Report Code: A14388 | Pages: NA | Mar 2023 | 3038 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Hotels Market
Request Now !The hotel industry is a subset of the hospitality industry that focuses on providing lodging services to consumers. There are many different sorts of hotels, which can be classified on the basis of their size, function, service, and pricing. Limited-service, mid-range service, and full-service are the three most common levels of services. Some customers, on the other hand, may be more familiar with the star rating system, in which one is the lowest and five is the highest. Business, casino, spa, extended stay, bed & breakfast, and other categories are among the functions available. In recent years, an increasing number of individuals around the world have begun to regard travel as an essential element of their lives. Over the last five years, both leisure and corporate travel expenses have increased year over year. The hotel industry has profited from this inflow of passengers as well, with YoY growth that peaked in recent years before declining with the advent of the corona virus pandemic. The hotel sector is likely to rise in the future years as the travel and tourist industry recovers from the epidemic.
COVID-19 Impact analysis
Top Impacting Factors
Inflows of international tourists and domestic tourist mobility are predicted to increase as international sporting events, trade fairs, and exhibitions become more common. This is what propels the global hotel market.
Over the projection period, major factors such as improving domestic traveler buying power parity, developing airline industry, increasing foreign tourist arrivals, and loosened visa regulations would drive the Hotel Market.
To increase online reservations, improve the return on advertising spend, better understand guest preferences, and build stronger customer relationships, leading hotel companies are leveraging advanced technologies such as artificial intelligence, machine learning, IoT and near-field communication, mobile payment, and data analytics. Over the forecast period, these technologies are expected to generate profitable prospects for the market.
However, a dearth of rooms and high labor costs are severe concerns for the hotel business, which is already dealing with an employment shortage and finding it difficult to keep existing employees due to cheap switching costs. This could limit market expansion.
Market Trends
Increase in emphasize on the importance of safety
Increase in demand for leisure trips
Shift in Travelers from International to Local
Key Benefits of the Report
Questions answered in the Report
Hotels Market Report Highlights
Aspects | Details |
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By Hotel Type |
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By Price Level |
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By Room Capacity |
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By Region |
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Key Market Players | Accor S.A, Marriott International, Inc., Hyatt Hotels Corporation, Hilton Worldwide Holdings, Inc., InterContinental Hotels Group PLC, Best Western International, Inc, Choice Hotels International, Inc, Wyndham Destinations, Inc, Radisson Hospitality A.B, Indian Hotels Company Limited |
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