The future is bright for the luxury hotel market, not just in the US, but internationally. There is an overall market boost, which will be affecting the 40 major countries, including the US, over the course of the next few years into 2017.
The forecast, generated by Consumer Market Research Reports via WhaTech.com, was made through researching past and current economic data, which reinforces its legitimacy.
NYC Is In the Center of the Global Hotel Market
The report also noted that “New York is among the largest global tourism destinations in terms of inbound tourist volumes.” As a NYC PR firm, I’m excited to be at the heart of this growth and look forward to seeing the positive results over the next few years as the market continues to grow.
One such luxury hotel I expect to fair well from this upward trajectory is The Mark Hotel, where I recently had the pleasure of staying. (More in a future blog, so stay tuned.) This is a superb hotel on Madison and 77th Street, which is now my favorite in the Big Apple. Service was extraordinary, and since luxury hotels are my forte and we have a number of Small Luxury Hotels that we represent, I have a good means of comparison.
Study Highlights
One of the central indicators signifying this increase on multiple fronts is how the market has been recovering from the economic climate that saw a significant drop in 2009. However, there will definitely be an increase on the horizon.
More directly, according to the report, we are expecting to see a rise in the number of luxury hotels worldwide and the number of rooms, their occupants. In addition, the growth in the average and total revenues per available luxury room is expected to rise.
One of the defining variables that have contributed to this upward curve in luxury hotels is the emergence of more and more high net worth individuals (HNWI), mostly in Brazil, Russia, India, and China (BRIC).
To keep up with the increase of HNWIs, luxury hotels are acclimating to this new climate by implementing new structures into their operations. Beginning as early as 2012, luxury establishments are moving away from services that offer little value to their new HNWI clientele and ways of improving operational efficiency for them.
So one area that luxury hotels have been exploring is through the incorporation of mobile technology into how they operate, which is directly in response to the wants and needs of these high-value customers.
You can learn more about how our clients are fairing and responding to this economic climate by reaching out to us. Contact us for a free 15 minute consultation to see how we can help you secure media coverage within your budget!
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