After having been among the areas of the Turkish luxury goods market worst affected by the initial impact of COVID-19 in 2020, luxury hotels saw current value sales rebound strongly in 2021. The improvement in the category’s performance was facilitated by the rollout of vaccines and subsequent easing of lockdown measures and entry restrictions, which boosted domestic travel flows and inbound tourist numbers.
Despite an impressive return to growth, by the end of 2021 luxury hotels current value sales were still far below pre-pandemic levels. This was partly due to heightened budget-consciousness among travellers arising from the ongoing economic fallout of COVID-19.
In a sign of confidence in the category’s long-term prospects, luxury hotels in Turkey saw the opening of a number of new outlets in 2021 despite the difficult trading environment created by the pandemic. For instance, the Mandarin Oriental Bosphorus began welcoming guests in the spring.
The outlook for luxury hotels is broadly favourable, with current value sales projected to grow at double-digit rates throughout the forecast period. As the disruption caused by COVID-19 gradually recedes, the category should continue to benefit from the release of pent-up demand for travel among domestic and international consumers.
The recovery of business travel is expected to lag behind that of leisure travel over the forecast period. Indeed, some industry observers have speculated that business travel flows may never return to historical norms, as many companies have recently developed a greater appreciation for the time- and cost-saving potential of videoconferencing, and working from home is likely to become much more common in the wake of the pandemic.
Given the likely emergence of new variants that are more contagious or resistant to vaccines, it is expected the risk of exposure to COVID-19 will remain a significant concern among domestic consumers and foreign travellers visiting Turkey for some time. Accordingly, over the forecast period luxury hotel operators will continue to take proactive steps to guard against transmission of the virus and provide greater peace of mind to guests.
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Understand the latest market trends and future growth opportunities for the Luxury Hotels (5-star plus) industry in Turkey with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury: includes luxury and upper upscale hotels. Would generally include 5-star hotels and above, but may include some “4.5-Star” outlets, provided that the brands positioning warrants it. The luxury classification is primarily determined by the brand’s positioning and marketing, which will be at the high-end. Brand examples include Marriott, Hilton, Sofitel and InterContinental.
See All of Our DefinitionsThis report originates from Passport, our Luxury Hotels (5-star plus) research and analysis database.
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