- 1 Definition / Scope
- 2 Key Metrics
- 3 Market Drivers
- 4 Market Restraints
- 5 Industry Challenges
- 6 Other Key Market Trends
- 7 Market Size and Forecast
- 8 Market Outlook
- 9 References
Definition / Scope
A hotel is an establishment providing lodging for short duration ranging from basic bed to luxury facilities like swimming pool, gym, business centre and many more. Resorts are considered as property having features like entertainment and recreational activities for the visitors. There are different types of resorts island resorts, seaside resorts, ski resorts and destination resorts.
|Base Year||2018||Researched through internet|
- Easy accessibility of universal currency.
- Connectivity across the country.
- Promotions of the tourism.
- Improvement in the security standards for the
- Development of the infrastructure.
- Easy availability of visa for the tourists.
- Development of tourist’s destination.
- Technology implication.
- Adequate infrastructure to attract tourists in the country.
- Adequate allocation of revenues are placed by the government for the development of infrastructure to attract tourism in the country.
- Incentives to bring more private companies in the sector.
- The government is allowing land and loan incentives to the private companies for more participation in the industry
- Easy accessibility of transport for connectivity across different parts of the country.
- The government is making a complete effort to improve and increase the transportation network for connectivity. A study has found that the improvement in the infrastructure improves tourism by 10% and more in the long run.
- Improved taxation policy which would be beneficial for the tourists as well as the businesses.
- The government is working on subsidised policies for the industry players for more participation by the players.
- Appropriate policies for the development of the tourism
- The government is easing policies for the development of the tourism by allowing more investment in the industry by foreign investors.
- Promotion and marketing
- Country tourism board conduct different promotion and marketing activities like road shows are conducted by the hotel and tourism authority for the bringing more tourists in the country.
- Weakening global slowdown.
- Lack of investment in infrastructure.
- Difficult business conditions.
Other Key Market Trends
- North America- Major tourists in Canada were from USA. However China and European visitors were the major international
- tourists in USA.
- South America- Major tourists are from North America and Asia
- Europe- Major tourists are from USA and Asia
- Africa- Major tourists are from Asia, USA and Europe.
- South Pacific- Major tourists are from Europe and USA.
- Asia- Major tourists are from Europe and North America.
- Middle East- Asia and Europe.
The diagram shows the movement of tourists travelling from different parts of the world.
Market Size and Forecast
It contributed $ 7580 billion in GDP and created jobs to 277 million people. United States of America and China are considered to the topmost economy for Travel and Tourism. The growth of the South Asia is increasing at a faster pace compared to any other region in the world.
According to World Travel & Tourism Council South Asia is projected to grow at 6.9% while Europe and Latin America will grow at 2.4%. China has the largest tourism expenditure which is followed by USA and then Germany. London has achieved the topmost rank for visitor spending which is about 19 billion USD in 2014.
International tourists’ arrival increased from 528 million in 2005 and are projected to reach 1.8 billion by 2030. Developing countries have understood the importance of travel and resort industry for which the government are allocating more revenues than never before. The diagram shows the growing importance of travel and tourism in the contribution to the GDP which is gradually increasing over the years.
Hotels and Resort in North America
75% of the top North American travel market is growing over the years. Travel and tourism is one of the biggest industry for revenues in USA. Walt Disney which is considered as the recreational park alone generates an annual revenue of more than $ 15 billion.
Resort industry is showing consistent growth over the years. Florida and Miami are the most famous resort destinations in the country. Canada is one of the top 20 most visited countries. Ohio is the famous city for travel in the country. Canadian tourism provides 1.7 million jobs to its people which accounts to be 10% of the entire workforce.
Hotels and Resort in South America
The region is enjoying flat growth rate over the years. The countries in the region are undergoing recovery process. Chile is the fastest growing country for tourism in the region. Three and four star has been the top runner. Rio de Janeiro in Brazil is considered to be busiest destination with multiple number of events across different seasons.
The occupancy rate in Luxury and segment has been the highest in Chile. Santiago in Chile is the top priority destination for tourist. Bogota in Colombia is considered as the business destination which is the driving force for the hotel and resort. The main attraction of tourist in Peru is archaeological monuments and ecotourism. Leisure segment has seen the highest growth in terms of occupancy. Other countries are growing at a slower pace as development in this countries is slow.
Hotels and Resorts in Europe
The hospitality industry provides employment to over 9 million people of the region. There are 18 cities in European countries which are considered to be the famous for travel and resort. There are about 6,80,000 rooms in this cities.
There are about 80 million international tourists’ annual visits in this places. Northern and Eastern Europe performs the best for tourism supporting hotels and resorts. London, Paris and Edinburg are the top cities for highest occupancy rates. Geneva and Zurich are considered to be the most expensive tourist and business destination in Europe.
is the ski resort. UK, Latvia, Czech Republic, Belgium, Austria, Poland, Finland, Norway, Germany and many more are in the list for the resorts.
Hotels and Resort in Africa
The most important tourist’s destination in Africa is South Africa, Nigeria, Mauritius and Kenya. Nigeria is considered as the business destination. Kenya attracts visitors for eco- tourists, Mauritius is known for resorts. South Africa is known for the attractive places. Nigeria is considered to be fastest growing country for tourism giving boost to the hotel and resorts in the country.
It is estimated that Nigeria to grow by 20 % followed by South Africa 10.2%, Mauritius 4.5% and Kenya 2.5% in the next 5 years. There are 7 million visitors who have entered in the continent for travel. The famous resort is the African continent is the camping. The popularity if camping is increasing with more young population are opting for the camping to enjoy the wildlife. The cruise industry in South Africa are finding niche travellers. Cruising is growing at a faster rate in the country.
Hotels and Resort in South Pacific
Hospitality industry contributes 7.6 % to GDP of the country for New Zealand. There are over 6000 hotels in Australia employing 180,000 people in the country while New Zealand employs 120,000 people. Reason for slowdown in the industry. Auckland region in New Zealand is the major tourist destination. New South Wales of Australia consists the highest number of hotels in the country.
Hotels in Australia is mainly characterised by the food, pub and gambling which is the major tourists attraction in the country. These hotels performs extra polar activities like live music performance, trivia competitions and meeting of local sporting’s and community organizations. Hotels and resorts are built near beautiful landscapes.
Hotels and Resort in Asia
Hotels in the region is growing at a faster pace compared to other parts of the world with the emphasis of infrastructure and customer service. Most of the growth in the hotel industry came from the major hotel groups in the regions.
Over $50 billion international tourism spending are done in the countries like Indonesia, Malaysia, Singapore, Thailand and Vietnam. International hotels are rapidly increasing in China Hong Kong, India and Indonesia because the global travellers are increasing in this countries.
Asia offers wide range of tourist attraction from developed cities like China and Japan, Scenic beauty of Sri Lanka, Cultural diversity in India and Food culture in Thailand.
Hotels and Resort in Middle East
Middle East are oil rich countries but considered as man-made engineering marvels in the world. The main attraction in the region is the infrastructure. Luxury hotels and resorts are growing at a faster rate in this region. The main attraction is the business travel.
Dubai and Abu Dhabi is the traveller’s top rated city in Middle- East. Beach resorts and spa resorts are the driving force of growth in the resort industry. Exhibitions and trade fairs attracts international travellers in the region throughout the year. The Travel to pilgrim Haj in Saudi Arabia is the highest in the world attracting devotees all across the globe.