The US market for accommodations reached an estimated $243.4 billion in revenue in 2016, an increase of 31% from 2011’s $186.1 billion. Revenue is expected to grow another 25% over the next five years, on par with total consumer spending, to reach $303.8 billion.
Albany, NY -- (SBWIRE) -- 06/20/2017 -- Tourism in the U.S. has immensely promoted the hotels and accommodations market which is growing immensely from the last few years. To elaborate further, Market Research Hub (MRH) has recently added a report titled as "U.S. Hotels and Accommodations Growth - May 2017" to its vast database. As per the research analysis from 2011-2021, the hotel and accommodations sector revenue is growing and is expected to acquire 25% growth over the next five years.
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According to an analysis, U.S. market for hotels and accommodations has reached an estimated $243.4 billion in revenue in 2016, with an approx. increase of 31% from 2011's $186.1 billion. The hotel's segment makes up the largest share of lodging options in the accommodation market at 72% in 2016. Moreover, the report also reveals that new players such as home shares and home rentals, continue to disrupt the hotel industry and push hotel brands to constantly evaluate and update their offerings to stay competitive. Hence, this enhances the service and proportionally improves the hotels and accommodation market segment.
The researched report starts with the market executive summary that discusses the issues, such as modern hotel amenities are of less interest to older travelers, price-sensitive travelers only want to pay for the basics, and more-frequent travelers have more favorable opinions of home shares. Moreover, the opportunities for the sector that influence the travelers and help in business growth are featured which include online reviews - influencing younger travelers, amenities, and reviews that are important to young women, and home rental/home sharing services that attract young travelers.
In the next section, the market is detailed and market size is discussed for the forecast period until 2021. The market breakdown shows that all segments of the hotels and accommodations market show growth with hotels and motels accounting for 72% of the market, and casino hotels marking modest growth. The report has also detailed the market perspective, factors, key players as well as the leading companies. Some of the top players mentioned in the report include AccorHotels, Best Western International, Choice Hotels International, Hilton Inc., Hyatt Hotels, InterContinental Hotels Group (IHG), Marriott International, Wyndham Hotel Group and Airbnb. According to this analytics, Airbnb reigns as the social media king.
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Lastly, the social media breakdown is discussed along with the things that are working, what is causing the struggle and what should be next for the hotel and accommodation market. Finally, the consumers of the market, their perception towards hotels vs home rentals/home shares and the attitude towards hotels & accommodations is detailed, thus suspending and concluding the detailed study.
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