As per a recent market analysis by Future Market Insights (FMI), the independent lodgings market is poised to reach a valuation of US$ 206 Billion in 2022. Sales are projected to increase at a 11.0 % CAGR, with the market size reaching US$ 222.0 Billion by 2032.
In order to survive from covid-19, the hotel industry had to adopted several strategies during the epidemic. Consumers have changed their behaviour, and their expectations during their stay, making it more difficult to fulfil. Their health and safety is important to them much more so that the need to fulfil the safety standards and hygiene. Employers have had to prioritise health promotion to staff, ensuring they are immunized.
Countries around the globe worked together to implement strict social distancing measures in an effort to show the spread and prevent the overloading’s of hotels. This resulted in the Hotel industry making shifts in focus with regards to the cleaning, with focus on sanitizing and reduction in non-essential elements like decorative elements. For example; Indian hotels and restaurants association(AHAR) planned to vaccinate 20,000 free of cost.
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The hotel industry is dependent on tourism industry as a source of revenue, as ministries such as tourism, railways and civil aviation plays an important role in the tourism industry. The government has taken several initiatives to boost the hotel industry. In June of 2021, the Indian government proposed a scheme to provide 1-month free tourist visas to 5 lakh tourists until March 31, 2022. Many hope that this move can help revive the industry by luring visitors from around the world to India. This will benefit the hotel industry, thereby increasing off season reservations.
Safety and hygiene have imposed organizational and economic challenges on the hospitality industry, forcing them to devise innovative ways of using their assets to open collateral revenue streams. They have now turned their focus toward enticing more domestic tourists, while some hotels have also implemented technology and redesigns to attract more business. The flow of international tourists is low, but domestic demand seems to be high, possibly due to the current economic slowdown
Key Takeaways from the Film Tourism Market Study:
- The North America and Europe regions hold a market share of ~28% and ~25% respectively.
- The Covid-19 pandemic had a 0.45% impact on the value of the Independent Lodgings sector.
- New Zealand, the USA, France, India, Japan, the UK, and Ireland are some of the most popular destinations for Independent Lodgings.
- Amenitiz is an all-in-one solution centralizing all the tools an independent hotelier needs to run his hotel and boost direct bookings.
- Online booking channels lead the charts in film tourism market booking channel segmentation.
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Key Players
- Karaman Group Hotel
- Grand Palace Hotel Hannover
- Central-Hotel Kaiserhof
- Palace Hotel Tokyo
- Sandy Lane Hotel
- Hotel Hassler Roma,
Who is winning?
By providing all-inclusive packages and sparing travellers from the trouble of navigating several channels for their excursions, the major players are able to keep their competitive advantage in the market. Government investments and initiatives are stimulating the market, and they have also assisted businesses in enhancing their service offerings
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global Independent Lodgings market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the Independent Lodgings market based on Hotel Type (Boutique, Luxury, Budget, Hostel, Design Hotel), By Booking Channel (Online Travel Agents, Traditional Agents, and Direct Booking), By Tourist Type (Domestic and International), By Tour Type (Independent Traveller, Package Traveler, and Tour Group), By Consumer Orientation (Men and Women), By Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, and 66- 75 Years) & Region – Forecast to 2017 – 2032.
The Independent Lodgings Sector by Category
By Type of Hotels:
- Boutique
- Luxury
- Budget
- Hostel
- Design Hotel
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveller
- Package Traveller
- Tour Group
By Consumer Orientation:
- Men
- Women
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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