The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The main hotel categories showcase a general trend of an increase in guest growth from business and leisure visitors from budget, all the way through to luxury. Upscale and budget hotels experience the most leisure visitors. From 2019 to 2023, the number of leisure travelers using midscale hotels is expected to grow at a CAGR of 4%, continuing the historic CAGR trend between 2014 and 2018.
From 2019 to 2023, the number of leisure travelers using luxury hotels is expected to grow at a similar rate to the historic CAGR trend between 2014 and 2018 of 5.1%. This forecast CAGR is higher than the 2019 to 2023 prediction in leisure demand for midscale hotels. A key contributing factor to this robust, predicted growth rate in luxury demand is due to the Chinese market’s growing appetite for luxury goods and services, driven by millennial purchasing power, digitalization and market repatriation.
Many different sectors within the lodging industry now try to personalize their offerings using different strategies. Personalization can be achieved by analysing data points in the customers’ online journey in order to provide bespoke offerings or applying a human touch, such as hotel staff remembering a customer’s name and dietary preferences.
Sustainability has been a trend growing in importance in the tourism industry for a considerable amount of time due to increasing consumer pressure, especially from the millennial market segment. Companies from small scale to large scale focus on a mixture of environmentally, socially and economically responsible initiatives to promote sustainability and improve brand image. Companies such as Airbnb operating in the sharing economy have acted as significant disruptors in the lodging sector. Usually at a cheaper price and offering higher levels of personalization, many younger travellers now opt for this form of accommodation operating under this economic model.
The latest report “Key Trends in Lodging - Analysis of lodging categories, key market trends, company case studies, sector deals, challenges and opportunities” looks at the key trends & issues within the lodging industry, as well as the opportunities and threats. It also offers an insight into key company strategies, M&A activity, consumer groups, and looks at the industry’s performance. Major hotel chains are assessed, along with an analysis of alternative accommodation types to provide valuable insight. Challenges along with opportunities in the industry are explained in relation to industry examples.
- GlobalData’s Key Trend report looks at the key trends & issues within the lodging industry, as well as the opportunities and threats. It also offers an insight into key company strategies, M&A activity, consumer groups, and looks at the industry’s performance.
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