Boutique Hotel market in US expected to grow exponentially

Wednesday, December 13, 2023

The market of the US boutique hotels by the end of 2023 is all prepared to reach US$ 17.6 billion. By 2033, it is expected to reach US$ 29.3 billion and during the forecast period 2023 to 2033, it is expected to grow at a CAGR of 5.2%.

Modern travelers are giving added importance on experiential travel. Here, they look for immersive experiences which permits them to join with the regional environment and culture. Often, boutique hotels show the character and appeal of their environments.

Boutique hotels provides their guests with an opportunity to get involved with the destination on a deeper level. This brings into line with the predominant trend in terms of experiential travel and contributes to the constant growing demand for boutique hotels.

The young population, precisely the millennials and Gen Z, displays a solid preference for exceptional, boutique-style lodgings. They are inclined to value local experiences, coupled with authenticity and custom-made service.

Young generations carry on acquiring prominence as an important section of the travel market. Their favorites will be instrumental to the constant growth of these types of hotels during the forecast period.
Consumer preferences have recently moved towards helping regional businesses, sustainability, and principled practices.

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