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Global Luxury Hotels Market Benefits from Rising Domestic and International Travel

Article Description

The global luxury hotels market represents one of the most influential segments of the customer service industry. In order to meet the rising demand for unique services from the increasingly aware global consumer, luxury hotels are continuously striving to give improved services that focus on the dynamic consumer preferences.

The rise in promotional and branding activities by major luxury hotel chains across the globe is substantially aiding overall development of the global market for luxury hotels. Easy booking through online services and easy check-in and check-out options are also increasing the popularity of luxury hotels on a global front.

Browse the full Global Luxury Hotel Services Market report at http://www.mrrse.com/luxury-hotels-market

Changing lifestyles, increased affordability owing to rising disposable incomes, and the rising global and domestic travels are some of the major factors boosting the global market for luxury hotels. Improved living standard of consumers around the world is major factor why they are giving more preference to better services, even if they come at higher costs.

According to a recent market research report published by Transparency Market Research, the global market for luxury hotels, which had a valuation of US$148.62 bn in 2014, is projected to expand at a healthy 4.0% CAGR between 2015 and 2021. The market is thus expected to reach US$195.27 bn by 2021.

Rise in Travels and Disposable Incomes Drive Increased Uptake of Luxury Hotel Services

The flourishing travel and tourism industry and rising international travels owing to globalization of businesses are the chief factors driving the global market for luxury hotels. In developing regions of the world, favorable development of national economies, improved GDPs, rising disposable incomes, and the rapidly growing middle-income population are the major factors allowing an increasing number of people to plan domestic and international holidays. In developed regions such as Europe and North America, the post-recession recovery has helped in bringing luxury hotels back in business.

People with increased disposable incomes are preferring luxury hotels for spending their leisure time and the demand for luxury hotels with services such as beauty services, spa treatments, and other amenities that rejuvenate senses and offer relaxation to the consumers has also been on a constant rise in the past years.

Business Hotels Account for Dominant Share in Market

Luxury hotels can be segmented into resorts, business hotels, airport hotels, suits, etc. Of these, the segment of business hotels accounted for a dominant share in the global luxury hotels market in 2014. This market segment, featuring hotels that majorly cater to business travelers, small conference groups, tour groups and individual tourists located in business cities, is also expected to grow at a steady pace over the next few years.

Catering to unique consumer preferences through innovative services aimed at enhancing the leisure and luxury experience of the consumers and aggressive promotion through several branding activities are the major trends in the global luxury hotels market currently. Some of the major luxury hotels/hotel chains across the globe are InterContinental Hotels Group PLC, Mandarin Oriental International Limited, ITC Hotels Limited, Starwood Hotels & Resorts, Jumeirah International LLC, The Indian Hotels Company Limited, Four Seasons Holdings Inc., Kerzner International Resorts, Inc., Marriott International, Inc., and Shangri-La International Hotel Management Ltd.