Luxury Hotels Market Receives Major Boost with Number of Globetrotters on the Rise

Luxury hotels across the globe have become a rather common sight, with leading architects, designers, builders, businessmen, and celebrities outdoing themselves to provide travelers the experience of a lifetime. Luxury hotels are viewed as both an escape from home and daily routine as well as a temporary home while travelling on business or leisure.

A report by Transparency Market Research pegs the value of the global luxury hotels market at US$148.62 billion in 2014, which is projected to grow to US$195.27 billion by 2021, registering a modest CAGR of 4.0% during the report’s forecast period of 2015 to 2021.

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Flourishing Travel and Tourism Industry Propelling Luxury Hotels Market

Listed below are some of the major forces driving the global luxury hotels market: 
 
· Recovering economies and rise in disposable income has resulted in improved standards of living, thereby allowing consumers to splurge on luxury hotels
· Globalization has had a massive impact on the lifestyle of people, especially in developing countries, leading to a direct influence on luxurious spending
· A thriving global travel and tourism industry is a major factor boosting the luxury hotels market
· Hoteliers are investing a lot more in branding and promotional activities to increase awareness, attract customers, and improve market penetration. This is a significant growth driver for the luxury hotel market
· Basic demands from hotels such as online booking facilities, easy check-in and check-out procedures, room service, and added customer services have made transformational progress, increasing the frequency of stays in luxury hotels
· Evolving demands of travelers have had owners of luxury hotels focus on providing upgraded services such as spa treatments, gym, sports room, and pool access, and beauty, relaxation, and rejuvenation services
· Rise in the number of international events, be it sports, business, or entertainment, has had an added impact on the luxury hotels market
· The booming construction industry in many countries has also contributed to the development of the luxury hotels market.

North America to Retain Lead over Coming Years
 
The global luxury hotels market includes suite hotels, business hotels, resorts, and airport hotels spread across the four main regions of the world: North America, Europe, Asia Pacific, and Rest of the World.
· Primarily located in business districts and catering to a target audience comprising largely of small conference groups and business travelers, the segment of business hotels dominates the overall luxury hotels market
· Rise in the number of travelers has also boosted the airport hotels segment
· North America, especially the U.S., holds the largest sh
are of the global luxury hotels market owing to growth of brand consciousness among consumers
· Booming travel and tourism industry and rising popularity of luxury hotels drives the Asia Pacific market
· The Rest of the World region is primarily fueled by the increase in number of international events and improving standards of living.

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Some of the leading players in the global luxury hotels market are Kerzner International Resorts, Inc., Jumeirah International LLC, Four Seasons Holdings Inc., Shangri-La International Hotel Management Ltd., InterContinental Hotels Group PLC, Mandarin Oriental International Limited, The Indian Hotels Company Limited, Starwood Hotels & Resorts, ITC Hotels Limited, and Marriott International, Inc.