Global Hotel Luxury Market Projected to Reach $115.8 billion by 2025
Date: May 2018
Location: Global
What: Grand View Research of San Francisco, California have issued a new report which shows major gains will be made by the international tourism industry in the coming years.
Luxury Hotel Market Size, Share & Trends Analysis Report By Hotel Type (Business, Airport, Holiday, Resort & Spa), By Region (North America, Europe, Asia Pacific, MEA, Latin America), And Segment Forecasts, 2018 – 2025
Key Findings: The global luxury hotel market size is being projected by experts to reach $115.8 billion by 2025, shows a report that is registering a 4.3 percent CAGR (compound annual growth rate) during the forecast period.
Overall, the global hospitality market is expected to grow significantly during this forecast period for a number of factors, including the increase of the purchasing power of its customer base, as well as because of the rising number of international and domestic tourists that are taking trips for business as well as for leisure.
For the savvy hotelier, the question is what are travellers looking for? and then becomes how can one attract this increase in business that is being projected for the market?
The report goes on to indicate that travellers opting for lavish vacations tend to look primarily for comfort as well as for a high quality of service being provided.
Hotel costs and tariffs, however, will likely be considered by many to be a secondary concern. In other words, the quality of the trip is of far more importance than the price that is being asked.
To compete in the luxury hotel market, companies will do well to focus on providing unique customer experiences, experts say, with special emphasis being placed on investing in infrastructure and technology advanced appliances to be located in their lobbies as well as within individual guest rooms.
Another area of extreme importance as the market continues to boom is in building customer relations by extending to guests the highest possible degree of hospitality. In other words, those in the hospitality industry must remain ever hospitable.
To meet the rising demand for innovative technology offerings in hotels, some of the major players in the market have begun to integrate room control systems on their properties through new Internet of Things (IoT) platforms. As a result, many guests can now control things in their rooms such as cooling, heating, lighting and the entertainment options that are available through their televisions, all of it done wirelessly with mobile device based applications.
Also, simplified hotel reservation processes have become important to the travellers who are driving this increased demand in recent years. Online hotel bookings are supplemented by readily-available information in the form of photos and videos of the property, along with customer feedback.
Size: 78 page PDF
Cost: You can request a free sample copy
THPT Comment: We are awaiting a copy to give our view…Grand View is clearly a top, professional BI report maker, which can be very good, but dependent on what industry expertise they have. Will report back!
First Seen: TopHotel News