Global hotel luxury market projected to reach $115.8 billion by the year 2025
A new report by Grand View Research, Inc. shows major gains will be made by the international tourism industry in the coming years
A new report by Grand View Research, Inc. shows major gains will be made by the international tourism industry in the coming years.
The global luxury hotel market size is being projected by experts to reach $115.8 billion by 2025, shows a new report by Grand View Research, Inc, a report that is registering a 4.3 percent CAGR during the forecast period.
Overall, the global hospitality market is expected to grow significantly during this forecast period for a number of factors, including the increase of the purchasing power of its customer base, as well as because of the rising number of international and domestic tourists that are taking trips for business as well as for leisure.
What Are Travellers Looking For?
For the savvy hotelier, the question then becomes how can one attract this increase in business that is being projected for the market?
The report goes on to indicate that travelers opting for lavish vacations tend to look primarily for comfort as well as for a high quality of service being provided. Hotel costs and tariffs, however, will likely be considered by many to be a secondary concern. In other words, the quality of the trip is of far more importance than the price that is being asked.
To compete in the luxury hotel market, companies will do well to focus on providing unique customer experiences, experts say, with special emphasis being placed on investing in infrastructure and technology advanced appliances to be located in their lobbies as well as within individual guest rooms.
Another area of extreme importance as the market continues to boom is in building customer relations by extending to guests the highest possible degree of hospitality. In other words, those in the hospitality industry must remain ever hospitable.
Advances in Tech
To meet the rising demand for innovative technology offerings in hotels, some of the major players in the market have begun to integrate room control systems on their properties through new Internet of Things (IoT) platforms. As a result, many guests can now control things in their rooms such as cooling, heating, lighting and the entertainment options that are available through their televisions, all of it done wirelessly with mobile device based applications.
Also, simplified hotel reservation processes have become important to the travelers who are driving this increased demand in recent years. Online hotel bookings are supplemented by readily-available information in the form of photos and videos of the property, along with customer feedback.
Let’s take a look at a few other projects currently underway in the world:
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