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Global Luxury Hotel Market Size to reach USD 238.4 Billion

#Global #Luxury #Hotel #Market #Size #reach #USD #Billion

New York, USA, Oct. 02, 2022 (GLOBE NEWSWIRE) — The Global Luxury Hotel Market Size Was Valued at USD 93.4 Billion In 2021. The Market Is Projected to Grow USD 238.4 Billion In 2030, At A CAGR of 10.5%. as per the latest research report by Spherical Insights & Consulting.

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The emergence of the travel and tourism business, as well as shifting patterns in standard of life, has resulted in a steady increase in the luxury hotel market. The demand for luxury hotels varies depending on the property type and is impacted by factors including location, size, and on-site amenities. The market is likely to be driven by rising disposable income, popularising weekend culture, the introduction of low-cost airline services, and the developing service industry. The rise in spending power and the style of living are two of the most important factors driving people to luxury resorts. The demand for luxury hotels is also fueled by a city’s or country’s hosting of sporting events. Sports teams, as well as spectators flying from all over the world for the tournament, prefer to stay in luxury hotels, resulting in a rise in bookings. Major market participants are heavily investing in infrastructure and upgrading their properties with the most up-to-date amenities in order to improve aesthetics and overall consumer comfort. Over the projection period, the North American region is expected to lead the market, followed by Europe. The business hotel category is currently leading and is projected to continue to do so in the future.

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Travelers are increasingly opting for a luxury lifestyle throughout their vacations or holidays. They regard it as a very soothing and revitalising vacation experience. This is gaining popular with newlywed couples and senior adults, who regard their luxury stay as a once-in-a-lifetime opportunity. It has…

Read on GNW: Global Luxury Hotel Market Size to reach USD 238.4 Billion

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