC, Mandarin Oriental International Limited, Kerzner International Resorts, Inc., Jumeirah International LLC, Marriott International, Inc., Shangri-La International Hotel Management Ltd and The Indian Hotels Company Limited.

 

For more information on this report visit- http://www.mrrse.com/luxury-hotels-market