China Experiential Luxury Analysis Report 2024 with Focus on Luxury Foodservice and Luxury Hotels: Hyatt Leads in 2023 - Forecasts to 2029

Core Insights - The "Experiential Luxury in China" report highlights a recovery in tourist arrivals in 2024, which is positively impacting the experiential luxury market despite economic challenges such as rising living costs [1][4] - There is a notable shift among consumers towards spending on meaningful experiences rather than material goods, indicating a changing consumer behavior in the luxury sector [1][4] Market Overview - The report provides a comprehensive analysis of the Experiential Luxury market in China, including retail sales data, growth sectors, leading companies, and brands [2][4] - Key product categories covered include Luxury Foodservice and Luxury Hotels, which are significant drivers of growth in the market [2] Data Insights - The report includes historical and forecasted market sizes, company shares, brand shares, and distribution data, offering a detailed view of market dynamics [3] Key Findings - In 2024, there is a clear trend towards prioritizing experiences over possessions, exemplified by the Ritz-Carlton winning the Leading Luxury Hotel award [4] - Hyatt Corp continues to lead the market in 2023, with ongoing new hotel openings contributing to its competitive edge [4] - The integration of AI in Online Travel Agencies (OTAs) is noted, alongside a gradual emergence of sustainability as a concern in the luxury travel sector [4] Prospects and Opportunities - The experiential luxury market in China is expected to experience a bright forecast period, driven by increased domestic travel and a focus on sustainability in business travel [5] - Anticipated rising sales and new luxury hotel openings are expected despite prevailing economic uncertainties [5] Category Data - The report includes detailed sales data for Experiential Luxury by category from 2019 to 2024, along with percentage value growth and forecasts for 2024-2029 [5]