Luxury Accommodation in Australia - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

No vacancy: Recovering domestic and international tourist volumes are boosting industry revenue

Players in the Luxury Accommodation industry provide high-end accommodation options for domestic and international travellers. While hotels are the primary luxury accommodation option, the industry also includes high-quality serviced apartments and other five-star establishments. The COVID-19 pandemic has significantly disrupted the industry's performance. The pandemic and subsequent closure of Australia's international border from March 2020 to February 2022 essentially halted inbound tourism, with only New Zealanders being allowed to enter the country for intermittent periods. Overall, industry revenue is expected to decline at an annualised 5.7% over the five years through 2022-23, to $5.3 billion. However, this result includes an anticipated increase of 31.9% in the current year, as movement restrictions ease and domestic and international tourist volumes recover.

Industry operators provide luxury accommodation options for domestic and international guests. In addition to providing high-end accommodation, the industry also generates revenue through meals and other services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.