The boutique hotel global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Boutique Hotel Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The boutique hotel market size has grown strongly in recent years. It will grow from $87.95 billion in 2023 to $93.79 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to rising demand for unique and personalized travel experiences, increasing preference for authentic and locally-inspired accommodations, growing popularity of boutique hotels among millennials and Gen Z travelers, expansion of digital platforms enhancing booking convenience and rise in disposable incomes and spending on luxury travel experiences.
The boutique hotel market size is expected to see strong growth in the next few years. It will grow to $121.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to the adoption of sustainable practices and eco-friendly initiatives, integration of advanced technology for personalized guest experiences, shift towards experiential hospitality offerings over traditional amenities, rising investment in refurbishing and repositioning existing properties and expansion of boutique hotel chains into emerging markets. Major trends in the forecast period include emphasis on wellness and holistic guest experiences, integration of art and cultural elements into hotel design and services, growth of leisure travel, combining business and leisure stays, adoption of contactless technologies and ai-driven customer service, and development of hybrid spaces blending accommodation with co-working or social hubs.
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Scope Of Boutique Hotel Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Boutique Hotel Market Overview
Market Drivers –
The growing trend of experiential travel is expected to propel the growth of the boutique hotel market going forward. Experiential travel involves immersive and hands-on experiences that allow travelers to engage deeply with a destination’s culture, activities, and local life, often through unique and personalized activities. The growing trend of experiential travel stems from a desire for authentic, meaningful interactions and memorable experiences that surpass traditional sightseeing, providing deeper connections with destinations and cultures. Boutique hotels enhance experiential travel by providing unique, personalized accommodations that reflect local culture and character, offering travelers a more immersive and distinctive stay. For instance, in November 2023, according to the World Tourism Organization (UNWTO), a Spain-based intergovernmental organization, in the third quarter of 2023, international tourist arrivals increased by 22% compared to the same period in 2022, and foreign tourist earnings might exceed $1.4 trillion by the end of 2023. Therefore, the growing trend of experiential travel is driving the growth of the boutique hotel market.
Market Trends –
Major companies operating in the boutique hotel market are developing advanced technologies, such as app-enabled modern services, to gain a competitive advantage. App-enabled modern services refer to digital solutions that use mobile applications to streamline and enhance various services, providing users with convenient, efficient, and often personalized experiences. For instance, in July 2023, Sonder Holdings Inc., a US-based technology-driven hospitality company, introduced its first hotel collection, Powered by Sonder. This collection features a variety of uniquely designed boutique hotels that incorporate Sonder’s technology and operational expertise. The Powered by Sonder collection includes 23 hotels across 13 markets, such as Atala in Paris, Chambers in New York City, and Yelo Jean Médecin in Nice. Each hotel has its own distinctive style and local influences. These hotels are equipped with app-enabled services, allowing guests to manage their stay from booking to check-out using the Sonder app. This emphasizes self-service and modern convenience. Using the Sonder app provides a seamless guest experience, allowing for features such as mobile check-in, communication with guest services, and direct access to amenities from guests’ devices.
The boutique hotel market covered in this report is segmented –
1) By Hotel Type: Business Hotels, Suite Hotels, Airport Hotels, Resorts Hotels, Other Hotel Types
2) By Style And Theme: Historic Boutique Hotels, Art-Themed Boutique Hotels, Eco-Friendly Or Green Boutique Hotels, Boutique Beach Resorts
3) By Target Audience: Luxury Boutique Hotels, Budget Boutique Hotels, Adults-Only Boutique Hotels, Family-Friendly Boutique Hotels
4) By Booking Channel: Phone Booking, Online Booking, In Person Booking
5) By Location: Urban Boutique Hotels, Rural Or Countryside Boutique Hotels
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Regional Insights –
Asia-Pacific was the largest region in the boutique hotel market in 2023. The regions covered in the boutique hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the boutique hotel market are Marriott International Inc., Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, InterContinental Hotels Group PLC, Dubai Holding LLC, Rosewood Hotels & Resorts, Jumeirah International LLC, The Travel Corporation, Shangri-La International Hotel Management Ltd., The Peninsula Hotels, Mandarin Oriental International Limited, The Ace Hotel, Six Senses Hotels Resorts Spas, Firmdale Hotels, ITC Hotels Limited, Yotel Ltd., The Standard Hotels, The Hoxton, Ovolo Hotels, COMO Hotels and Resorts, Auberge Resorts Collection, 1 Hotels, The Pod Hotel, Design Hotels, Bunkhouse Group, Triple Creek Ranch, Farmhouse Inn, Kerzner International Limited
Table of Contents
1. Executive Summary
2. Boutique Hotel Market Characteristics
3. Boutique Hotel Market Trends And Strategies
4. Boutique Hotel Market – Macro Economic Scenario
5. Global Boutique Hotel Market Size and Growth
…
32. Global Boutique Hotel Market Competitive Benchmarking
33. Global Boutique Hotel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Boutique Hotel Market
35. Boutique Hotel Market Future Outlook and Potential Analysis
36. Appendix
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