The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJan 2015
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A new breed of luxury travellers continue to transform the global luxury hotels industry in 2014, with the search for authenticity strong as ever. Not surprisingly, regions such as the Middle East, which invested heavily in luxury and took it to new heights, are recording strong revPAR performance. This is only expected to improve in line with the rising disposable incomes of middle-class consumers and the fact that emerging markets remain a major force behind demand.
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Luxury travel has entered a new era; the trend for conspicuous consumption will be the market driver. This will result in increasingly lavish travel experiences.
Growing international leisure travel flows from emerging markets, will produce an increase in the luxury travel market.
Demand for luxury hotels is increasing and considerable investment inflows to satisfy this need are focusing attention on the Middle East. In 2014, the region recorded high average daily hotel room rates and high occupancy rates.
Luxury hotels in the US led sales growth in 2014, benefiting from a polarised economy that enhanced consumption of high-end products. Budget hotels lagged behind.
As second and third tier cities in China become increasingly accessible and see growing business flow volumes, we will see corresponding growth in more luxury hotel investments.
Mobile technology and other wireless and internet facilities are vital service requirements for luxury hotels. Provision of state-of-the-art services is necessary to boost luxury market growth.
Luxury hotels worldwide will see stronger sales growth in the next five years, mainly driven by booming demand from emerging markets.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.