Luxurious hotels are complemented by a wide range of extra services, including bars, spas, gyms, swimming pools (warm and fresh), barbecues, and other custom services catered to the needs and preferences of patrons. Several of these hotels provide sunbeds and a private garden or beach area in an effort to set themselves apart from the competition. Progressive trends in the luxury hotel market have been brought about by the growth of the travel and tourism sector, the preference for leisure travel, and changes in living standards.
Europe Luxury Hotel Market Driving Factors and Challenges
Drivers: Their rising standard of living and disposable income are major draws for visitors to lavish resorts. The demand for upscale lodging is largely driven by the hosting of sporting events in a city or nation. Upmarket hotels are often reserved by sports teams and fans who are traveling from different places. Furthermore, a greater number of guests are staying longer because of to the growing number of lodging packages that include deluxe rooms and upscale services, which increases revenue generation. The growing use of cutting-edge technology to provide a range of amenities, like complimentary Wi-Fi or smart restrooms, in five-star hotels.
Furthermore, Rich consumers tend to use opulent services, so the world's expanding affluent population will probably encourage market growth. As per the data provided by the Organization for Economic Co-operation and Development (OECD), as of 2021, 40.5% of the total wealth of the United States is held by 1% of its population.
Challenge: The market's expansion will be hampered by the growing expense of lodging in hotels with higher star ratings and the emergence of inexpensive shared accommodation platforms like Airbnb in low-income countries. The growing prevalence of inexpensive and mid-range hotels in many of the region's nations would further restrict market expansion. There are obstacles and limitations that will prevent the market from growing. One of the predicted factors that will restrain the market is the high costs associated with innovation and development.
Impact of COVID-19 on Europe Luxury Hotel Market
The COVID-19 pandemic temporarily stopped international and domestic travel, but there might be long-term effects. Apart from the difficulties that come with running a company in times of crisis, like having to close down during COVID-19 lockdowns, having problems with the business model, service standards, and procedures, and having little cash flow, COVID-19 was also expected to amplify and quicken long-term trends in the travel and hospitality sectors, like the personalization, digital transformation, sustainability, and shifting consumer preferences.
Europe Luxury Hotel Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Accor, Best Western, Carlson-Rezidor, Groupe Du Louvre, Hilton Worldwide, Hyatt Corporation, Intercontinental Hotels & Resorts, Marriott International Inc., Melia International, NH Hotels, Others.
Europe Luxury Hotel Market Segmentation:
By Product Type: Based on the Product Type, Europe Luxury Hotel Market is segmented as; Business Hotel, Airport Hotel, Holiday Hotels, Resorts & Spa.
By Region: This research also includes data for Central Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.