Published on : Thursday, February 23, 2017
As per Allied Market Research report, luxury hotel market in 2015 was valued at $15,535 million. This is expected to reach $20,442 million by 2022. The segment of the hotel for businesses accounted 42% of the total market revenue in 2015.
Besides spa, swimming pool and fitness center, luxury hotels offer comfortable stay to the visitors. In the last few years, the market for luxury hotel has grown considerably due to enormous rise in the number of business travelers across the globe. Altering customer preferences and upgrading their services provided the luxury hoteliers to enhance the demand for luxury staying.
Rise in travel & tourism industry, increased preference in leisure travel, and improved standard of living has taken global luxury hotel market to further heights. Nevertheless, premium price charged by such luxury hotels hold back the market growth of this industry to a huge extent.
To quote Sheetanshu Upadhyay, Research Analyst at Allied Market Research, ‘’ Rise in number of business travelers and change in customer lifestyles have fueled the demand for luxury stays, with an increased trend for various luxury services such as spa and others. North American and European regions dominate the market due to higher number of tourist arrivals.”