Lodging Market Trends and Analysis by Category, Construction Projects, Challenges and Opportunities, 2023 Update
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Lodging Market Report Overview
The global lodging industry revenues reached $1,088.64 billion in 2022 after experiencing a significant decline in revenue in 2020 due to the COVID-19 pandemic. However, in 2021, the industry began to rebound and is expected to reach its pre-pandemic level in 2023 and continue to grow at a CAGR of more than 9% from 2022 to 2027 as people travel for leisure and business purposes.
As wellness travel gained importance among travellers as a means of achieving more pleasure along with better physical and mental health, wellness staycations became popular.
Lodging Market Outlook 2022-2027 ($ Billion)
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The lodging market research report provides an analysis of the lodging sector including insights into lodging categories, major construction projects, market trends influenced by COVID-19, consumer trends, company profiles, sector deals, opportunities, and challenges.
| Market Size (2022) | $1,088.64 billion |
| CAGR (2022-2027) | >9% |
| Key Trends | Personalization, Metaverse, Rise in Digital Marketing, Wellness Tourism, and Adventure Tourism |
| Key Lodging Categories | Budget, Midscale, Upscale, and Luxury |
| Key Regions | Europe, Africa, Asia Pacific, Middle East, North America, South & Central America |
| Key Countries | United States, United Kingdom, Japan, Italy, China, Spain, Russia, Mexico, and Saudi Arabia |
| Key Accommodation Types | Hotel Chain/Resorts, Independent Hotel/Resort, Stay with Friends and/or Family, Hostel, Motel, Short-Term Rental, and Camping or Caravan |
| Key Brands | Shanghai Jin Jiang International Hotels Development Co., Ltd., Marriott International, Wyndham Hotels and Resorts, Huazhu Hotels Group, Choice Hotels, Hilton, InterContinental Hotels (IHG), BTG Hommeins, Accor, and GreenTree Inns Hotel Management Group, Inc. |
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Lodging Market Trends
The lodging industry has undergone multiple changes in recent years, with several key themes impacting its operations and outlook. With businesses opening after COVID-19-induced changes in customer needs, the lodging market is seeing a great trend shift. Some of the key trends influencing the lodging market are personalization, metaverse, adventure tourism, wellness tourism, a rise in digital marketing, and a surge in the growth of environmentally friendly and sustainable practices.
Adventure tourism: Some travelers prefer to stay at boutique hotels or hotel chains that offer unique nature experiences due to which the demand for hotels and resorts situated in remote locations is expected to increase.
Personalization: The demand for personalization in the lodging industry is being significantly developed due to the growth of big data. In the meantime, more and more visitors to hotels want to be treated as individuals rather than consumers. Additionally, as the usage of smart devices increases visitors staying at hotels may use their own gadgets and accounts on entertainment platforms.
Lodging Market Trends
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Lodging Market Segmentation by Categories
The key lodging categories include budget, midscale, upscale, and luxury. In 2022, the revenues from upscale hotel establishments category dominated the lodging market. This can be attributed to the reduction in travel restrictions post-COVID-19. The US contributed more than 17% of the global hotel establishments in 2022. The presence of large cities attract tourists from domestic and international destinations which contribute greatly to the country’s upscale hotel room occupancy growth.
Lodging Market Analysis by Categories, 2022 (%)
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Lodging Market Segmentation by Regions
The key regions in the lodging market are Europe, Africa, Asia Pacific, the Middle East, North America, and South & Central America. In 2022, Europe accounted for the highest regional share in terms of hotel revenue and hotel establishments across all lodging categories, followed by North America. Europe is expected to continue its trend of being the highest contributor to overall revenue in the coming years.
Lodging Market Analysis by Regions, 2022 (%)
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Lodging Market Segmentation by Countries
The key regions in the lodging market are the United States, the United Kingdom, Japan, Italy, China, Spain, Russia, Mexico, and Saudi Arabia. In 2022, the United States accounted for the highest share in terms of hotel revenue and hotel establishments across all lodging categories. Italy ranked second in hotel establishments during 2022. Furthermore, due to investment in growing tourism from the Saudi Arabian government and the Emirates’ governments, the demand for the hotel industry in the region is increasing which leads to an increase in travellers visiting these countries for tourism.
Lodging Market Analysis by Country, 2022 (%)
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Lodging Market Segmentation by Accommodation Type
The key accommodation types in the lodging market are hotel chain/resorts, independent hotel/resort, stay with friends and/or family, hostel, motel, short-term rental, and camping or caravan among others. In 2022, hotel chain/resorts became the most preferred accommodation option across all age groups, followed by independent hotels/resorts.
Hotel chains and resorts are attracting customers with their unique amenities, tasty cuisine, competitive prices, and discount offers. As corporations are focusing on business travel to develop their business operations, most of the employees prefer leisure travel due to the rise in demand for work-life balance and digital transformation in the travel industry. Travel trends such as weekend getaways, staycations (vacations close to home), road trips, workation, and bleisure have boosted leisure travel.
Lodging Market Analysis by Accommodation Type, 2022 (%)
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Lodging Market – Competitive Landscape
Some of the leading brands in the lodging market are Shanghai Jin Jiang International Hotels Development Co., Ltd., Marriott International, Wyndham Hotels and Resorts, Huazhu Hotels Group, Choice Hotels, Hilton, InterContinental Hotels (IHG), BTG Hommeins, Accor, and GreenTree Inns Hotel Management Group, Inc. In 2022, Shanghai Jin Jiang International Hotels Development Co., Ltd accounted for the largest share, followed by Marriott International and Wyndham Hotels and Resorts.
Lodging Market Analysis by Brands, 2022 (%)
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Key Segments Covered in this Report.
Lodging Market Categories Outlook (Revenue, $Billion, 2022)
- Budget
- Midscale
- Upscale
- Luxury
Lodging Market Regional Outlook (Revenue, $Billion, 2022)
- Europe
- Africa
- Asia Pacific
- Middle East
- North America
- South & Central America
Lodging Market Country Outlook (Revenue, $Billion, 2022)
- United States
- United Kingdom
- Japan
- Italy
- China
- Spain
Lodging Market Accommodation Type (%, 2022)
- Hotel Chain/Resorts
- Independent Hotel/Resort
- Stay with Friends and/or Family
- Hostel
- Motel
- Short-Term Rental
- Camping or Caravan
Scope
This report provides an analysis of the lodging sector including insights into lodging categories, major construction projects, market trends influenced by COVID-19, consumer trends, company profiles, sector deals, opportunities and challenges.
Reasons to Buy
- Gain an insight into the leading players in the lodging sector.
- Understand how they have adapted to the threat of COVID-19.
- Understand key market trends and consumer preferences.
- Gain a detailed understanding of the key trends, issues, and challenges facing lodging providers.
Marriott International
Wyndham Hotels and Resorts
Huazhu Hotels Group
Choice Hotels
Hilton
InterContinental Hotels (IHG)
BTG Hommeins
Accor
GreenTree Inns Hotel Management Group Inc.
Table of Contents
Frequently asked questions
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What was the lodging market revenue in 2022?
The global lodging industry revenues reached $1,088.64 billion in 2022.
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What will be the CAGR growth rate of the lodging market during 2022-2027?
The lodging market will grow at a CAGR of more than 9% from 2022 to 2027.
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Which was the leading category of the lodging market in 2022?
In 2022, the upscale hotel establishments category dominated the lodging market revenue.
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Which was the highest contributing regional segment of the lodging market in 2022?
Europe accounted for the highest regional revenue of the lodging market in 2022.
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Which was the leading country in the lodging market in 2022?
The United States was the leading country in the lodging market in 2022.
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What are the key brands in the lodging market?
Some of the key brands in the lodging market are Shanghai Jin Jiang International Hotels Development Co., Ltd., Marriott International, Wyndham Hotels and Resorts, Huazhu Hotels Group, Choice Hotels, Hilton, InterContinental Hotels (IHG), BTG Hommeins, Accor, and GreenTree Inns Hotel Management Group, Inc.
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