An increase in the number of business travelers and customers’ penchant for luxurious lifestyles fueled the demand for luxury stays in luxury hotels in 2017. Furthermore, the increased demand for luxury services such as spas, wellness centers, and other such services boosted luxury hotels’ revenue.
Globally, China is the largest market for luxury hotels in terms of revenue in 2017. It has registered a significant increase in total revenue of luxury hotels, growing by 7.9% in 2017. This growth is mainly due to the growing number of affluent Chinese consumers and their demand for personalized and unique staying experiences. The US is the second-highest revenue generating country after China.
Key Highlights –
- Mexico and the US to drive growth in the Americas
- China continues to dominate with the highest number of luxury hotel rooms in the Asia-Pacific region
- Tourist flow in Japan boosted the occupancy rate in luxury hotels
- Egypt is the largest market in terms of number of luxury rooms in the Middle East & Africa region
- Luxury hotels continue to increase in Turkey
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