The global luxury hotel market will reach $157.59 billion in 2029

The global luxury hotel market is estimated at $107.77 billion in 2024 and is expected to reach $157.59 billion in 2029. This indicates a compound annual growth rate of 7.90% over the forecast period (2024-2029). These figures demonstrate the strength and growth potential of luxury tourism.

Luxury tourism has experienced significant growth worldwide, becoming one of the most dynamic and lucrative facets of the tourism industry. As the global economy recovers, high-income travelers seek exclusive and personalized experiences that exceed their expectations.

The COVID-19 pandemic was a severe blow to tourism in general, but the luxury segment has shown remarkable resilience and recovery. According to the World Tourism Organization (UNWTO), in 2023, there were about 965 million international tourist arrivals. Although pre-pandemic levels have not yet been reached, the tourism sector remains a fundamental pillar for the global economy, generating more than 290 million jobs and contributing more than seven trillion dollars to the global GDP.

Spain: The Preferred Destination

In 2024, Spain has positioned itself as the mecca of luxury tourism, according to a study by Condé Nast Johansens, luxury travelers choose Spain for its rich cuisine, wellness treatments, and the quality of its hotel facilities. With an average expenditure per trip around 8,000 euros, Spain leads the list of favorite destinations, surpassing France, Italy, Greece, and the United States.

Preferences and Trends

The vacation habits of luxury tourists reflect a preference for traveling in the low season, with nearly a third of respondents planning to make between three and four luxury trips a year. City destinations have gained popularity, with a 65% preference, followed by beaches and rural retreats. Regarding accommodations, independent luxury and boutique hotels are the most sought after, and the quality of the bed and a good breakfast are considered essential.

Luxury tourism not only offers an unparalleled experience to its customers but also drives the global economy, promotes investment in high-quality infrastructure, and significantly contributes to the development of tourist destinations. With trends pointing towards greater personalization and exclusivity, the future of luxury tourism looks bright and promising.