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

Global Luxury Hotel Market size was valued at USD 93.6 Billion in 2022 and is expected to rise from USD 97.44 Billion in 2023 to USD 134.38 Billion by 2031, at a CAGR of 4.1% during the forecast period (2024–2031).

Rapidly increasing global tourism activity is projected to primarily drive up the demand for luxury hotels over the coming years. Rising disposable income of people, low costs of airplane tickets, and increasing desire for travel fueled by social media are key factors that are expected to bolster luxury hotel market growth in the future. Growing demand for experiential travel experiences and the expansion of luxury hotel businesses into emerging countries are also expected to boost revenue generation across the study period. Increasing interest of people in traveling while working due to rise in the number of remote workers is also expected to present new opportunities for luxury hotels going forward. Growth in business travel and Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism are also expected to boost revenue generation for luxury hotel companies in the long run. On the contrary, high costs of operation, economic instability, travel restrictions, and intense market competition are slated to be key restraints slowing down the demand for luxury hotels through 2031and beyond.