Published Date : May 23, 2016
In 2008, the economic downturn, tighter policies, and a slowdown in the government spending had put breaks on many luxury hotel projects. Many projects were even scrapped altogether. Today, the demand for luxury hotels is growing worldwide due to the increasing number of travelers willing to enjoy a luxury stay during their travel. Changes in the economy and improved standard of living are two of the factors expected to propel the demand for luxury hotels for the tourists in the years to come.
Today, the economy is positive, financing is available, and employment is good, which is why it has become possible for the travelers to spend on their accommodation. Globally, the number of new hotel projects coming up is expected to increase in the coming few years. The booming travel industry is expected to drive the global hotels market in the near future. Currently, leading players in the global hotels market are focusing on improving the customer service experience. Moreover, the leading companies in the global hotels market are concentrating on introducing new hotels with 1Star, 2 Star, 3 Star, and 4 Star services. Few of them are also focusing on building 5 Star hotels to suit the luxury staying requirements of travelers.
What would Drive and Restrict Global Hotels Market?
Even though the demand for luxury hotels is currently high, the market for budget hotels is expected to contribute largely in the years to come. The large untapped market in Asia Pacific is expected to create many growth opportunities in the global hotels market in the next few years. Nowadays, major companies are adding new amenities and services in their hotels by considering the changing needs of the travelers. Booking luxury hotels as per individual travel plan was indeed a luxury then, but it is a need today.