Expansion of Resort Holdings by Ascott
Luxury Resorts and Leisure Travel: A Growing Global Market
The global luxury hotel market, valued at around $113.1 billion in 2024, is projected to expand significantly, reaching $181.5 billion by 2034, according to recent reports. This growth is driven by a rising demand for premium experiences, advanced amenities, and superior services, particularly in resorts and leisure travel destinations.
The broader global hotel and resort industry, valued at approximately $1.5 trillion in 2023, has shown a 5% growth over the previous year. Emerging markets such as Vietnam are benefiting from this growth, with an increasing number of travelers and hotel bookings. Vietnam, in particular, has a high share of consumers booking accommodations as of 2024.
Within the tourism and hospitality sector, the global market size was around $8.45 billion in 2024 and is expected to grow to $11.03 billion by 2033, at a compound annual growth rate (CAGR) of 3%. This growth is supported by stable economic expansion, rising per capita income, and active government initiatives promoting tourism, particularly in developing countries in Asia-Pacific such as Vietnam.
Among the emerging destinations, Phu Quoc Island in Vietnam stands out as a rapidly growing leisure travel hotspot. While direct quantitative market size data for this specific destination is not available, it aligns with trends in luxury resort expansion, supported by Vietnam’s increasing share of hotel bookings and tourism promotion efforts.
The resorts market, especially in leisure destinations like Phu Quoc Island, is positioned for robust expansion. This expansion is due to rising global demand for luxury and leisure travel, economic growth in emerging markets, and increased tourism promotion efforts.
Sources: - [1] Grand View Research - [2] Boston Consulting Group - [3] Oxford Economics - [4] Travel + Leisure - [5] Boston Consulting Group and Oxford Economics (additional context)
- Travelers looking to indulge in a premium lifestyle can find an array of opportunities in the growing leisure travel market, particularly at luxury resorts like those on Phu Quoc Island in Vietnam.
- The expanding global market for luxury resorts and leisure travel, such as Phu Quoc Island, signifies a strong demand for exclusive experiences backed by government initiatives and economic growth in emerging destinations.
