Luxury hotel market size to grow by USD 54.46 billion from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio

NEW YORK, Jan. 12, 2023 /PRNewswire/ -- The global luxury hotel market size is estimated to increase by USD 54.46 billion from 2022 to 2027. However, the market CAGR will decline to 4.5% during the forecast period. - Request a sample report

Global luxury hotel market – Vendor analysis

Vendor offerings -

• Accor S.A. - The company offers luxury hotels under its brands Banyan Tree, EMBLEMS, Fairmont.
• Best Western International Inc - The company offers luxury hotels under its brand Best Western Plus.
• Choice Hotels International Inc. - The company offers luxury hotels under its brands Ascend Hotel Collection, Cambria Hotels.
• Four Seasons Hotels Ltd. - The company offers luxury hotels such as Beachfront Villa, Ocean View Villa.
• For details on vendors and their offerings – Buy the report!

Vendor Landscape -

The global luxury hotel market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer luxury hotels in the market are Accor S.A., Aman Group Sarl., Best Western International Inc., Choice Hotels International Inc., Four Seasons Hotels Ltd., Hyatt Hotels Corp., InterContinental Hotels Group Plc, ITC Ltd., Jardine Matheson, Jumeirah International LLC, Kempinski Hotels SA, Kerzner International Ltd., LVMH Moet Hennessy Louis Vuitton SE, Marriott International Inc., Rosewood Hotel Group, Shangri La Asia Ltd., Soneva Mauritius Ltd., The Hongkong and Shanghai Hotels Ltd., The Indian Hotel Co. Ltd., and Wyndham Destinations and others.

The global luxury hotel market is considerably competitive, due to the presence of numerous hotels in the market. During the forecast period, we expect this competition to be moderate due to intense competition, demographic trends, consumer spending patterns, and frequent changes in consumer preferences

Global luxury hotel market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

Global Luxury Hotel Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on type (upscale, upper-upscale, and luxury) and ownership (chain and independent).

• The upscale segment will grow at the highest rate during the forecast period The upscale hotels are generally three- and four-star hotels. The increasing disposable income of consumers across developing and developed economies is majorly driving the growth of the upscale rooms segment in the global luxury hotel market. This, in turn, will drive the growth of the upscale segment in the market during the forecast period.

Geography Overview

Based on geography, the global luxury hotel market is segmented into North America, Europe, APAC, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global luxury hotel market.

• North America is estimated to account for 32% of the growth of the global market during the forecast period. The growth of the luxury hotel market in North America has increased significantly. Factors such as the growing baby boomer population, increasing demand for micro trips from working professionals, the rising demand for multigenerational customized travels, rising numbers of domestic tourist destinations, increasing demand for sports activities, and the presence of prominent vendors drive the regional market.

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Global Luxury Hotel Market – Market Dynamics

Leading Drivers - The growing disposable income among the guests is notably driving the market growth. The hospitality industry in emerging economies has gained momentum already. This industry plays a key role in strengthening the economy of these countries. Factors such as rising incomes per household, per capita income, and rapid growth in employment rates have led to an increase in disposable income worldwide. This increase in income will increase the spending and purchasing power of consumers in the forecast period.

Key Trends - Higher acceptance of online booking platforms is an emerging trend in the market. A large number of individuals have started using online portals to make hotel reservations. This allows customers to book more systematically. These portals are developing new innovative strategies to promote their web portals. In addition, online booking platforms with accurate information about destinations and routes help consumers to choose a suitable destination without visiting any agency office directly and save time. Therefore, these factors are expected to increase opportunities for vendors in the global market during the forecast period.

Major challenges - The high cost associated with luxury hotels is a major challenge impeding market growth. Luxury hotels are more expensive compared to traditional hotels. This is due to higher investment needs and location costs. The high-end part of society chooses luxury hotels mainly because of their high price. Thus, many guests are forced to choose traditional hotels, even if they gravitate towards luxury hotels. High costs associated with luxury hotels are expected to hinder market growth during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Luxury Hotel Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Luxury Hotel Market between 2023 and 2027
• Precise estimation of the size of the Luxury Hotel Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Luxury Hotel Market industry across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Luxury Hotel Market vendors

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Table of Contents:

1 Executive Summary

• 1.1 Market Overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Ownership
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market Definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global luxury hotel market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global luxury hotel market 2017 - 2021 ($ billion)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.3 Ownership Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Ownership Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Upscale - Market size and forecast 2022-2027
• Exhibit 34: Chart on Upscale - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Upscale - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Upscale - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Upscale - Year-over-year growth 2022-2027 (%)

• 6.4 Upper-upscale - Market size and forecast 2022-2027
• Exhibit 38: Chart on Upper-upscale - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Upper-upscale - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Upper-upscale - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Upper-upscale - Year-over-year growth 2022-2027 (%)

• 6.5 Luxury - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Luxury - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Luxury - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Luxury - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Luxury - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Type 
• Exhibit 46: Market opportunity by Type ($ billion)

7 Market Segmentation by Ownership

• 7.1 Market segments 
• Exhibit 47: Chart on Ownership - Market share 2022-2027 (%)
• Exhibit 48: Data Table on Ownership - Market share 2022-2027 (%)

• 7.2 Comparison by Ownership 
• Exhibit 49: Chart on Comparison by Ownership
• Exhibit 50: Data Table on Comparison by Ownership

• 7.3 Chain - Market size and forecast 2022-2027
• Exhibit 51: Chart on Chain - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Data Table on Chain - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Chart on Chain - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Chain - Year-over-year growth 2022-2027 (%)

• 7.4 Independent - Market size and forecast 2022-2027
• Exhibit 55: Chart on Independent - Market size and forecast 2022-2027 ($ billion)
• Exhibit 56: Data Table on Independent - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Chart on Independent - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Independent - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Ownership 
• Exhibit 59: Market opportunity by Ownership ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 65: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 66: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 67: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 85: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 86: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 UK - Market size and forecast 2022-2027
• Exhibit 89: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 90: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 91: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.10 China - Market size and forecast 2022-2027
• Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027
• Exhibit 97: Chart on India - Market size and forecast 2022-2027 ($ billion)
• Exhibit 98: Data Table on India - Market size and forecast 2022-2027 ($ billion)
• Exhibit 99: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027
• Exhibit 101: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 102: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 103: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 Accor S.A. 
• Exhibit 112: Accor S.A. - Overview
• Exhibit 113: Accor S.A. - Business segments
• Exhibit 114: Accor S.A. - Key offerings
• Exhibit 115: Accor S.A. - Segment focus

• 12.4 Best Western International Inc. 
• Exhibit 116: Best Western International Inc. - Overview
• Exhibit 117: Best Western International Inc. - Product / Service
• Exhibit 118: Best Western International Inc. - Key offerings

• 12.5 Choice Hotels International Inc. 
• Exhibit 119: Choice Hotels International Inc. - Overview
• Exhibit 120: Choice Hotels International Inc. - Product / Service
• Exhibit 121: Choice Hotels International Inc. - Key offerings

• 12.6 Four Seasons Hotels Ltd. 
• Exhibit 122: Four Seasons Hotels Ltd. - Overview
• Exhibit 123: Four Seasons Hotels Ltd. - Product / Service
• Exhibit 124: Four Seasons Hotels Ltd. - Key offerings

• 12.7 Hyatt Hotels Corp. 
• Exhibit 125: Hyatt Hotels Corp. - Overview
• Exhibit 126: Hyatt Hotels Corp. - Business segments
• Exhibit 127: Hyatt Hotels Corp. - Key offerings
• Exhibit 128: Hyatt Hotels Corp. - Segment focus

• 12.8 InterContinental Hotels Group Plc 
• Exhibit 129: InterContinental Hotels Group Plc - Overview
• Exhibit 130: InterContinental Hotels Group Plc - Product / Service
• Exhibit 131: InterContinental Hotels Group Plc - Key offerings

• 12.9 ITC Ltd. 
• Exhibit 132: ITC Ltd. - Overview
• Exhibit 133: ITC Ltd. - Business segments
• Exhibit 134: ITC Ltd. - Key offerings
• Exhibit 135: ITC Ltd. - Segment focus

• 12.10 Jumeirah International LLC 
• Exhibit 136: Jumeirah International LLC - Overview
• Exhibit 137: Jumeirah International LLC - Product / Service
• Exhibit 138: Jumeirah International LLC - Key offerings

• 12.11 Kempinski Hotels SA 
• Exhibit 139: Kempinski Hotels SA - Overview
• Exhibit 140: Kempinski Hotels SA - Product / Service
• Exhibit 141: Kempinski Hotels SA - Key offerings

• 12.12 LVMH Moet Hennessy Louis Vuitton SE 
• Exhibit 142: LVMH Moet Hennessy Louis Vuitton SE - Overview
• Exhibit 143: LVMH Moet Hennessy Louis Vuitton SE - Business segments
• Exhibit 144: LVMH Moet Hennessy Louis Vuitton SE - Key news
• Exhibit 145: LVMH Moet Hennessy Louis Vuitton SE - Key offerings
• Exhibit 146: LVMH Moet Hennessy Louis Vuitton SE - Segment focus

• 12.13 Marriott International Inc. 
• Exhibit 147: Marriott International Inc. - Overview
• Exhibit 148: Marriott International Inc. - Business segments
• Exhibit 149: Marriott International Inc. - Key offerings
• Exhibit 150: Marriott International Inc. - Segment focus

• 12.14 Rosewood Hotel Group 
• Exhibit 151: Rosewood Hotel Group - Overview
• Exhibit 152: Rosewood Hotel Group - Product / Service
• Exhibit 153: Rosewood Hotel Group - Key offerings

• 12.15 Shangri La Asia Ltd. 
• Exhibit 154: Shangri La Asia Ltd. - Overview
• Exhibit 155: Shangri La Asia Ltd. - Business segments
• Exhibit 156: Shangri La Asia Ltd. - Key offerings
• Exhibit 157: Shangri La Asia Ltd. - Segment focus

• 12.16 The Indian Hotel Co. Ltd. 
• Exhibit 158: The Indian Hotel Co. Ltd. - Overview
• Exhibit 159: The Indian Hotel Co. Ltd. - Product / Service
• Exhibit 160: The Indian Hotel Co. Ltd. - Key offerings

• 12.17 Wyndham Destinations 
• Exhibit 161: Wyndham Destinations - Overview
• Exhibit 162: Wyndham Destinations - Product / Service
• Exhibit 163: Wyndham Destinations - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 164: Inclusions checklist
• Exhibit 165: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 166: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 167: Research methodology
• Exhibit 168: Validation techniques employed for market sizing
• Exhibit 169: Information sources

• 13.5 List of abbreviations 
• Exhibit 170: List of abbreviations

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