Considering the significant decline experienced by luxury hotels in 2020 due to the pandemic, value sales (at constant 2022 prices) are predicted to struggle to fully recover by the end of the forecast period. Nevertheless, the number of hotels is set to remain much higher and will continue to expand as some luxury hotel brands are showing greater confidence in the recovery of the local economy and the reopening of Australia’s borders, resulting in the likelihood of strong inbound tourist numbers.
With the industry facing multiple challenges, including bush fires and the lingering impact of the pandemic, many properties have been forced to close permanently due to financial losses. The situation is anticipated to continue as potential international tourists remain impacted by restrictive measures in their own countries, despite the reopening of Australia’s borders.
Luxury hotel operators in Australia are well-positioned to capture both domestic clients and returning international travellers as the country’s borders reopen, considering developments that were in the pipeline before the pandemic emerged. These developments are likely to be completed over the early part of the forecast period.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Experiential Luxury industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This is an aggregation of Luxury Hotels and Luxury Foodservice.See All of Our Definitions
This report originates from Passport, our Experiential Luxury research and analysis database.
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