Europe Luxury Hotel Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation

Europe Luxury Hotel Market Definition:

The travel and tourism business is a significant one that generates income for most nations. The tourist industry is a major contributor to the GDP of many nations. The social, religious, recreational, educational, and business desires of people to try new kinds of adventures and entertainment are the driving forces behind the tourism sector. It represents one of the significant portions of a nation's GDP. Holiday, recreational, and other leisure travel are all on the rise, along with the number of travellers. Almost half of all visitors from other countries are there for pleasure. The quality of life has a major impact on leisure travel.

 

Further, the Europe Luxury Hotel market is segmented by Type, Room Type, Category and Geography. On the basis of Type, the Europe Luxury Hotel market is segmented under Business Hotels, Airport Hotels, Suite Hotels and Resorts. Based on the Room Type, the Europe Luxury Hotel market is segmented under the channels Luxury, Upper-Upscale and Upscale. Based on the Category, the Europe Luxury Hotel market is segmented under the channels of Chain and Independent.  By geography, the market covers the major countries in Europe i.e., Italy, Germany, United Kingdom, Russia, France and Rest of Europe For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

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Europe Luxury Hotel COVID 19 Insights:

Due to the COVID-19 pandemic outbreak, the tourism and travel sectors have suffered. Regionally widespread social segregation, rules encouraging homebound behaviour, and travel restrictions have all impeded the growth of the luxury hotel industry. The European Hotel and Lodging Association (2021) reported that, compared to the prior year, hotel occupancy decreased from 60 % to about 30 %. The pandemic is therefore forecast to result in a sizable fall in the hotel sector; nevertheless, the business is forecast to regain its former development trajectory during the next several years.

 

Europe Luxury Hotel Market Dynamics:

Travelers are increasingly opting to live the high life when on vacation or during the holidays because they find it to be utterly refreshing and calming. As they describe this luxury stay as a once-in-a-lifetime event, it is becoming popular among young married couples and older seniors. It has been popular in the luxury hotel market to promote their services while upholding their brand image; to achieve this, several tactics and endorsements are used.

 

With the ability to currently handle many areas of the visitor cycle and experience, apps are becoming more and more significant in how hotels manage the services they offer to their clients. In 2021, the movement toward digital and contactless services gathered greater steam. Due to the increased usage of technology-assisted alternatives like smartphone check-in, contactless payments, voice control, and biometrics, traditional customer-facing services are undergoing a makeover. Consumers who are accustomed to using facial and fingerprint identification to unlock their smartphones and computers will soon start to expect the same simplicity when checking into hotels.

 

Europe Luxury Hotel Market Segment Analysis:

By Room Type, the upscale segment dominate the market during the forecast period, premium services are provided at a reduced price. The rising popularity of low-cost luxury services is forecast to boost business at upmarket hotels and provide them with a competitive advantage. Depending on the style of accommodation, visitors can choose from a range of options of varying quality. The hotel brands were given the following scores depending on the degree of visitor satisfaction in their various categories, according to visitor satisfaction. Players who provide resort services below the upscale and luxury sectors are employing a variety of techniques, such as alliances and acquisitions, that may be targeted at increasing their market share.

 

 

By Category, with more branded hotel chains supporting it, the chain category will have the largest market share. Chain and independent vendors compete in each category of the market. Because chain hotels are so prevalent around the region, they account for a sizable portion of the industry. Chain hotels are concentrating on broadening their horizons and bolstering their presence in profitable parts of the region.

 

Europe Luxury Hotel Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the europemarket, key players in the market, particularly in this region, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Europe Luxury Hotel market to the stakeholders in the industry. The report provides trends that are most dominant in the Europe Luxury Hotel market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Europe Luxury Hotel Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Europe Luxury Hotel market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Europe Luxury Hotel market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Europe Luxury Hotel market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Europe Luxury Hotel market. The report also analyses if the Europe Luxury Hotel market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Europe Luxury Hotel market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Luxury Hotel market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Luxury Hotel market is aided by legal factors.

 

Europe Luxury Hotel Market Scope:

Europe Luxury Hotel Market
Market Size in 2023	USD 34.10 Bn.
Market Size in 2030	USD 63.55 Bn.
CAGR (2024-2030)	9.3%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Type Business Hotels Airport Hotels Suite Hotels Resorts
	By Room Type Luxury Upper-Upscale Upscale
Country Scope	UK  France Germany Italy  Spain  Sweden Austria and Rest of Europe

 

Europe Luxury Hotel Market Key Players: 

• InterContinental Hotels Group plc (Denham, U.K.)
• Kempinski Hotels S.A. (Geneva, Switzerland)
• Accor SA (Issy-les-Moulineaux, France)