Over 10 years ago, me and my relatives planned to go to hill station. That was a sudden plan. We didn’t book any hotels prior to our stay. We reached the place and were looking for hotels. But we did not get any hotels to stay at because it was a peak holiday time. So we returned to our place within one day. If we’ve got any hotels to stay in, we would have stayed for 2 to 3 days and enjoyed the climate and wandered over the tourist places.
But now-a-days this problem is ruled out. We can book any hotel up to one month in advance, or if it is a last-minute plan, we can get assistance from any of the hotel booking apps and book the hotels while you are on your way to that location.
Thanks to the advent of space rental businesses and hotel booking services, and their technological advancements, This online hotel booking industry is expanding and will continue to thrive in the years to come because millions of people want to book rooms for their trips using travel booking platforms today. As such, knowing about the toppers of the booking industry is also important, as it will give you a boost to start your own business.
We can see about this hotel booking business and hotel booking system in detail in this blog. But before that you have understood the growth of the hotel industry and its trends now-a-days.
Hotel Booking Industry
Hotel industry trends in specific areas of growth
Some areas of the hospitality industry are growing faster than others due to changes in consumer expectations and preferences and the rapid advancement of technology (among other factors).
The statistics presented below shed light on these topics.
- According to a Future Market Insights report, More people are traveling for bleisure—business and leisure. The bleisure tourism market is expected to be worth $497.6 billion in 2022. Sales will increase at a 19.5% CAGR.
- A part of their policies, 57% of companies allow employees to extend business trips.
- According to McKinsey’s report, the global health and wellness market is worth $1.5 trillion and is growing at a rate of 5-10% per year
In specific, what do you think is the growth rate of the hotel industry ?
The hotel management sector is expanding at a 19.1% annual rate. As the COVID-19 pandemic lockdowns started to lift and the global hotel industry reopened, this was the CAGR from 2020 to 2021.
Despite the industry’s unusually high growth rate, it is predicted that it will continue to expand from 2021 to 2025, at a slower CAGR of 7%.
By viewing the growth rate and some statistics of the hotel industry’s growth, many have thought of creating their own hotel booking app. But they have some confusion about how to start a successful hotel booking business. If you too have the same confusion, then continue reading the blog. All your questions will be answered below.