Luxury Hotels Market Size and Forecast, Key Trends, Company Profiles, 2023 Update

The Luxury Hotels Market report provides in-depth analysis of the key market trends that are shaping the future of this segment and an analysis of the luxury accommodation market globally. Detailed market insight is provided on the Americas, Asia-Pacific, Middle East & Africa, and Europe. It also features profiles of some of the market’s leading players and looks at how companies can better meet their customers' needs.

Key Highlights

In overall luxury hotel revenue during 2022, approximately one-third of overall revenue was contributed by Asia-Pacific, followed by the European region. During 2022, China ranks in the first position with the highest revenue within the Asia-Pacific region with $34.88 billion, which is expected to exceed its pre-pandemic level by 2023. After China, Japan ranked in second place with the second highest luxury hotel revenue.

Due to the increase in demand for hotels, the overall luxury hotel revenue in the Americas reached approximately $56,000 million in 2022, which exceeded its pre-pandemic level. The US is the major contributor to luxury hotel revenue in the Americas, with a share of 47% in 2022 with a room occupancy rate of 65%.

During 2022, the overall room occupancy rate in the Americas region reached close to 64%, with Costa Rica having the highest room occupancy rate with topping 80%, followed by Colombia near 71%.

During 2022, revenue from leisure travel in luxury hotels in Europe was over $55,000 million, followed by business purposes with a revenue shying just below $10,000 million. And overall luxury hotel revenue in the Middle East & Africa region has reached $34,000  million in 2022, which has exceeded the pre-pandemic level of revenue. As per the analyst forecasts, it is expected that the luxury hotel revenue in the Middle East & Africa will reach close to $44,000 million by 2027.

Reasons to Buy

• Understand the impact of COVID-19 on this market
• Gauge which are the biggest and most promising regional markets for the luxury accommodation market
• Understand the demand-side dynamics within the industry to identify key trends and growth opportunities
• Gain an understanding of the outlook for regional markets and learn from existing successes and our recommendations.