Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) — The “Boutique Hotel Market Size, Share, Trends Analysis Report: By Type (Luxury, Mid-range, Budget), By Traveler Type (Leisure Travelers, Business Travelers), By Booking Mode (Direct Bookings, Travel Agents), By Region, Segment Forecast, 2024 – 2030” report has been added to ResearchAndMarkets.com.
The global boutique hotel market is expected to reach USD 40.26 billion by 2030, and is expected to grow at a CAGR of 7.1% during the forecast period 2024-2030.
The market is experiencing strong growth due to the increasing demand for personalized and unique travel experiences. The category is particularly attractive to travelers who want more than a traditional hotel stay and prefer the customized experience that independent and boutique hotels offer. The appeal of such hotels is further supported by the successful soft branding strategies adopted by major hotel chains, which combine the appeal of boutique hotels with the credibility and rewards of established loyalty programs.
Market opportunities are expanding as businesses seek innovative approaches to attract and retain guests. The rise of digital platforms and social media has enabled boutique hotels to effectively showcase their unique offerings and connect with a wider audience. Additionally, the integration of technology such as mobile key systems and digital guidebooks is enhancing the guest experience and meeting the modern traveler’s expectations for convenience and efficiency.
Known for its unique charm and personalized service, the boutique hotel industry is experiencing dynamic change in 2024 as it adapts to new trends and evolving consumer preferences. As travelers increasingly seek unique, immersive experiences, boutique hotels are capitalizing on these trends to differentiate themselves in the competitive hospitality industry. From eco-conscious travel and technology integration to personalized service and exclusive local experiences, boutique hotels are redefining luxury and comfort.
In response to travelers’ growing environmental consciousness, boutique hotels are embracing sustainable practices. This trend is driven by a larger shift toward eco-conscious travel, where guests prioritize minimizing their impact on the environment. Boutique hotels are leading the way by implementing environmental measures such as energy-efficient systems, water-saving initiatives, and locally sourced foods. For example, hotels are partnering with sustainable travel companies to offer eco-friendly tours and experiences.
Boutique Hotel Market Report Highlights
In 2023, luxury boutique hotels accounted for a significant revenue share of 53.10%. This dominant market position reflects their success in delivering upscale, personalized experiences, attracting affluent travelers seeking exclusivity and superior service. Luxury boutique hotels’ appeal stems from their distinctive design, superior amenities, and meticulous attention to detail, setting them apart from traditional lodging. In 2023, leisure travelers accounted for more than 70% of market revenue, driven by increased spending and growing interest in outdoor activities. According to an August 2023 survey by the Regional Office of Sustainable Tourism, the average daily spending of leisure travelers surged to USD 491, the highest in 20 years. Revenue from bookings through online travel agencies is forecast to grow at a CAGR of 7.9% from 2024 to 2030, driven by the increasing use of digital platforms for trip planning. Large OTAs such as Expedia and Booking.com offer extensive comparison tools and user reviews, while AI-driven recommendations and mobile apps such as Airbnb add convenience. Expansion into emerging markets such as Southeast Asia and Latin America also supports this growth. In 2023, the North American market accounted for 36.90% of the global market revenue. North American travelers are increasingly attracted to the personalized and unique experiences that boutique hotels offer through their distinctive design and customized services. Large cities such as New York, Los Angeles, and Miami continue to attract large amounts of tourists, driving the demand for boutique hotels that offer upscale and exclusive accommodation options. Major players in the market are aggressively expanding and enhancing their portfolios to capture the growing demand. Leading hotel chains such as Marriott International, Hyatt Hotels Corporation, Accor Hotels, and Hilton Worldwide have significantly increased their presence in the boutique segment. For example, Hilton Worldwide expanded its luxury hotel offerings by adding approximately 400 boutique hotels from its Small Luxury Hotels of the World (SLH) collection in 2024. As of June 2022, Ace Hotels, a major player in the market, has successfully adopted a local-first strategy and expanded to 12 locations globally.
Featured Companies
Marriott International, Inc.AccorRosewood Hotel GroupKimpton Hotels & RestaurantsThe HoxtonSoho Boutique HotelAce HotelThe Standard HotelsHotel IndigoJoie de Vivre (Hyatt)
Key attributes:
Report AttributesDetailsNumber of Pages110Forecast Period2023 – 2030Estimated Market Value in 2023 (USD)$25.04 billionForecasted Market Value by 2030 (USD)$40.26 billionCAGR7.1%Target RegionGlobal
Key topics:
Chapter 1. Methodology and Scope
Chapter 2 Overview
2.1. Market Snapshot
2.2. Type Outlook
2.3. Traveler Type Outlook
2.4. Reservation Mode Outlook
2.5. Regional perspective
2.6. Competitive Landscape Snapshot
Chapter 3. Boutique Hotel Market Variables, Trends and Scope
3.1. Market System Outlook
3.2. Industry Value Chain Analysis
3.3. Market Trends
3.3.1. Market Driver Analysis
3.3.2. Market restraint analysis
3.3.3. Market Opportunity
3.3.4. Market challenges
3.4. Industry Analysis Tools
3.4.1. Porter’s Five Forces Analysis
3.5. Market Entry Strategy
Chapter 4 Consumer Behavior Analysis
4.1. Demographic Analysis
4.2. Consumer trends and preferences
4.3. Factors influencing purchasing behavior
4.4. Consumer Product Adoption Trends
4.5. Observations and Recommendations
Chapter 5 Boutique Hotel Market: Estimation by Type and Trend Analysis
5.1. Boutique hotel market (by type): Key takeaways
5.2. Type Trend Analysis and Market Share, 2023 and 2030
5.3. Market Estimates and Forecast, By Type, 2018-2030 (USD Billion)
Luxury
5.3.2. Midscale
Budget
Chapter 6 Boutique Hotel Market: Traveler Type Estimation and Trend Analysis
6.1. Boutique hotel market by traveller type: Key takeaways
6.2. Traveler type movement analysis and market share, 2023 and 2030
6.3. Market estimates and forecasts by traveller type, 2018-2030 (USD billion)
6.3.1. Leisure Travelers
6.3.2. Business Travelers
Other
Chapter 7 Boutique Hotel Market: Booking Mode Estimation and Trend Analysis
7.1. Boutique Hotel Market by Booking Mode: Key Takeaways
7.2. Booking mode trends analysis and market share, 2023 and 2030
7.3. Market estimates and forecasts by booking mode, 2018-2030 (USD billion)
7.3.1. Direct booking
Travel agents
7.3.3. Online Travel Agencies
Chapter 8 Boutique Hotel Market: Regional Forecast and Trend Analysis
8.1. Boutique hotel market: regional outlook
8.2. Local Marketplaces: Key Takeaways
8.3. Market estimates and forecasts, by region, 2018-2030 (USD billion)
Chapter 9 Boutique Hotel Market: Competitive Analysis
9.1. Recent developments and impact analysis by major market participants
9.2. Company Classification
9.3. Participant Profile
9.4. Financial Performance
9.5. Service Benchmark
9.6. Company Market Share Analysis, 2023 (%)
9.7. Company Heatmap Analysis
9.8. Strategy Mapping
9.9. Company Profile
Company Profile
9.9.2. Financial Performance
9.9.3. Product Portfolio
9.9.4. Strategic Initiatives
For more information on this report, visit: https://www.researchandmarkets.com/r/75633y
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