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Luxury hotels recorded a dramatic decline in retail value sales in 2020, as international travel bans and stay-at-home orders meant to curb the spread of COVID-19 led international and domestic consumers alike to cancel vacations and business trips throughout the year. As a result of having significantly decreased occupancy, many luxury hotels across the US closed their doors and ceased operations during lockdowns lasting from mid-March until May or June in many states, despite the fact that many were still legally able to operate.
With the US government banning the entry of foreign nationals from China beginning in January 2020, from Europe in March 2020 and from Brazil in May 2020, among others, the number of foreign nationals, who represent key drivers of luxury hotels sales, staying in luxury hotels throughout the year, dropped dramatically. While domestic consumers typically represent around 55% of total luxury hotels sales, this number increased to 65% in 2020 as many foreign travellers were unable to visit the US.
While international and domestic travel restrictions prevented many consumers from visiting luxury hotels in 2020, leading hotels found opportunities to attract those who were still willing and able to travel by marketing vacations and daycations, or single day stays, as solutions for health and wellness-minded consumers looking to relax and rejuvenate amid the stresses caused by the pandemic. By adding a plethora of offerings including socially distant fitness options, touchless healthy menus, additional spa treatments and opportunities for digital detoxes, luxury hotels in both rural and urban areas of the US found opportunities to serve the changing needs of affluent domestic consumers, especially as their typical travel choices were unavailable.
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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 USA 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.