Rise in the number of international events is fueling the market growth of luxury hotels globally. Consumers are opting for luxury hotels to spend their leisure time, with a view to experience the luxurious living offered in such hotels. Furthermore, the services, which include spa treatments, beauty services, and various other amenities offer relaxation and rejuvenate the customers.
The luxury hotels industry is one of the main customer service industries globally. Growing travel and tourism industry is one of the major driving forces behind the growth of luxury hotels industry. Considering this aspect, a new research report with a title “Luxury hotels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2021” has been recently added to the vast online repository of Market Research Reports Search Engine (MRRSE). This report on luxury hotels market analyzes the current status as well as future prospects of the market across the globe.
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According to the research report, the global luxury hotels market is expected to rise at a healthy CAGR of 4.0% from 2015 to 2021. At this rate, the market will reach a valuation of US$195.3 billion by 2021 from US$148.6 billion in 2014. This growth can be attributed to the rise in the travel and tourism industry globally. Industrialization and urbanization has made way for the development of hotel industry across the world, especially in emerging countries. Growing number of travelers across various regions such as Asia Pacific, North America, Europe, and Rest of the World (RoW) is also fueling the demand for luxury hotels market. Rising disposable income and increasing expenditure on luxury lifestyle are also responsible for the growth in the luxury hotel industry.
The global luxury hotels market has been assessed through a social, political, legal, environmental, and economic perspective to understand the particulars shaping the market. Moreover, the market report also entails Porter’s five forces analysis and SWOT analysis to highlight the vital factors governing the global luxury hotels market. The study also focuses on answering questions about the size of the luxury hotels market in future and its scope over the forthcoming years.
The global luxury hotels market is segregated on the basis of hotel type into suite hotels, business hotels, airport hotels, resorts, and others. Geographically, this global market is divided into Asia Pacific, Europe, North America, and Rest of the World. Among these regions, in 2014, North America held the largest share in the global luxury hotels market. Researchers predict that this dominance will continue in the near future as the market in North America will rise at a CAGR of 5.4% during the period of 2015 - 2021.
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Some of the key luxury companies profiled in the global luxury hotels market report are Starwood Hotels & Resorts, ITC Hotels Limited, InterContinental Hotels Group PLC, Four Seasons Holdings Inc., Mandarin Oriental International Limited, Jumeirah International LLC, Kerzner International Resorts, Inc., Marriott International, Inc., The Indian Hotels Company Limited and Shangri-La International Hotel Management Ltd.
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