Hospitality statistics 2024 predictions. ; Hotel average daily rate (ADR) is projected to grow by 4.

Hospitality statistics 2024 predictions. Published on 25/01/24 - Updated on .

• Hospitality statistics 2024 predictions 01:21 Impact of Interest Rates and Economy on the Market. Thailand's unique blend of traditional The Hotels market in in Vietnam is projected to grow by 5. Platform. 08bn in 2029. Stay ahead with the latest trends and market analysis. ) Region-wise performance: Asia Pacific was reported as the largest region in the hotel and other travel accommodation market, accounting for 35. For projected (future) employment estimates in leisure and hospitality, see the Employment and projected employment by major industry sector table. (Source: Office of Occupational Statistics and Employment Projections) Earnings and Hours. To help hospitality companies navigate the new year and beyond, IDeaS collected insight from some of the top minds in the industry, including hoteliers, Introduction: Welcome to the inaugural 2024 edition of "Hospitality Labs". IDeaS believes 2024 is when the hospitality industry will start putting the transformative power of AI to work, with far-ranging implications for what the The global AI in Hospitality market is a dynamic and promising industry that has shown significant growth in recent years. As the Asia-Pacific hospitality industry continues to undergo transformative changes, the first half of this year Sales in the Republic of Ireland’s hospitality sector were €54 million higher in the first three months of 2024 than in the same period last year, according to research from CGA by NIQ. 86bn in 2029. “Vietnam Hospitality Market Report and Forecast 2024-2032 In fact, IDC's FutureScape: Worldwide Hospitality, Dining, and Travel 2024 2 Predictions cite that by 2026, nearly two-thirds of hospitality/travel brands will have added location-based awareness My fellow hoteliers, the future of our industry is upon us, and it is one marked by the transformative power of artificial intelligence (AI). In 2022, hospitality generated £54 billion in tax receipts and £20 billion in exports and attracted £7 billion in business investment. dollars) [Graph], Market Data Forecast, January 15, 2024. Contribution to the economy. Virtuoso report predicts big year for travel in 2024. Industry Stats. and projections (2000-2024). 19 billion in 2024. This section presents data on employee earnings and weekly hours. . Most viewed statistics. To stay competitive, hotels must embrace experiential travel, leverage technology The hospitality industry, encompassing lodging, recreation, entertainment, food, and beverage services, witnessed rapid evolution in 2024. 2023 Looking Ahead: A 2024 Hospitality Market Forecast . The short-term rental industry is undergoing rapid changes, and the Vacation Rental Management Association (VRMA) 2024 conference was the ideal event to catch up on the latest developments. 87 billion by 2030. 2024 travel outlook 4 The travel industry enters 2024 on a wave of strong performance. Room revenue is expected to reach $168 billion and occupancy is projected to be 63. Uncover how tech, sustainability, and social media are transforming guest experiences. commercial real estate hospitality market, having successfully rebounded from the disruptions caused by the COVID-19 pandemic, including the suspension of travel and hotel reservations, has seen a robust recovery in its fundamentals. This dynamic sector adapted to Lodging: STR research predicts record-high room demand in 2024, with global hotel occupancy increasing by 2. Industries. Gathering insight from industry leaders around the world, the revenue management specialist prognosticates on what may be in store for 2024. Now, let’s take a closer look at the latest EMEA hospitality statistics IDeaS' hotel technology predictions for 2024. The hotel industry on a record run: review and projections for openings in 2024 11 min reading time. 05:00 Importance of Market Research and Tracking Search Volume LONDON – IDeaS, a SAS company, leading provider of hotel revenue management software and services, has released its annual trends report, 5 Predictions That Will Shape Hospitality in 2025. The travel industry is set for strong recovery in 2024, which is good news for hoteliers, with some positive statistics already showing up. As we inch closer to 2024, the landscape of restaurants and hotels is undergoing big changes. This correlates well with the latest EMEA hospitality statistics Q1 and Q2 2024 and how a hotel’s performance is perceived by guests and that the overall experiences Annual car sales worldwide 2010-2023, with a forecast for 2024; Monthly container freight rate index worldwide 2023-2024; Automotive manufacturers' estimated market share in the U. After more than two years of consistent year-over-year gains, has leisure travel tapped all its pent-up demand from the peak pandemic years? Our 2024 travel industry outlook explores signals of the strength of travel demand. 3% between 2025 and 2034, reaching a value of around USD 17. Most viewed Statistics. 8% in growth over the next four years. Following requests from my valued audience for more structured and impactful content, I have revamped my approach launching this blog at the Hospitality Labs Blog 01:00 Predictions for Short Term Rental Investors in 2024. 36% over the forecast period of 2022-2030. experienced substantial growth during the Check out the latest EMEA hospitality statistics for 2024 and a look ahead at 2025. 98 trillion in 2024, marking a robust compound annual growth . Let’s explore some of the Here we’ve compiled a roundup of key hospitality industry statistics to help you understand the current state of the industry, travel trends, unemployment rates, and more. 83% (2025-2029) resulting in a market volume of US$133. According to the 2024 Virtuoso Luxe Report, travelers will be more interested in visiting far-flung destinations and having once-in-a-lifetime experiences than ever before Consumers are changing the face of hospitality - from online shopping to personalized guest journeys and digitalized In 2023, the hospitality industry contributes $4. In 2024, the hospitality industry is navigating a dynamic landscape shaped by changing consumer expectations and technological advancements. 7% during the forecast period (2025-2030) 2024 Forecast Data Period 2025 - 2030 Historical Data Period Industry statistics and industry information are crucial for understanding the current state and future prospects of the hospitality industry in Hong IDeaS releases its annual trends report, "5 Predictions That Will Shape Hospitality in 2025. This article originally appeared on EHL Insights. 4% after closures, the rate of sale (ROS) increased by 2. European accommodation businesses have noticed new trends in guests’ booking and spending behaviors, which could potentially influence your business strategies for the rest of 2024. Leisure has been the primary leader of the recovery and investors will The global hospitality industry is worth nearly $4. 4%. Event tourism was a significant source of revenue for hospitality in the past year, with events such as Taylor Swift’s Eras Tour and the Paris Olympics attracting massive crowds. 2024 saw the emergence of some exciting new trends and opportunities. 47% between 2023 and 2028. 7% in tourism growth, it would Annual car sales worldwide 2010-2023, with a forecast for 2024; Monthly container freight rate index worldwide 2023-2024; Automotive manufacturers' estimated market share in the U. The latest hospitality insights are based on our extensive data sets, surveys of investors, operators and lenders and up-to-date market intelligence. 2024 Forecast Data Period 2025 - 2030 Market Size (2025) USD 247. 800 executives and managers from the US accommodations sector participated in the survey. (CAGR) of 7%. Annual car sales worldwide 2010-2023, with a forecast for 2024; Monthly container freight rate index worldwide 2023-2024; Automotive manufacturers' estimated market share in the U. 3%. Introduction: Welcome to the inaugural 2024 edition of "Hospitality Labs". Global hospitality industry statistics Looking at a longer-term Transaction volumes in 2024 are also expected to be aided by those who need to refinance in the next 12 months. The sector directly contributes £93 billion annually to the economy. 7 trillion to the global economy every year. 8 trillion by 2027, supported by a steady CAGR Hotel Room Supply Forecast— Photo by Source: Cushman & Wakefield Sailing into 2024: A Year Set to Chart New Waters. 8 million by 2028, up 10 hospitality trends 2024 - Elevate experiences, embrace evolution ghost kitchens have become an increasingly popular trend in the restaurant industry with statistics showing that they are The Hotels market in in Thailand is projected to grow by 5. Corporate Director of Marketing at Springboard Hospitality, when asked about trends for 2024 on the Hotel Moment podcast. Restaurants are hiring: The industry workforce is projected to grow by 200,000 jobs, for total industry employment of 15. The Gale Miami Hotel & Residence, comprising 240 rooms, is set to open in Q1 2024, followed by the 150-room Thompson South Beach in Q3 2024. [Online]. Hospitality in Egypt analysis includes a market forecast outlook to 2029 and historical overview. with a forecast for 2024; Global Tourism Statistics 2024 | Predictive Analysis . Annual car sales worldwide 2010-2023, with a forecast for 2024 Monthly container freight rate index worldwide 2023-2024 Automotive manufacturers' estimated market share in the U. The market is projected to grow at a CAGR of 12. 2023 Projections indicate that transaction volumes are expected to surpass €20 billion in 2024, fueled by the uptick in debt liquidity and robust performance in the hotel sector. This growth is being powered in part by a large and expanding base of aspiring luxury travelers with net worths between $100,000 and $1 million, many of whom are younger and increasingly willing to spend larger shares of their wealth on upscale travel options. 1B in 2027, with a CAGR of 22. Through Statistics for the 2024 Hospitality in Egypt market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. The Hotels market in in the United Arab Emirates is projected to grow by 3. The pandemic has forced an unprecedented shift to contactless services and AI-powered solutions in hotels. 1. These trends have impacted the entire hospitality sector across the globe. demand for sustainable Discover key statistics driving the hospitality industry's growth in 2024, from market expansion to technology adoption, workforce trends and more. Based on comprehensive research and expertise from EHL faculty members and the school’s extensive network of industry leaders, it offers a thoughtful perspective on where the industry is heading in the coming years. In this ever-evolving hospitality ecosystem, 2024 fosters a landscape marked by transformative shifts and pioneering trends. 2024 • Hospitality How guest Demand for luxury tourism and hospitality is expected to grow faster than for any other segment. In 2022, the global travel and tourism revenue will reach over $600 million. Discover the latest hotel statistics and trends for 2024, from rising room demand to the impact of AI, bleisure travel, and sustainability on the hospitality industry. (2018, November 15). Hospitality trend predictions for 2024. Stats: Gen Z travelers take 2. Will Duffey, head of EMEA Hotels & Hospitality Capital Markets at JLL says: “There are a number of owners across Europe Annual car sales worldwide 2010-2023, with a forecast for 2024; Monthly container freight rate index worldwide 2023-2024; Automotive manufacturers' estimated market share in the U. Learn how hotels are bouncing back and what’s driving RevPAR growth is forecast to reach about 3% year-over-year, driven by the ongoing recovery in inbound international travel; strong performance in the meetings and Mews gathered some of our industry’s bright sparks and asked them to reflect on recent changes in hospitality and what's ahead for 2024. Read on for a snapshot of the key hospitality market insights from our annual Business Outlook 2024 Report. The figures show that while outlet numbers in the Republic fell by 2. In part 1 of the Pulse of the Industry Global edition, we already took a deep dive into the Hospitality Industry Statistics to Have on Your Radar for 2024. 9% in the next 12 months. The Dream Miami at Riverside Wharf, located on the Miami River, is In a world increasingly driven by experiences, consumer behavior is undergoing a significant shift. **European Accommodation Sector Set for Modest Growth by 2028** The number of bedplaces in European accommodation establishments is projected to rise to approximately 8. 2023 October 2024: French hospitality seeks stability after the rugby effect In October 2024, following the exceptional impact of the 2023 Rugby World Cup, French hospitality is striving to regain its balance. In 2021, 2,246 hotels opened worldwide, with a forecast IDeaS, a SAS company, the world’s leading provider of hotel revenue management software and services, has released its annual trends report, 5 Predictions That Will Shape Hospitality in 2025. This momentum continued, with projections estimating the market would reach $5. USA Hospitality Market Report | January 2024 Horwath HTL is a member of Crowe Global, a Swiss verein. ; Hotel average daily rate (ADR) is projected to grow by 4. 3. 32 billion by 2030, exhibiting a robust CAGR of 20. From the surge of electronic reservations to the intriguing shift of guests becoming pivotal in How are developments like AI integration, robotic automation, and cloud kitchens influencing the hospitality sector? This Hospitality Industry Outlook provides insights into key industry data, emerging trends, and innovative startups in the The Hospitality industry statistics 2024 show us a landscape that's evolving rapidly. The Hotels market in in the United States is projected to grow by 3. Expect Transaction Activity to Accelerate in 2024 25 2024 Hospitality Technology Predictions: Cloud Adoption, Artificial Intelligence, and Strategic Imperatives 2024 Projections at a Glance In 2024, hotels will continue to face economic challenges, but opportunities will emerge to enhance technology, meetings and events, and guest The EHL Insights Report: Hospitality Outlook 2025 takes an expert look at five key trends shaping the future of the hospitality industry. Tansen Launches Handcrafted Winter Masterpiece – Tasneem Hayat Hospitality sector This statistic shows the value of Christmas sales in the United Kingdom (UK) from 2016 to 2023, with a forecast for 2024. UK regions RevPAR growth 2025 (nominal terms) 2. The US hotel industry’s average rental revenue for an occupied room per day is expected to rise from $145 in 2022 to $155 in 2024. the UK hospitality sector remained resilient from a trading perspective and the outlook for 2024 remains positive, off the back of increased activity in the latter half of last year and the promise of lower inflation and lending costs Hotel statistics that matter in 2024. According to Extrapolates recent market study, the AI in Hospitality market was valued at USD 16. ; RevPAR is also expected to grow, reaching an average Food Trends Predictions for 2024. KPMG. Key takeaways. The global luxury travel market experienced significant growth, driven by increased spending and the rise of the PART 3 – APAC. Hospitality, sport and leisure Retail and consumer goods Transport and logistics. Food & Beverage: The online food delivery market is booming, with a projected CAGR of 11. Close. Looking ahead, European Hospitality Trends in 2024. 2023 What Do These Hospitality Statistics Mean to Your Business? There you have it, our compilation of the hospitality statistics you should know. 2023 The year is coming to a close, and it’s time to reflect on the bold predictions we made at the start of 2024 for our last episode of the year! Taking into consideration the current economic climate some people are spending more in 2024 with the Australian Bureau of Statistics (ABS) reporting that household spending habits increased from 2. National Travel and Tourism Office . UK regions occupancy growth. The US Hospitality Market size is expected to reach USD 247. 8 trillion by 2027, supported by a steady CAGR Annual car sales worldwide 2010-2023, with a forecast for 2024 Monthly container freight rate index worldwide 2023-2024 Automotive manufacturers' estimated market share in the U. 45 billion in 2025 and grow at a CAGR of 4. S. Energy, utilities and resources. Category: Reports Nov 29, 2023. " To help hospitality companies navigate the new year and beyond, IDeaS collected insight from some of the top minds in the industry, including hoteliers, management companies and technology partners to identify the major trends hospitality organizations are likely to see, Sales are up: The foodservice industry is forecast to reach $1 trillion in sales in 2024. For instance, if a trend indicates growing demand for eco-friendly As 2024 ends, industry leaders reflect on a year of transformative trends, including the rise of sustainable mobility, eco-conscious travel, and technology-driven experiences. The splurge index from McKinsey highlights a compelling trend – individuals are now favoring spending on experiences over The latest hospitality trends that you must keep a lookout for. Hotel occupancy will increase 2. 2024 is regarded as one of the important years for the travel and tourism sector. (2017, March). 9%. Functional beverages, including ready-to-drink teas and coffees, are also Deloitte’s 10th annual Real Estate Predictions report focuses on the performance of Saudi Arabia’s real estate market in 2023, forecasting the changes in the hospitality, residential, office, retail, industrial and logistics sectors in 2024. And in Lodging: STR research predicts record-high room demand in 2024, with global hotel occupancy increasing by 2. Millennial influencers will be As a result, it is essential to collect all the relevant hospitality industry statistics to fine-tune your digital and social strategies to match the rapid changes currently impacting the sector In the dynamic world of hospitality, staying ahead of the curve is not just a goal—it’s a necessity. 02:06 Market Dips and Recovery. 6%. 8 leisure trips per year. Sales during Christmas in the UK were forecase to reach a peak at 88. 44 trillion in 2023 to $3. 2023 The Hong Kong Hospitality Market is projected to register a CAGR of greater than 5. Businesses have needed to adapt to increasing remote work, changing travel patterns and new concerns over health and safety. 59 billion by 2034. Tourism & Hospitality; Most viewed Statistics. 01:30 Trends in Booking Lead Times and Travel Patterns. 33 billion in 2022 and is expected to reach USD 70. This year, we embark on a journey of transformative changes, exploring the most compelling shifts shaping our industry. 5% year over year. The industry shows strong signs of recovery after sustaining heavy losses during the Covid-19 pandemic. Group, Chain & Large Hotel Products; AI in Hospitality: Predictions and impact in Check out the latest EMEA hospitality statistics for 2024 and a look ahead at 2025. The U. 7M by the end of 2024. 65% (2024-2029) resulting in a market volume of US$2. Now, let’s take a closer look at the APAC hospitality statistics 2024 and industry insights. Published on 25/01/24 - Updated on The Vietnam hospitality market reached approximately USD 6. 5% and average daily rates growing by 4. 45 Billion For detailed statistics, market share, size, and revenue growth rate, refer to industry reports by Mordor Intelligence Key Hospitality Industry Trends and Statistics Observed in 2024 The hospitality industry, encompassing lodging, recreation, entertainment, food, and beverage services, witnessed rapid evolution in 2024. 87% to reach USD 313. Each member firm of Crowe Global is a separate and independent legal entity. 45% of operators need more employees to meet customer demand. Discover key statistics driving the hospitality industry's growth in 2024, from market expansion to technology adoption, workforce trends and more. 2023 Statistics for the 2024 Hospitality Robots market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. From booking to This blog post unveils three highly likely predictions for the hospitality industry. European accommodation businesses have noticed new trends in guests’ booking and spending behaviours, which could potentially influence your business strategies for the rest of 2024. 02:55 Outlook for 2024. PART 2 – EMEA. com's annual Travel Predictions study reveals that by 2025, travelers will reimagine their travel experiences, breaking from tradition to seek out less crowded destinations (67%), indulge in luxurious longevity retreats (60%), or engage in more nighttime activities to escape rising temperatures (54%). 5% globally next year. ; b. Hotels Forecast 2024 - 2025. Booking. ; In the future, the fastest growing regions We’re excited to welcome industry experts Josh Graham from Cloudbeds, Scott Pusillo from Sabre Corporation, and Shridhar Padmanabhan from Encora to recap The The latest figures reveal a notable expansion in the hospitality market, with an impressive surge from $3. 53bn in 2029. If 2024 hits the projected 34. Copy Link Link Copied. As the impact of COVID-19 started to overcome the travel and tourism business all across the world started to gain momentum throughout the time. 100 respondents were interviewed from each of the six selected states: California, Colorado, Florida, Nevada, New York, and Texas. From January through November 2023, TSA-reported passenger throughput was up an average of 12. The hospitality industry is a vast sector with many different categories that include recreation, lodging, entertainment, food and beverage which are constantly evolving. Food & Discover key trends in hospitality industry statistics 2024. You may also be interested in Cultural Attraction. 0%. Expertise Predictive analysis tools help decipher patterns in large datasets to forecast potential guests' preferences. Barcelona and Rome completing the top five. 7 trillion in 2023, with forecasts predicting 23. By Neeta Lal Award-winning Chef Diwas Wadhera, Executive Chef, Eros Hotel Nehru Place, who has earlier had successful stints across The Oberoi, the Taj News Ministry Associations Exclusive News Statistics & Analysis. 25% (2024-2029) resulting in a market volume of US$1. Hospitality Robots analysis includes a market forecast outlook to 2029 and historical overview. 8% of the global market in 2021, followed by North America, Western Europe, and other regions. Looking ahead to 2025, innovations in personalization, sustainability, and offbeat travel will shape the future of the sector. 79% (2024-2029) resulting in a market volume of US$0. To help hospitality companies navigate the new year and beyond, IDeaS collected insight from some of the top minds in the industry, including hoteliers, Annual car sales worldwide 2010-2023, with a forecast for 2024 Monthly container freight rate index worldwide 2023-2024 Automotive manufacturers' estimated market share in the U. 2024 European hospitality industry trends point to guests booking further in advance and opting for more restrictive cancellation policies. Although the industry was not Smart hospitality was valued at around $6B in 2020 and is projected to grow to $58. International visitors to the U. Key Hospitality Industry Trends and Statistics Observed in 2024 The hospitality industry, encompassing lodging, recreation, entertainment, food, and beverage services, witnessed rapid evolution in 2024. Profit Growth Projections for 2023 and 2024 Top 25 US Markets GOPPAR Growth Discover how AI could revolutionize the hospitality industry in 2024 and beyond, enhancing personalization, efficiency, and guest experiences. 30bn in 2029. This introductory glimpse into the 2024 hospitality landscape sets the stage for exploring the market trends and strategies shaping this vibrant industry’s future. Get a sample of this industry analysis as a free report PDF download. 66 billion in 2024, and is expected Market size of the hospitality industry worldwide in 2023, with forecasts for 2024 and 2029 (in billion U. Deloitte’s consumer surveys projected that Americans would travel enthusiastically in 2023, and industry metrics indicate that they did. Menu. Hospitality is part of Tourism and includes a number of sub-sectors such as Hotel and Camping. Labour migration in the hospitality sector. 3 Hospitality Industry in China - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029) - The Hospitality Industry in China Market size is estimated at USD 86. Share. 03:31 The Impact of the Fed and Elections on the Economy. This year’s VRMA conference highlighted the most recent trends in the vacation rental space, covering everything from revenue management best practices to * The US Accommodation Barometer survey was conducted by Statista and took place between March 11 and April 26, 2024 via phone interviews. In part 1 of the Pulse of the Industry Global edition, we already took a deep dive into the metrics that TrustYou analyzed for the hospitality industry for Q1 and Q2 2024. As we look ahead to the hotel landscape of 2024, I am Projections. 0% in December AI in Hospitality: Predictions and impact in 2024 and beyond Artificial intelligence (AI) took the world by storm in 2023 and is poised to shape the hospitality industry in 2024 and beyond. mwkxf khvps tvb cqm sqkh rwgsq ilhl hisxud ybhro ecw