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Wiseguyreports.Com has published an analysis of the global luxury hotel market in its study “Luxury Hotel – Market Demand, Growth, Opportunity and Analysis Of Top Key Player Forecast To 2023”. This report examines the global luxury hotel market: the size of the market, the situation and evolution of the sector, the competitive landscape and growth opportunities.
By Anaïs
The value of the luxury hotel market is estimated at $ 171 100 million in 2017. It is estimated that this market will be worth $ 216 000 million by 2023. With an average annual growth rate of more than 3.9% between 2018 and 2023.
The report analyzes the state of the luxury hotel market. It categorizes the size of the luxury hotel market with a particular focus on North America, Europe, Japan, China, India, Southeast Asia. This report also analyzes other regions such as Central America, South America, the Middle East and Africa.
The luxury hotel industry is one of the world’s leading customer service industries. The expansion of the travel and tourism sector is one of the reasons behind the growth of the luxury hospitality industry. Luxury hotels are constantly improving their services in order to provide exceptional customer service.
North America concentrates a large part of the luxury hospitality industry. The region had 35.71% market share in 2013. In 2017, the luxury hotel market in North America had slightly decreased to 32.05% with a reduction in profits of 3.66%. Asia-Pacific and China ranked the second and third markets with the market share of 19.28% and 18.73% in 2017.
North America is gathering most of the most influential hotel groups in the world. The top five companies in the luxury hotels industry make up more than 26.37 percent of the market share in 2017. These are Marriott International, Hilton, Hyatt Hotels, Four Seasons Holdings Inc. and Shangri-La International Hotel Management Ltd. These hospitality giants had 13.59%, 6.59%, 2.53%, 2.41% and 1.24% market share respectively in 2017.
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By Anaïs
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