With the Brexit vote weakening the pound and increasing the number of tourists, revenue growth in luxury hotels was substantial in 2018. Local consumers, however, are the key driver of growth, as there is a strong desire amongst UK consumers, especially the younger generation, for experiential luxury.
Luxury hotels is facing a fundamental challenge, as the very definition of luxury is changing. Whilst some customers continue to place value on the tradition and heritage of luxury hotels, others demand innovation, personalisation and flexibility.
A digital presence and content sharing on social media also have an impact in luxury hotels, especially when it comes to attracting younger consumers; from the possibility to book a room via online platforms to sharing experiences via social media. Instagram remains a major platform, especially amongst millennials, to share pictures of luxury holiday experiences; whether that is beautiful designs of luxury hotel rooms or extravagant dinners.
Marriott International took the lead in luxury hotels in the UK in value terms in 2017. The company doubled its value share in the UK over the review period, and is now well ahead of the competition, partly due to its acquisition of Starwood Hotels & Resorts in 2016.
In 2018, Marriott combined its own loyalty programmes with the Starwood Hotels loyalty programme, and for the first time since 2016, members of Marriott Rewards, The Ritz-Carlton Rewards and Starwood Preferred Guest could join their accounts into one to travel all over the world further, faster and easier than ever before, taking advantage of the combined benefits. As a result of the unified, single-currency programme, when members join their accounts, their points balance also combines, ending the need to transfer points between programmes and therefore offering ease and convenience of single membership.
Luxury goods in the UK benefited from an increasing number of tourists, who were attracted to the UK as sterling weakened in the aftermath of the Brexit vote. The weaker sterling rate also encouraged domestic consumers to spend more at home.
You have no recently viewed reports.
Why not browse through our Featured or Trending Reports to see what we have to offer?
Files are delivered directly into your account within a few minutes of purchase.
Discover the latest market trends and uncover sources of future market growth for the Luxury Hotels (5-star plus) industry in United Kingdom with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Hotels (5-star plus) industry in United Kingdom, our research will save you time and money while empowering you to make informed, profitable decisions.
The Luxury Hotels (5-star plus) in United Kingdom market research report includes:
Our market research reports answer questions such as:
Why buy this report?
This industry report originates from Passport, our