Hospitality Market Industry Size, Share, Trends, Growth, Future Scope, Analysis
Posted by Faraz on March 23rd, 2020
Global hospitality industry contains a broad group of businesses such as hotel industry, restaurants, theme parks, event planning, and many more that provides services to customer. Factors that were driving the hospitality industry before pandemic COVID-19 include increasing disposable income, new travel trends, increasing online business of travelling due to increased internet penetration and internet banking, web-presence of hotels & tourism directories and many more. The ever-expanding global tourism industry was one of the major factors driving the growth of the hospitality industry before the coronavirus outbreak. The number of international tourist arrivals had risen continuously over the past decades. As per the growth projection made by the World Tourism Organization (UNWTO), the number of tourist arrivals across the globe was expected to cross 1.5 billion by 2020. Key factors affecting the market after the pandemic include the decrease in tours and travels as most of the flights are getting canceled. The government all across the globe are cancelling the foreign visits and locking down most of the area which is one of the other major reasons behind the slowing down of hospitality industry.
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Key companies of hospitality industry that are getting affected in the market include Burger King Corp., Choice Hotels International, Inc., Domino's Pizza, Inc., Expedia Group, Four Seasons Holdings Inc., InterContinental Hotels Group PLC, KFC Corp., Marriott International Inc., McDonald's Corp., Starbucks Corp., and Walt Disney Co/The.
The global hospitality industry report is segmented based on food and beverages, travel and tourist, lodging, and recreation. Travel and tourist segments along with the recreation segment are majorly declining due to the lockdowns happening across the world. The effect of COVID-19 on hospitality industry can be observed in all the regions including North America, Europe, Asia-Pacific, and Rest of the World. In the US, many hotels had reported a sudden increase in cancellations for both individual reservations and group events.
Verticals Affected Most
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Additionally, since the origin of the COVID-19 outbreak, many cities in the Asia Pacific are on complete lockdown, which is in turn restricting the growth of the hospitality industry. For instance, as per the business updates provided by Marriott International, the occupancy rate in the greater China lied near to 15% during March 2020. In other regions such as North America and Europe, the occupancy level lies below 25% during March 2020 which was around 70% during the same month a year ago.
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About the AuthorFaraz
Joined: November 26th, 2019
Articles Posted: 232
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