Experiential luxury in Ukraine is comprised of luxury hotels was particularly hard hit by the pandemic in 2020, with luxury hotels being closed for a time. In 2021, with society gradually opening up, value sales are expected to register healthy double-digit value growth.
The competitive field of experiential luxury is comprised of luxury hotels players alone and is restricted to chained international operators, led by Premier International and Hotel Management Group (InterContinental). The third-ranked brand is Fairmont, which was acquired from Fairmont Raffles Hotels International by AccorHotels Group.
Luxury foodservice remains negligible in Ukraine, with little prospect of significant improvement over the forecast period and as a result it is hard to gauge which are the significant players. The growth potential is thwarted by the relatively low numbers of high-income consumers in Ukraine, with COVID-19 being only the latest crisis to hit disposable incomes.
Once, the pandemic is brought under control, and foreign visitors return to pre pandemic levels, experiential luxury should register very healthy constant value growth. However, the outlook is very much dependent on this happening as most domestic tourists do not have the income to stay in luxury hotels.
Experiential luxury will continue to remain underdeveloped in Ukraine over the entire forecast period, in particular as there is little growth potential for luxury foodservice. Any value sales of luxury foodservice mainly occur in luxury hotels, which are mainly frequented by foreign visitors.
Kiev will remain the epicentre of experiential luxury over the forecast period, as the capital is the centre of domestic business and politics and most of the luxury hotels are based in Kiev, which accounts for the bulk of value sales from experiential luxury. Growth will continue to be from a small base as Ukraine continues to content with strained relations with Russia and now the added challenge of recovering from the economic effects of COVID-19.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Ukraine 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 Ukraine, 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.
This report originates from Passport, our Experiential Luxury research and analysis database.
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