Market Research Report
Key Trends in Lodging, 2021 Update - Analysing Key Market Trends, Opportunities, Challenges, Lodging Categories and Projects
|Key Trends in Lodging, 2021 Update - Analysing Key Market Trends, Opportunities, Challenges, Lodging Categories and Projects|
Published: September 3, 2021
Content info: 38 Pages
Delivery time: 1-2 business days
As the pandemic has started to ease in some parts of the world, 2021 brings some cautious optimism to sector with passenger flows gradually increasing and businesses starting to see light at the end of the tunnel. Changing consumer behavior has led to lodging companies developing innovative strategies in operations, product, marketing, and analysis, forming new trends in the industry.
The COVID-19 pandemic has had a significant effect on the lodging industry, with global occupancy rates falling by 47%, making it the worst year for the industry on record. In 2020, estimates show the global lodging industry lost US$717 billion in overall revenue (67% fall), resulting in widespread job losses and deeply affecting the travel and tourism industry. The figures led to the closure of 1000s of establishments due to the financial hardship caused by the pandemic. Many others operated at limited capacity and closed a range of facilities and amenities to maintain the guests' safety in keeping with social distancing measures.