Resort Market To Reach $945.38 Billion By 2030 | CAGR: 18.2%

Resort Market Growth & Trends

The global resort market size is anticipated to reach USD 945.38 billion by 2030 and is projected to grow at a CAGR of 18.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is experiencing robust growth, driven by a combination of increasing consumer spending on travel, the rising appeal of experiential and luxury tourism, and the strategic expansion of resort offerings across emerging and established destinations. As disposable incomes rise, particularly in developing economies, more consumers are prioritizing travel and leisure, leading to heightened demand for resort stays that offer unique experiences, luxury accommodations, and comprehensive amenities. This trend is further fueled by the growing popularity of wellness tourism, where resorts that offer holistic wellness programs, spa services, and eco-friendly environments are capturing significant market share.

Resorts are increasingly moving beyond the traditional beach and mountain locations, expanding into niche segments such as eco-resorts, wellness retreats, and cultural heritage resorts. These specialized offerings align with the evolving preferences of travelers who seek personalized and meaningful experiences. For instance, eco-resorts are tapping into the rising demand for sustainable tourism, attracting environmentally conscious travelers who prioritize minimal environmental impact. Similarly, wellness resorts are capitalizing on the global health and wellness trend by offering tailored services that promote physical and mental well-being, further broadening the market's appeal.

Technological advancements and the proliferation of online travel agencies (OTAs) and digital booking platforms have also played a significant role in the market's expansion. These platforms provide consumers with easier access to a wide range of resort options, enabling them to compare prices, read reviews, and book stays more conveniently. As a result, resorts have been compelled to enhance their online presence and invest in digital marketing strategies to capture the attention of tech-savvy travelers. This shift has not only increased the visibility of resorts but has also driven competition, leading to improved service offerings and guest experiences, which, in turn, contribute to market growth.

The market has benefited from the strategic efforts of key players to expand their footprints through new property launches, mergers, and acquisitions. Major hotel chains and independent operators are continuously investing in new destinations, particularly in underdeveloped regions with high tourism potential. This expansion strategy is not only opening up new revenue streams but also driving the overall growth of the market by attracting tourists to previously untapped locations. As the global travel industry continues to recover and evolve, the market is poised for sustained growth, supported by these multifaceted developments and the increasing desire for luxury, wellness, and experiential travel.

In January 2024, Dusit Thani Public Company Limited (Dusit International), a leading hotel and property development firm in Thailand, broadened its domestic presence with the soft opening of Dusit Princess Phatthalung. This new property represents the 15th Dusit-branded hotel in Thailand and is the first to be located in the southern region of the country. The four-star hotel, designed with a "resort-in-the-city" concept, offers 132 spacious and elegantly appointed guestrooms and suites, with sizes reaching up to 79 sq m. Dusit Princess Phatthalung is strategically positioned to enhance both leisure and business experiences in Phatthalung, a rising southern destination known for its vibrant cultural heritage and natural beauty.

New resort launches, such as the opening of Dusit Princess Phatthalung, play a significant role in driving the market growth. These expansions contribute to the market by enhancing the geographical reach and brand presence of hospitality companies, attracting both new and repeat customers. The introduction of resorts in emerging destinations, particularly those with untapped potential, helps diversify the market and stimulates demand by offering unique travel experiences that cater to evolving consumer preferences.

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Resort Market Report Highlights

• The demand for luxury resorts is witnessing substantial growth, fueled by the rising affluence of global travelers and the increasing desire for exclusive, high-end experiences. Affluent consumers are seeking personalized services, unique accommodations, and premium amenities, driving demand for luxury resorts that offer bespoke experiences, from private villas to gourmet dining and tailored wellness programs.

• The Asia Pacific region is emerging as a key growth market for resorts, driven by the region's rapidly expanding middle class, increasing disposable incomes, and a growing appetite for travel among both domestic and international tourists. Destinations such as Thailand, Bali, the Maldives, and Japan are witnessing heightened demand, supported by improved connectivity, government initiatives to promote tourism, and the development of new resort properties catering to diverse traveler segments.

• The rising travel and tourism industry is significantly propelling the growth of the global resort market. As international and domestic travel continues to recover and expand, resorts are benefitting from increased tourist arrivals and longer stays. As travel and tourism flourish, the resort market is set to experience sustained growth, supported by expanding global mobility and evolving consumer preferences.

Resort Market Segmentation

Grand View Research has segmented the global resort market report based on resort type, price range, booking mode, and region:

Resort Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Golf Resorts

• Beach Resorts

• Island Resorts

• Lake Resorts

• Mountain Resorts

• Ski Resorts

• Eco-Resorts

• Others (Heritage Resorts, Casino Resorts, etc.)

Resort Price Range Outlook (Revenue, USD Billion, 2018 - 2030)

• Budget

• Midrange

• Luxury and Ultra-Luxury

Resort Booking Mode Outlook (Revenue, USD Billion, 2018 - 2030)

• Direct Booking

• Travel Agents & Online Travel Agencies (OTAs)

• Marketplace Booking

Resort Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia & New Zealand

  • South Korea

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

List of Key Players in the Resort Market

• Marriott International, Inc.

• Hilton Worldwide Holdings Inc.

• Wyndham Hotels & Resorts

• Accor S.A.

• InterContinental Hotels Group (IHG)

• Four Seasons Hotels and Resorts

• Banyan Tree Holdings Limited

• Hyatt Hotels Corporation

• MGM Resorts International

• Las Vegas Sands Corp.