The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
China was the largest market for luxury hotels in the world in terms of revenue, with a year-on-year growth of 18.3%. The growth was driven by the increasing number of affluent Chinese consumers and their demand for personalized and unique accommodation experiences. There is an increase in supply of new high-end hotels, which are supported by the local investment policies and large events. The outlook for the Chinese luxury hotel industry is anticipated to remain positive, with the growing number of inbound arrivals, even though the growth in the business segment remains uncertain with the ongoing US-China trade war.
According to luxury hotels market research, the luxury hotel market in Greece is expected to grow at a CAGR of 17.7% during 2018-2023 (forecast period). The growth is supported by the increase in the number of international arrivals, the entry and return of international hotel chains to Athens along with their efforts to upgrade and renovate existing large units, and the trend of boutique hotels in the city. This is also augmented by the increasing popularity of adult-only resorts, which are recording high occupancy levels.
A new breed of urban boutique hotels has emerged, which offer social spaces and activities in order to attract millennials and gen Z travellers, who give importance to social experiences. Busy business travellers have a tendency to appreciate innovations in technology that can help them save time. However, a human touch is necessary to entice such luxury travellers along with delivering a bespoke experience. Identifying the changing needs of guests is crucial for brands to implement innovative concepts that can generate long-term profit and business growth. In this regard, smart hotel rooms connected with Internet of Things enable guests to personalize their stay with either voice commands or mobile apps.
The report “Global Luxury Hotels Market to 2023: Market data and insights on the global luxury hotels industry” provides in-depth analysis of the key market trends that are shaping the future of this segment and an analysis of the luxury hotel market globally. Detailed market insight is provided on the Americas, Asia-Pacific, Middle East & Africa, and Europe. It also features profiles of some of the segment’s leading players and looks at how companies can better meet their customers’ needs.
- In 2018, China was the largest market for luxury hotels in the world in terms of revenue, with a year-on-year growth of 18.3%.
- According to GlobalData, the luxury hotel market in Greece is estimated to generate total revenue of US$20.9bn, growing at a CAGR of 17.7% during 2018-2023 (forecast period).
- Saudi Arabia is likely to surpass the UAE in terms of the number of rooms by 2023. It is also anticipated to secure a place in top 10 luxury hotels markets with estimated revenue of US$5bn in 2023.
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