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Report
South Korea Luxury Hotels Market Report and Forecast 2024-2032
Market Report I 2023-12-29 I 156 Pages I EMR Inc.
South Korea Luxury Hotels Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the South Korea luxury hotels market grew significantly in 2023. Aided by the rising influx of international tourists, the intensifying appeal of South Korean culture, and the nation's robust economic stature, the market is projected to further grow at a CAGR of 5.60% between 2024 and 2032.
South Korea's luxury hotels epitomise the perfect blend of traditional Korean aesthetics and contemporary design, offering unrivalled hospitality experiences. These establishments not only cater to accommodation needs but have evolved into holistic leisure and business destinations, boasting world-class amenities such as gourmet dining, state-of-the-art conference rooms, rejuvenating spas, and recreational facilities. Their commitment to service excellence and the crafting of bespoke experiences places them at the pinnacle of the global hospitality industry.
A primary driver for South Korea luxury hotels market growth is the surging popularity of Korean culture, often termed 'Hallyu' or the 'Korean Wave'. This cultural phenomenon, marked by the global acceptance of K-pop, K-dramas, K-beauty, and even Korean cuisine, has resulted in a significant rise in international tourists eager to experience South Korea's multifaceted offerings firsthand. Luxury hotels, capitalising on this trend, often incorporate cultural programs and excursions, further enhancing their appeal.
Moreover, the economic vigour of South Korea, coupled with its strategic importance in global business, has seen a surge in business travel. International conferences, meetings, and trade events often necessitate upscale accommodations, boosting the occupancy rates of luxury hotels. Recognising this, many such establishments are ramping up their business-centric facilities, ensuring a seamless merger of comfort and functionality for their corporate clientele.
According to the South Korea luxury hotels market analysis, the hospitality industry, particularly the luxury segment, is inherently reliant on its ability to innovate and stay attuned to evolving consumer preferences. South Korean luxury hotels have demonstrated commendable agility in this realm. From integrating smart room technologies for heightened guest convenience to emphasising sustainable and eco-friendly practices, these hotels are at the forefront of innovation. Such endeavours not only elevate the guest experience but also underscore the hotel's commitment to global best practices and sustainability.
Another salient feature bolstering the South Korea luxury hotels market demand is the integration of wellness into the luxury hospitality landscape. With wellness tourism on the ascent, many luxury hotels in South Korea are enhancing their spa and wellness centres, sometimes even partnering with global wellness brands. Such initiatives offer guests rejuvenating experiences, marrying physical well-being with opulent comfort.
Furthermore, the rising demand for experiential travel is reshaping the luxury hospitality paradigm. Travelers, especially from the affluent segment, seek more than just plush accommodations - they yearn for authentic, curated experiences. South Korea's luxury hotels have responded by crafting unique packages that delve into the nation's rich heritage, culinary landscape, and even its modern pop-culture phenomena. Such curated experiences amplify guest engagement and foster loyalty.
Market Segmentation
The market can be divided based on type and category.
Market Breakup by Type
- Business Hotels
- Airport Hotels
- Suite Hotels
- Resorts
- Others
Market Breakup by Category
- Chain
- Independent
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea luxury hotels market. Some of the major players explored in the report by Expert Market Research are as follows:
- Hotel Lotte Co., Ltd.
- Grand Hyatt Seoul
- Conrad Hotels & Resorts
- Hanwha Hotels & Resorts
- Oakwood Premier
- Pyeongchang Alpensia Resort
- Josun Hotels & Resorts Inc.
- ACCOR SA
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 South Korea Luxury Hotels Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Luxury Hotels Historical Market (2018-2023)
8.3 South Korea Luxury Hotels Market Forecast (2024-2032)
8.4 South Korea Luxury Hotels Market by Type
8.4.1 Business Hotels
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Airport Hotels
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Suite Hotels
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Resorts
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2023)
8.4.4.3 Forecast Trend (2024-2032)
8.4.5 Others
8.5 South Korea Luxury Hotels Market by Category
8.5.1 Chain
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Independent
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
9 Market Dynamics
9.1 SWOT Analysis
9.1.1 Strengths
9.1.2 Weaknesses
9.1.3 Opportunities
9.1.4 Threats
9.2 Porter's Five Forces Analysis
9.2.1 Supplier's Power
9.2.2 Buyer's Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Hotel Lotte Co., Ltd.
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.1.4 Certifications
10.2.2 Grand Hyatt Seoul
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.2.4 Certifications
10.2.3 Conrad Hotels & Resorts
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.3.4 Certifications
10.2.4 Hanwha Hotels & Resorts
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.4.4 Certifications
10.2.5 Oakwood Premier
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.5.4 Certifications
10.2.6 Pyeongchang Alpensia Resort
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
10.2.6.4 Certifications
10.2.7 Josun Hotels & Resorts Inc.
10.2.7.1 Company Overview
10.2.7.2 Product Portfolio
10.2.7.3 Demographic Reach and Achievements
10.2.7.4 Certifications
10.2.8 ACCOR SA
10.2.8.1 Company Overview
10.2.8.2 Product Portfolio
10.2.8.3 Demographic Reach and Achievements
10.2.8.4 Certifications
10.2.9 Others
11 Key Trends and Developments in the Market
List of Key Figures and Tables
1. South Korea Luxury Hotels Market: Key Industry Highlights, 2018 and 2032
2. South Korea Luxury Hotels Historical Market: Breakup by Type (USD Million), 2018-2023
3. South Korea Luxury Hotels Market Forecast: Breakup by Type (USD Million), 2024-2032
4. South Korea Luxury Hotels Historical Market: Breakup by Category (USD Million), 2018-2023
5. South Korea Luxury Hotels Market Forecast: Breakup by Category (USD Million), 2024-2032
6. South Korea Luxury Hotels Market Structure
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