Published Date : Jul 05, 2016
Ranging from luxury hotels, semi-luxury hotels, budget hotels to 5-star hotels, the global hotels market offers many options for the travelers. The hotels market is the backbone of the tourism industry and is directly affected by consumer spending capacity and their choices of stay. Changing lifestyles and preferences of travelers have made luxury hotels the largest segment of the global hotels market. With many new hotels offering a luxury stay at affordable rates, leading players are expected to face many challenges.
Travelers have become bored with big brands and their routine set of services. Today, even in the hotels industry, customization has become a key factor. A personalized experience and a boutique kind stay are attracting many regular travelers. Luxury has become more about personalization and customized services and less about add-on services. Travelers feel connected to the place when they are offered simple yet personalized stay and services. To be precise, luxury hotels that offer business centers, conference rooms, swimming pools, social function services, and childcare have gained much appreciation. Though the global hotels market is filled with many 1-star, 2-star, 3-star, 4-star, and 5-star options, those offering personalized services are able to survive in the competitive environment.
Challenges that could hamper the global hotels market’s growth
Even though the global hotels market is set for a rapid expansion, it has to manage a few challenges in the years to come.
Considering the budget factor, 3-star hotels are the most preferred choice for travelers, making it the largest segment by type. Many hotels are concentrating on adding customized services to travelers to offer them a comfortable stay.