The increasing purchasing power of the worldwide millennial population is creating significant commercial opportunities in the hotel industry.
TMR's report provides an in-depth examination of important aspects driving the growth curve, such as growth drivers, growth barriers, channels, and R&D in the worldwide hotel industry. Furthermore, readers get access to hotel sector revenue, share, sales, volume, and other key figures.
The Asia Pacific hotel market is expected to attract attractive prospects throughout the projection period due to a variety of factors, including growing smartphone penetration and increased purchasing power in the area, according to a hotel industry analysis published by TMR.
The development of the corporate world across various emerging nations has led to an increase in corporate spending power for business travel. As a consequence of the global growth in business travel expenditures, there is a greater demand for various sorts of hotels, such as boutique hotels, business/commercial hotels, casino hotels, resort hotels, bed and breakfasts, and transit hotels. This aspect, in turn, is expected to drive expansion in the global hotel industry throughout the forecast period.
Hotels are investing much in R&D to create and supply improved facilities to its clients. Aside from that, corporations are working on expanding their hotel chains into new markets. As a result, they are often observed engaging in various strategies, such as mergers and acquisitions. Such initiatives are anticipated to lead to significant growth opportunities in the global hotel sector in the future years.
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Hotel Market: Key Findings
- The number of middle-class travel excursions is rising throughout the world due to a variety of causes, including increased spending power in both developed and developing countries. This element is driving sales growth in the worldwide hotel industry. Furthermore, the hotel sector is being driven by a growing millennial population and increased knowledge of travel-related news. As a result, the hotel market share is expected to reach $1.27 trillion by 2031.
- Companies in the hotel business are boosting efforts to adapt to expanding consumer needs, such as offering personalized experiences, as the global millennial demographic expects more from the industry. Furthermore, according to a TMR survey, businesses are implementing a variety of techniques, including alliances with other industries, to improve their consumers' entire experience. Collaborations with premium fashion labels, information technology, and entertainment firms are helping players in the global hotel sector improve their offerings. Such initiatives are expected to contribute to the rise of the hotel industry throughout the forecast period.
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Hotels Market: Growth Drivers
- The increasing purchasing power of individuals all over the world is driving sales growth in the global hotel business.
- The increase in business travel expenditure across many established and emerging nations worldwide is predicted to aid in the rise of the hotel sector market size.
Hotel Market: Key Players
The paper profiles several major players, including:
- Marriott international
- Accor
- Hilton Worldwide
- Hyatt hotels
- Best Western Hotels
- InterContinental Hotels Group
- Wyndham Destinations
- Choice Hotels International, Inc.
- Indian Hotels Company Limited
- Radisson Hotel Group
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Hotels Market Segmentation
- Hotel Type
- Business/Commercial Hotels
- Boutique Hotels
- Resort Hotels
- Casino Hotels
- Transit Hotels
- Bed & Breakfast Hotels
- Others
- Business Model
- Independent
- Chain
- Room Capacity
- Small
- Medium
- Large
- Mega
- Price Level
- Luxury
- Upscale
- Midscale
- Economy
- Booking Mode
- Online
- Offline
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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