Global Luxury Hotel Market Size, Share, Growth Analysis, By Type (Business Hotels, Resorts & Spa), By Category Type (Chain, Independent), By Room Type (Luxury, Upscale), By Region -Industry Forecast 2024-2031

North America is expected to hold sway over the global luxury hotel market outlook in the future. The presence of multiple luxury hotels in this region and high domestic as well as international tourism activity are expected to maintain its dominance in this region. Growing spending on leisure activities and increasing number of international travelers visiting unique locations in Canada and the United States are bolster the popularity of luxury hotels in this region. High spending potential of North American people and their preference for luxury are also expected to boost the business of luxury hotels in the long run.

On the other hand, the demand for luxury hotels in the Asia Pacific region is expected to rise at a rapid pace across the study period. Increasing disposable income, growing upper middle-class population, rising social media influence, and evolution of consumer preferences are key factors driving the demand for luxury hotels in this region. Expansion of prominent luxury hotel chains in this region and rising number of independent luxury hotels are also expected to create new opportunities going forward. China, India, South Korea, Australia, and Japan are slated to remain the most opportune markets going forward.