In a sign of returning confidence amongst wealthy consumers and business travellers spending in 5 star hotels has increased by an average of 14% in the first three quarters of this year.
The data, released by American Express Business Insights, also reveals travellers are taking more international trips and spending more on each journey abroad.
Vice president of Business Insights at American Express, Sujata Bhatia, said increased consumer confidence amongst wealthy travellers is a positive signal that economic conditions are improving.
Bhatia added: “In an economic downturn spending on luxury hotels can easily be reduced, we saw this following the global financial crisis in 2007.
“While we’ve not returned to pre-recession levels, the strong growth in spending in 5 star hotels.
“Fluctuations in the exchange rate, particularly the weak pound and US dollar, is likely to have encouraged more people to travel overseas and stay in luxury hotels.
“Likewise, a reduction in the rate charged for rooms at many luxury hotels following the crisis is also likely to have encouraged growth.”
The Asia Pacific region saw the strongest growth in spending in luxury hotels, peaking at 31% in the second quarter of 2010 compared to the same period the year before.
“Such a strong performance in the Asia Pacific is not surprising given that the region was not as badly affected by the financial crisis,” Bhatia explained.