Published on : Apr 05, 2016
Increasing disposable income, changing lifestyle, growing funding from the governments of various nations, and the improvements in the economy have added luxury for people from across the globe. The changing consumer preferences for a luxury living has resulted in the growth of the global luxury hotels market in the recent past. The global luxury hotels market is expected to develop further in the years to come due to the availability of various types of hotels such a business hotels, resorts, suite hotels, and more. Thanks to the increasing business trips across the globe, business hotels are expected to hold the leading position in the global luxury hotels market in the coming few years.
Which Luxury Hotels are Creating a Positive Impact in Global Market?
- Business Hotels: Due to the availability of many options, business hotels have become a popular choice for the business travelers. As business hotels are located in prime business districts, they have gained a lot of appreciation in the recent past. With the increasing number of business meets and international meetings, the demand for business hotels is expected to increase in the next few years.
- Airport Hotels: the increasing number of tourists and the growth of the global tourism industry have led to the growing demand for the airport hotels.
Luxury travel is one of the fastest rising niche markets, expected to make a serious contribution to various sectors such as cultural tourism, food and wine, and others. Reports show that, even though the global tourism industry grew at an average rate in the recent past, the luxury travel industry registered a considerable growth in the last five years. This positive trend clearly indicates that the global luxury hotels market is here to stay and with its upgraded facilities is expected to perform convincingly in the years to come.
Leading companies such as InterContinental Hotels Group PLC, Marriott International, Inc., Four Seasons Holdings, Inc., and Kerzner International Resorts, Inc. are predicted to introduce new luxury resorts for the travelers. The cost of accommodation is the only factor expected to hamper the growth of the global luxury hotels market in the next few years.