Published By : 20 Apr 2016 | Published By : QYRESEARCH
The global hotel industry has gone way ahead since the past few years. With many luxury hotels and restaurants being inaugurated every year, the global luxury hotels market is expected to propel in the years to come. Luxury hotels are now capturing more market owing to their luxury services and accommodation. Going forward, even the new hotels are expected to raise their standard of services to contribute more in the competitive industry. Luxury travel is among the fastest growing niche markets worldwide, contributing massively to sectors such as culture tourism and food and wine.
As per the recent statistics, the global luxury hotels market is growing at an average rate of 4.0% every year. This positive trend coupled with the changing consumer preference towards luxury hotels are predicted to propel the global luxury hotels market in the years to come. Considering the changing consumer preferences, leading players are constantly upgrading their services. The increasing disposable income of consumers is also supporting their dreams of staying in luxury hotels.
What would Drive Growth of Global Luxury Hotels Market?
However, factors such as unstable political environment, natural disasters such as earthquakes, and floods, and the rising rates of hotel rooms are expected to restrict the growth of the global luxury hotels market in the next few years.
Going forward, hotels will continue to be smart, focusing on offering a smoother experience for all guests. A recent study makes it clear that, in 2016, the growth of the luxury hotels market will not be only about technological advancements. Hotels around historic places will also be appreciated by tourists. With more three-star and five-star hotels being constructed, the global luxury hotels market is set to offer just what the people had ordered for, luxury.