Many other facilities, such as bars, spas, gyms, warm and fresh swimming pools, grills, and other personalized services tailored to guests' requirements and tastes, are offered in addition to luxurious hotels. A number of these hotels differentiate themselves from the competition by offering loungers and a private garden or beach area. Changes in living standards, the inclination for leisure travel, and the expansion of the travel and tourist industry have all contributed to progressive developments in the luxury hotel business.
According to SPER market research, Europe Luxury Hotel Market Size-By Product Type - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Luxury Hotel Market is predicted to reach USD 30.94 billion by 2033 with a CAGR of 7.6%.
Drivers:
Glamorous resorts attract a lot of guests due to their increasing disposable money and rising standard of living. The hosting of athletic events in a city or country drives up demand for luxury hotels. Sports teams and spectators who are visiting from other places sometimes secure upscale accommodations. In addition, an increasing variety of housing packages featuring deluxe rooms and high-end services are drawing in more customers, resulting in longer stays and more revenue creation. the expanding application of cutting-edge technology in five-star hotels to offer a variety of conveniences, such as free Wi-Fi and smart toilets.
Challenges:
The rising cost of staying in hotels with higher star ratings and the rise of low-cost shared housing platforms like Airbnb in low-income nations may impede the market's progress. Further limiting market expansion would be the increasing ubiquity of low-cost and mid-range hotels in many of the countries in the region. The market cannot expand because of certain barriers and restrictions. The significant expenses linked to research development are one of the factors anticipated to limit the market.
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Impact of COVID-19 on Europe Luxury Hotel Market
Travel both domestically and internationally was briefly halted by the COVID-19 pandemic, although there may have been long-term consequences. COVID-19 was predicted to intensify and accelerate long-term trends in the travel and hospitality industries, such as personalization, digital transformation, sustainability, and shifting consumer preferences. These trends also included the challenges that come with operating a business during times of crisis, such as having to close down during COVID-19 lockdowns, having issues with the business model, service standards, and procedures, and having little cash flow.
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:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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.
For More Information, refer to below link:-
Europe Luxury Hotel Market Demand
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