Lodging Market Trend and Analysis of Traveller Types, Key Destinations, Challenges and Opportunities, 2022 Update

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.

Key Highlights

• The COVID-19 pandemic produced a severe contraction in the global lodging sector's revenues in 2020 and 2021, with figures reaching $588.5 billion in 2021 or just 54.7% of 2019 levels. In 2022, the global hotel industry continues to navigate challenges stemming from the pandemic as well as more recent headwinds from labor shortages, inflation, and geopolitical concerns. However, according to GlobalData forecasts, the market size, as measured by revenue, of the global hotel sector is projected to reach $1.1 trillion by 2022, which is 98.4% of 2019 levels. A full global recovery is expected to occur by 2023. By 2025, revenues are estimated to reach $1.3 trillion by 2025, according to GlobalData (CAGR 2022-25: 6.7%).
• Following a decade of consecutive growth, global industry RevPAR dropped 56.8% in 2020, largely due to falling occupancy rates, to an average of $37.7 in 2020, according to GlobalData. Despite incremental YoY growth in RevPAR across regions and hotel categories in 2021, figures remained significantly below 2019 levels in 2021 at $50.30.
• Data for 2021 displays the significant variance in recovery by region, stemming from different levels of pandemic restrictions around the world. The Middle East has been a leader in opening to international arrivals, as well as hosting large events, such as Expo 2020, which has driven hotel performance in Dubai. On the other side of the spectrum, there are areas, such as Europe and Asia-Pacific (APAC), where recovery has stalled due to COVID-19 restrictions. As the world as well as the lodging sector emerges from the COVID-19 pandemic, construction and ultimately investment in hotels, resorts, motels and other accommodation is strong.
• Globally, there are 5,896 active lodging constructions projects (with a value of more than $25 million). Regionally, North America has the greatest number of active projects with 1,818, as of September 26, 2022. This is followed by Asia-Pacific (1,805), Europe (1,241), the Middle East and Africa (717) and South and Central America (314).
• There are several trends which have continued throughout or emerged from the pandemic. These include personalization, prioritization of the ESG principles, lifestyle hotel brands and authentic experiences. In addition to these, there are concerns regarding inflation, integrating technology and investment in cybersecurity.

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 chellenges facing loding providers.