Luxury Hotel Market Trends, Estimates, High Demand by 2030

The global luxury hotel market size was valued at USD 93.59 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. Emerging tourism and corporate industries across various regions, rising disposable income, increasing standard of living of people, and rise in preference for leisure travel are expected to drive the market.

The rise in purchasing power and standard of living are some of the key factors responsible for attracting customers to luxury resorts. As more money is being injected into the economy, demand for luxury accommodations for corporate events, corporate stays, and leisure trips is rising.

Hosting of sports events by a city or country has also been a major factor pushing the demand for luxury accommodations. Sports teams, as well as spectators traveling from various destinations for the tournament, tend to book their stays in luxury hotels, thus leading to a rise in the number of bookings.

Gather more insights about the market drivers, restrains and growth of the Global Luxury Hotel Market

Luxury Hotel Market Report Highlights

The business hotel segment is expected to dominate the market throughout the forecast period. Thriving business tourism sector and the growing realization of the importance of rejuvenation and relaxation are driving this segment
North America is expected to retain its position as a key revenue generator by 2030 owing to an increase in the number of rooms. Expansion of hotel properties in the U.S. by luxury hotel chains such as St Regis, The Ritz-Carlton Hotel Company, L.L.C., Four Seasons Hotels Limited, and Fairmont Hotels Resorts will also contribute to the market’s growth
The Asia Pacific region is projected to expand at a CAGR of over 5.2% over the forecast period
Key players in the market include Shangri-La International Hotel Management Ltd.; Marriott International, Inc.; Taj Hotels Palaces Resorts Safari; AccorHotels; and InterContinental Hotels Group.

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Segments Covered in the Report

Grand View Research has segmented the global luxury hotel market based on type, and region:

Luxury Hotel Type Outlook (Revenue in USD Billion, 2017 - 2030)