Global Boutique Hotels Market size to grow by USD 9,137.17 million between 2022 - 2027; Expanding Tourism and Authentic Experiences Drive Demand

NEW YORK, Aug. 9, 2023 /PRNewswire/ -- The Boutique Hotels Market is expected at a CAGR of 6.51% between 2022 and 2027. The market size is anticipated to increase by USD 9,137.17 million during the forecast period. The report covers the market segmentation by type (business hotels, suite hotels, airport hotels, and resort hotels), channel (online booking and in-person booking), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).

Key drivers include the expanding tourism industry, the rapid adoption of online booking platforms, and the rising demand for authentic and unique experiences offered by boutique hotels. Boutique hotels cater to discerning travelers seeking personalized and authentic stays. Their emphasis on local culture, heritage, and community has positioned them as a preferred choice for tourists looking for more than just standard accommodation. As the tourism industry continues to expand, boutique hotels are expected to experience increased occupancy rates and higher profitability.

Growth Prospects for Boutique Hotels in Emerging Markets include:

• The rising trend of seeking authentic experiences drives demand for boutique hotels.
• Collaboration with local artists, designers, and artisans enhances guest experiences.
• Unique amenities and locally sourced products add to the boutique hotel appeal.
• Partnerships with local businesses offer recreational activities and sightseeing opportunities.
• Modern travelers seek meaningful connections, contributing to market growth.

However, boutique hotels face challenges in managing seasonality and demand fluctuations. During peak travel seasons, they experience higher demand, necessitating additional staff and resources. Conversely, during off-peak periods, maintaining consistent business and managing costs can be challenging. This fluctuation in demand requires careful planning and adaptability to sustain growth throughout the year. Technavio provides a report on Boutique Market that includes the market's key drivers, trends, challenges, and customer landscape, download the sample report now.

The research report on the Boutique market also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including: Farmhouse Inn, Four Seasons Hotels Ltd., Hilton Worldwide Holdings Inc., Hyatt Hotels Corp., InterContinental Hotels Group Plc, ITC Ltd., Kerzner International Ltd., Koyasan Guesthouse Kokuu, Mandarin Oriental International Ltd, Marriott International Inc., Shangri La Asia Ltd., and The Indian Hotel Co. Ltd.

These hotels are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and service launches, to maintain a competitive edge in the market.

The boutique hotel market is thriving due to the growing demand for authentic experiences and personalized luxury. Collaborations with local artists and designers, eco-friendly practices, and seamless online booking have contributed to their appeal. With a focus on innovation and sustainability, boutique hotels are set for continued success in the hospitality industry. Buy the full report and make informed decisions to uplift your company.

Below, find a few related reports:

Luxury Hotel Market: The luxury hotel market is estimated to decline at a CAGR of 4.5% between 2022 and 2027. The size of the market is forecast to increase by USD 54.46 billion. The report covers market segmentation by type (upscale, upper-upscale, and luxury), ownership (chain and independent), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

Floating Hotels Market: The floating hotels market share is expected to increase by USD 1.94 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.31%. The report covers the floating hotels market segmentation by price range (premium, super-premium, and regular) and geography (North America, APAC, Europe, South America, and the Middle East and Africa).

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SOURCE Technavio