Luxury Hospitality Market Trends by 2024

Luxury Hotels Market Analysis “provides the most recent industry data in terms of revenue growth and profitability for the Trend Analysis sector.

list the main competitors and gives a strategic overview of the sector with an analysis of the key factors influencing the market.

an overview of the industry chain structure and describes the industry environment, then analyzes the market size and forecasts for luxury hotels by product, region and application. It also presents the competitive situation in the market between suppliers and the company profile, including analysis of market prices and characteristics of the value chain.

The luxury hotel market will record a CAGR (compound annual growth rate) of 4.5% in terms of turnover; the size of the world market will reach $ 222,900 million in 2024, compared to $ 171,100 million in 2019.

The rise in travel and tourism is one of the main reasons for the growth of luxury hotels, making it one of the leading customer service industries in the world. In order to meet the growing demand for customer services, luxury hotels are constantly striving to improve their services by focusing on changing consumer preferences.

The United States was the largest consumer market with a market share of 35.71% in 2013 and 32.05% in 2017, a decrease of 3.66%. China and the EU ranked second and third with a market share of 18.58% and 17.28% in 2017.

The overall market share of the main companies in the luxury hotel sector. Today, the top five companies account for more than 26.37% of the luxury hotel market, and large global companies are mainly concentrated in North America. The top five suppliers are Marriott International (13.59% global market share in 2017), Hilton (6.59%), Hyatt Hotels (2.53%), Four Seasons Holdings Inc. (2.41%) and Shangri-La International Hotel Management Ltd (1.24%).

By Latifa Zenaina

Consultant Expert Communication of Luxury Travel

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