New Consumer Goods research report from Euromonitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 09/09/2014 -- Travel accommodation value sales grew by 3% in 2013 with the opening of 13 new hotels, adding more than 2,900 hotel rooms to the national inventory. Average occupancy rate remained constant as tourism arrivals remained constant. Mid-tier and economy hotels performed well in 2013 as there was a shift towards middle-class accommodation for business travellers due to a tighter corporate travel budget, resulting in lower average daily rates. Another contributor to the slower performance in overall travel accommodation was the strong performance of the Singapore currency, squeezing consumer pockets and spending capacity.
Travel accommodation is predicted to see a value CAGR of 4% at constant 2013 prices, over the forecast period, in line with the positive growth in tourism arrivals. Even though more mid-tier hotels are springing up, the luxury segment remained stable as its business orientation and target markets remained different. For instance, Holiday Inn Express Singapore Orchard Road, opened in July 2013, will contribute to the growth of Intercontinental Hotels Group for the express concept due to its strategic location at the heart of Orchard Road. The emergence of boutique hotels will have a limited impact on average rates as they hold small hotel inventories and cater to niche markets due to their location and distinctive concepts. Similarly, themed hostels are likely to grow as travellers seek authentic experiences due their location at outlying areas. However, as the number of hostels is concentrated, price competition is inevitable.
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Discover the latest market trends and uncover sources of future market growth for the Travel Accommodation industry in Singapore with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Travel Accommodation industry in Singapore, our research will save you time and money while empowering you to make informed, profitable decisions.
The Travel Accommodation in Singapore market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Travel Accommodation in Singapore?
- What are the major brands in Singapore?
- What is the rate of development for chained hotels vs independent hotels?
- How are luxury hotels performing compared to mid-priced and budget hotels?
- Is there an increase in hostels and campsites?
Reasons to Get this Report:
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
Product coverage: Travel Accommodation by Category, Travel Accommodation by Channel.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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