Press release
Hotels Market - Find out what are the reasons for the Rise of the Industry Growth By 2031
The hotel industry grew significantly in terms of occupancy and revenue in 2021. Hoteliers routinely analyze the market and are in search of the next opportunity that could potentially revolutionize the hospitality industry in order to stay ahead of the competition and continue on the upward trajectory. Rise in purchasing power of consumers across the globe, developing economies, and digitization are fueling the travel and tourism industry. This is expected to create lucrative opportunities for players operating in the global hotels market during the forecast period.Improving economies, ever-expanding middle-class population, rapid advancements in the technology sector, and increasing population of the millennial workforce have significantly boosted the frequency of business travel. Additionally, growth in corporate profits and globalized business sector have substantially increased the spending capacity of corporates on business travel. This rise in business travel expenditure is expected to contribute to the growth of the global hotels market.
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As per GBTA (Global Business Travel Association), global business travel activity has started its rebound from the sharp downturn brought about by the COVID-19 pandemic. Global expenditures are expected to have rebounded by 14% to US$ 754 Bn in 2021, after declining by 53.8% in 2020. A year-over-year surge of 38% is expected in 2022, despite recovery setbacks in 2021, as recovery and pent-up demand increase rapidly, bringing global business travel spending back to over US$ 1 Trn.
Millennials throughout the globe have high expectations from the hotel industry. This generation aspires for a personalized experience and is also willing to pay a premium for it. Such consumer trends are encouraging hotel companies to partner with several other industries to enhance the overall customer experience. Some of the key industries that are enabling hoteliers to upgrade their services include information technology, luxury fashion brands, and entertainment. These partnerships allow hotel companies to leverage their room rents, which subsequently increases the ADR (Average Daily Rent) value, thus fueling the global hotels market.
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Growth in global consumer spending capability has dynamically transformed the customer preference for hotels. Majority of the traveling population nowadays opts for chain hotels over independent hotels. Therefore, some of the major hotel chains across the globe have stepped up by enhancing their services and implementing a variety of strategies in order to gain more traction in the global hotels market. In recent years, health and wellness resorts have received substantial attention, encouraging hotel chains across the world to include alternative medicine services and high-end spas, knowing that certain travelers are willing to spend a premium to access these services.
Asia Pacific is the largest hotels market, followed by North America and Europe, across the globe. Asia Pacific has the largest middle-class population in the world. Growth in population, especially among the millennials, across emerging economies such as China and India, rise in disposable income, and increase in number of travelers are the factors driving the market in Asia Pacific.
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The hotels market in North America and Europe is mature. Leisure travel spending holds a major share of the market in North America compared to business travel spending. Similarly, domestic travel spending holds a prominent market share compared to international travel spending. Business hotels and casinos are the most popular in North America and hold the largest market share. Leisure travel spending and domestic travel spending hold a major share of the market in Europe. The market in Middle East & Africa (MEA) and South America is growing. This trend is expected to continue during the forecast period.
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