QYR made the prediction that the value of luxury hotels markets can be $222815 million by 2023

Publisher: QYResearch

Published Date: 2018/11/16

The luxury hotels industry is one of the major customer service industries globally. Growing travel and tourism industry is one of the key reasons behind the growth of luxury hotels industry. In order to meet the increasing demand for unique customer services, luxury hotels are constantly striving to improve their services by focusing on changing consumer preferences.

According to the database of QYR Hotels & Restaurants Research Center, the global luxury hotels markets has a total value of $150603 million back in 2013, and increased to $171079 million in 2017. We made a series of functional calculation and deduced the past 5 year’s data with scientific model. Finally, we made the prediction that the value of luxury hotels markets can be $222815 million by 2023.The CAGR of luxury hotels is 3.96% from 2018 to 2023.

North America was the largest consumer market with a market share of 35.71% in 2013 and 32.05% in 2017 with a decrease 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.

Nowadays, the top five companies make up more than 26.37% market share of the luxury hotels market, and the world's large enterprises are mainly concentrated in North America. The top five vendors are Marriott International, Hilton, Hyatt Hotels, Four Seasons Holdings Inc. and Shangri-La International Hotel Management Ltd. They respectively took a global market share as 13.59%, 6.59%, 2.53%, 2.41%, and 1.24% in 2017.

The luxury hotels market has been increased in accordance with the development of whole economy, tourism and consumer awareness. However, with the macroeconomic is slowing down, the increase rate of luxury hotels is also slowing. But the emerging market is still the potential market of the industry, so some of the companies are laying-out their business in the emerging market. What more, there are some problem to be solved ahead, such as the homogenization of the fierce competition, the low price competition, the talents shortage in the process of the company’ expansion, the channel building through the internet and so on.

The vendors are better find their own characteristics, improve service quality, the activities of a better customer experience, and good brand communication. Following the market trends, access to greater competitive advantage, concerning more on their customer experience and services to get a bigger market share.

Click to view the full report: https://www.qyresearch.com/index/detail/142224/global-luxury-hotel-market

This article was first released by QYResearch, if reproduced, please indicate the source.

Marketing: sales@qyresearchglobal.com

Media Contact: press@qyresearch.com