"Tourism Deep Dive: Accommodation", shades light into the key trends in the hospitality industry and underlines the strategic issues that hoteliers and alternative accommodation providers are faced with. Besides market trends, the report analyzes channel dynamics, focusing on regional trends, as well as hotel type dynamics.
The hospitality industry continues to grow at a promising pace, with a strengthening global economy providing the much needed impetus. The global pool of travelers is also consistently showing growth, across the developed as well as emerging nations, as a result of consumers’ rising disposal income and their ability to travel. As a result, hoteliers are focusing on new and innovative strategies to engage guests, including revisiting the midscale experience, loyalty programs, health and wellness offerings, and traveler-facing technologies. Among others, the report discusses the need to stay competitive in the Airbnb age, update security and safety policies and face skills shortage, to adopting the right technology trends, leveraging social media effectively and shifting towards niche traveler types. Most importantly, the report provides a clear analysis about the performance of different accommodation providers.
- Strong economic growth and rising disposable incomes are driving the global traveler pool with new consumers from emerging and developed markets.
- Revenue grew well ahead of the increase in establishments, particularly in 2017 where a 5% increase was reported.
- Midscale hotels performed well, while budget options saw weaker growth due to challenges from alternative providers like Airbnb and travelers trading up where possible.
- Growth in revenue has been seen across almost all regions and hotel categories over the past two years.
- Experiential upgrades and personalized interactions are unlocking new revenue streams for the hospitality industry.
- Midscale hotels are a growing preference among guests, accounting for the highest share in 2017.
Reasons To Buy
- The report provides a deep insight into the accommodation sector, underlining strategic issues and key trends that players are faced with.
- It also provides an analysis of the performance of different players within the hospitality industry, hence, allowing the client to identify key opportunities and challenges to better support business decisions.