Luxury hospitality market reached €79 billion in 2021: Bain & Company

Luxury hospitality bounced back from the middle of second quarter of 2021, and occupancy rates gradually increased. However, overall spending on hospitality stayed below pre-pandemic levels due to continued restrictions on international travel. The market reached €79 billion, up 20 to 22 per cent at current exchange rates from 2020, but still down 58 to 62 percent from 2019. Hotel chains outpaced independents, powered by their greater adaptability to shifting consumer needs.