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Luxury hotel market to boom for years


Upscale hotel market to enjoy long-term growth
The global luxury hotel market is booming and will continue to do so for years ahead, according to new research. It will be valued at $20.4 billion by 2022, from $15.5 billion in 2015.
That represents an average 4% growth from 2016 to 2022, says a new report by Allied Market Research, called Luxury Hotel Market: Global Opportunity Analysis and Industry Forecast, 2014-2022.
The luxury market is continuing to grow largely due to the rise in the number of business travellers globally. The business hotels segment currently accounts for just over 40% of total market revenue.
Changes in customer trends and upgrades in services provided by hoteliers are also boosting demand.
North America and Europe together account for around two-thirds of the total luxury hotel market size and are forecast to continue to dominate the market.
Airport hotels account for around a 20% share of overall luxury hotel market revenue, expected to grow at 3.7% on average to 2022.


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