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Luxury hotels sees steep declines in 2020 due to the impacts from COVID-19. The Russian government imposed a self-isolation regime between 30 March and 1 June 2020 and, during this time, the majority of hotels were closed for two months, namely April and May.
The financial impacts of COVID-19 have caused the real disposable incomes of Russian consumers to decline more steeply in 2020, following the declines which have already been seen since 2015. Therefore, the ongoing decrease in real disposable incomes, as well as the likelihood of bankruptcies and increased unemployment, have put further pressure on consumers’ purchasing power and, therefore, demand for luxury hotels.
As noted in experiential luxury, Lotte Hotel Co Ltd maintained its top place in luxury hotels in 2019, thanks to being well recognised by both domestic and international consumers, offering high standards, well-developed loyalty programmes and effective marketing strategies, with the aim of encouraging returning custom if its services are deemed unique and live up to the high expectations of its affluent guests.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Hotels (5-star plus) industry in Russia with research from Euromonitor's team of in-country analysts.
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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.