Trends in the luxury hotel market by 2024

By Hélène Cougot

The industry report published by Arcognizance.com lists the main competitors and provides a strategic overview of the sector with an analysis of the key factors influencing the market, starting with an overview of the structure of the industry chain and describing the industry environment, then analysing the market size and luxury hotel forecasts by product, region and application.

It also presents the competitive situation in the market between suppliers and company profile, including market price analysis and value chain characteristics.

The luxury hotel market will record a CAGR (compound annual growth rate) of 4.5% in terms of revenue; the size of the global 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 the luxury hotel industry, making it one of the main customer service industries in the world.

In order to meet the growing demand for customer service, 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.

This report presents the overall market share of the main companies in the luxury hotel sector. Today, the top five companies represent more than 26.37% of the luxury hotel market, and the world’s leading companies are mainly concentrated in North America. The top five suppliers are Marriott International (13.59% world 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 Hélène Cougot

More informations: http://www.arcognizance.com/