The United States boutique hotel market is set to surpass USD 17.6 billion in 2023. It is expected to reach USD 29.3 billion by 2033 and grow at a CAGR of 5.2% during the projection period 2023 to 2033.
Modern travelers are placing more emphasis on experiential travel, where they seek immersive experiences. This allows them to connect with the local culture and environment. Boutique hotels often reflect the character and charm of their surroundings.
Boutique hotels offer guests a chance to engage with the destination on a deep level. This aligns with the prevailing trend of experiential travel and contributes to the increasing demand for boutique hotels.
The young generations, specifically millennials and Gen Z, exhibit a strong preference for unique, boutique-style accommodations. They tend to value authenticity, local experiences, and personalized service.
Young generations continue to urge in prominence as a significant segment of the travel market. Their preferences will be key to the steady growth of boutique hotels over the forecast period.
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Consumer preferences have shifted towards supporting local businesses, sustainability, and ethical practices. Boutique hotels often embody these values by sourcing locally, implementing eco-friendly initiatives, and engaging with the local community.
Such practices resonate with conscientious travelers who are willing to pay a premium for responsible and sustainable hospitality experiences. These factors are expected to fuel the growth of boutique hotels.
Unlike large chain hotels, boutique hotels are typically small in size, featuring few rooms and a more intimate experience. This creates a sense of exclusivity and allows for a personalized and intimate guest experience.
Several boutique hotels strive to provide guests with authentic local experiences. They often collaborate with local businesses and organize unique activities. They offer a curated experience that allows guests to explore and immerse themselves in local cultures.
Boutique hotels also provide high-quality dining experiences. They might also have on-site restaurants or partner with renowned chefs to offer innovative and locally inspired menus. They emphasize farm-to-table ingredients, and create a memorable culinary experience.
Key Takeaways from the Report:
- The United States boutique hotel market is expected to be valued at US$ 29.3 billion by 2033.
- In terms of purpose, leisure & vacation visit segment accounted for the lion’s share in the market.
- By age group, 26 to 35 years segment is expected to prefer to visit boutique hotels more.
- In terms of duration of visit, a 4 to 6-night trip is estimated to account for a relatively high share in the target market.
- Based on nationality, the domestic travellers’ segment held around 54.6% shares in 2022.
- By demographics, men travellers are more prevalent in the target market and held a share of 55.4% in 2022.
- The market was valued at US$ 16.9 billion in 2022.
- The market experienced a Y-o-Y growth of ~4.4% during 2022 to 2023.
“Demand for unique and personalized hospitality experiences. The comprehensive analysis underscores the sector’s resilience, showcasing a vibrant blend of upscale amenities and distinct charm, positioning boutique hotels as key players in the evolving hospitality industry.” Says Ronak Shah (Associate Vice President at Future Market Insights).
Who is winning?
Boutique hotels differentiate by prioritizing personalized, authentic experiences, unique design, and local culture integration. Through technology and continuous innovation, they position themselves as distinctive destinations in the hospitality industry, aiming to create a one-of-a-kind atmosphere for guests.
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Key Companies Profiled:
- Ace Hotel
- Kimpton Hotels
- Thompson Hotels
- The Standard Hotels
- The Hoxton
- 21c Museum Hotels
- Graduate Hotels
- Joie de Vivre Hotels
- Proper Hotels
- The James Hotels
For instance,
In April 2023, the second boutique hotel under the Kimpton Hotels & Restaurants brand will open in New York City, part of the luxury and leisure portfolio of IHG Hotels & Resorts.
In May 2023, three new hotels will be managed by Life House, an innovative hotel management firm, in Texas.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of United States & Canada boutique hotel market. It presents a historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study divulges compelling insights on boutique hotel market by nationality type (domestic and international), by tour type (independent traveller and tour group), by demographic (men and women), by age group (15 to 25 years, 26 to 35 years, 36 to 45 years, 46 to 55 years, 66 to 75 years), by duration of visit (1 to 3 nights, 4 to 6 nights, 7 nights & more), by purpose of visit (professional & business, visiting friends & family, leisure & vacation), by organization of stay (package and non-package).
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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