Fun and entertainment activities in the family travel itinerary include theme parks and attractions (74%), water activities (67%), outdoor activities (55%), and historical landmarks. How do different factors influence accommodation decisions? Additionally, 70% of global travelers are more likely to book an eco-friendly accommodation, whether they are looking for a sustainable stay or not. On the other hand, small chains and small hotels pay between 18% and 22% of their revenue as commission to third-party services. Below are some very reputable links. Hygiene and cleanliness are important in many areas of business, but are perhaps most pertinent in the hospitality industry. Apparently, large chains lose 10% to15% of total revenue as commission paid to third-party booking services. You can use these resources to quickly see a comparison of injury rates and serious injuries, and to get information on the top injury types in your industry. Besides, you will need to implement a workflow using top marketing software as well as robust restaurant management software. (1) Business Besides, over the last two decades, international arrivals in the United States grew by 72%, to reach 76 million in 2017. Interestingly, most hotel bookings are made at 10 am CET, whereas the least bookings happen at 6 am CET. There is no doubt the hospitality industry has enjoyed unprecedented growth over the years. The effect of COVID-19 on hospitality industry can be observed in all the regions including North America, Europe, Asia-Pacific, and Rest of the World. Hospitality Management: Statistics Hospitality includes lodging and resort operations; hospitality sales and marketing; restaurant/food and beverage managment and is related to various forms of recreation, such as skiing. Clearly a new era, highlighted by optimistic global growth, is rising. Also, between 12.3% and 23.7% of the total Uk hospitality industry employees are EU nationals. Below are some very reputable links. Most importantly, appealing imagery influences 54% of travel decisions. While the Covid-19 pandemic is focusing many industry players on short-term business survival, understanding the top hospitality trends will be essential for long-term competitiveness. In 2017, the travel and tourism industry in the US generated more than $1.6 trillion in economic output. While there is a tendency by travelers to stick to traditional vacation experience, the specialized experience of cruise is gaining momentum. Hospitality Management: Statistics Hospitality includes lodging and resort operations; hospitality sales and marketing; restaurant/food and beverage managment and is related to various forms of recreation, such as skiing. Better still, 60 million of Millenials tweet on hotels’ Twitter platform. The hospitality industry is a huge part of the economy, and, as such, sets an example for other industries and businesses. In total, travelers spent over $270 billion on air transportation services in 2017. You can read our guide on AI-powered customer service, to learn how technology can boost your service delivery. Hyatt Hotels engages over 60,000 people every day through their Twitter account. 212 million people are employed globally within this industry. Interestingly, in 2017 France welcomed the highest number of visitors at 90 million. Technologies such as AI, IoT, Automation, Blockchain, and voice technology are shaping the industry enabling businesses to offer guests greater convenience, control, and customization. 1. Today they provide more than 330,000 employment opportunities. Moreover, 47% of travelers with Gen Alphas, use the car as the mode of transportation for family travel. Generally, in spite of the many looming challenges, the hospitality industry is set to maintain its growth trajectory in the coming years. This way, it will be easy to reach the level of sophistication required to implement dynamic pricing and sound revenue management. Now statistics holds a central position in almost every field, including industry, commerce, trade, physics, chemistry, economics, mathematics, biology, botany, psychology, astronomy, etc., so the application of statistics is very wide. The majority (55%) of family traveler take trips to relax, 54% take family play vacation, visiting family/friends (47%), sightseeing (41%), romantic gateway (25%), special event (21%), and bleisure trips (21%). Data includes results from the International and National Visitor Surveys. In 2018, domestic tourists in the US spent $932.7 billion on travel. According to the U.S. Bureau of Labor Statistics, 15.2 million people were employed in hospitality positions as of October 2015. On the other hand, according to another Deloitte US Travel and Hospitality Outlook report, US hotel gross bookings revenue in 2017 was $185 billion. In the focus period 2010 to 2016, the RevPAR for the US lodging industry grew at an average of 6%. Impelled by many growth drivers, the US travel industry grew steady to hit a record of $353 billion in 2017. Also, 54% of travelers with Gen Alpha use the plane as the mode of transportation for family travel. It’s clear that booking is one area that is evolving rapidly. The global hotel industry generated a revenue of over $550 billion in 2016. Hospitality is a people-centric industry, and technology is not here to pull it away from its ethos. Besides, the volume of online searches in the travel industry has increased steadily since 2014. In Kensington and Chelsea 86,000 people work in the sector, comprising 16.8% of the local workforce. The compelling influence of personalization is driven by the fact that consumers eat, sleep, cement relationships, seek cures, and play games in hospitality facilities. Employee engagement is important in all industries, but the hospitality industry in particular. A closer look into the statistics reveals compelling insights that can help you gain an in-depth understanding of hospitality markets and customers. Moreover, 70% of millennials are likely to book holiday accommodation using a tech amenity like mobile payments, Smart TVs, or keyless entry. Queensland Government Statistician: Tourism, Tourism & Events Queensland. The sectors of the hospitality industry seem to be faring well, especially in the US market. The rise of new technology has been a breath of fresh air into the hospitality industry. Moreover, the industry exports accounted for 32% of total US services exports. In the US, only 25% of the total hospitality submarkets are experiencing positive Revenue Per Available Room (RevPAR). 2. This way, it will be easy to implement better customer targeting, yield innovative products, and improve pricing to gain significant growth in both profits and revenue. Economic importance of the hospitality industry is well established. Interestingly, 78% of millennials prefer to spend their earnings on experiences and not things. Below are some very reputable links. As job satisfaction has increased in this industry, so have overall revenues. Even worse: hoteliers and destination marketers are swamped by day-to-day tasks. The ultimate target is to have an injury rate of zero. On the other hand, ground transport providers should look beyond the current capabilities of ride-hailing apps. document.getElementById("comment").setAttribute( "id", "ae36434f0317348cb7833c2fda410fa7" );document.getElementById("g870abf955").setAttribute( "id", "comment" ); FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. Besides, local and international travelers in the US spent 1089.03 billion. 11. Once checked in, 90% of millennials connect to the hotel WiFi. While the Covid-19 pandemic is focusing many industry players on short-term business survival, understanding the top hospitality trends will be essential for long-term competitiveness. You should also keep an eye on the critical business travel statistics to better redefine your serving offerings. Because of this, brands must strive to infuse elements of personalization, on-demand, and authenticity to remain relevant online, on the property, and on the go. As a result, wages now account for 25% to 30% of the total revenue. Interestingly, family travel decisions are influenced by travel review sites (63%), family/friends/colleagues (46%), search engine (46%), young children (43%), social media (35%), online videos (28%), online ads (22%). More importantly, 10% of the total global workforce is employed by the tourism industry. Additionally, in 2017, the gross booking and revenue were $799 billion. 12. In 2018, there were 66.7% direct website bookings, 9.1% marketplace bookings, and 24.3% third-party service bookings. This is because, like every other sector of the economy, hospitality is not immune to ebbs and flows of economic tides. Like any other sector, the hospitality industry is driven by consumer needs and demands. 7.6 Trillion USD was the contribution of Travel and Tourism alone to the global economy making it the biggest contributor to the global hospitality industry. The following charts illustrate how many claims and serious injury claims an industry has for every 100 workers, and the change in this rate over the most recent five-year period. In fact, customer perception around time spend on cruise ships is changing and the growth trajectory for cruise is well on the upturn. 58% of family travelers stayed in a hotel on their last trip. Keep it clean. Moreover, 25% of Millenials find their holiday accommodation through social media platforms. Better still, at the height of the Great Recession, there were approximately 353,000 open positions in hospitality in the United States. The following charts and graphs provide a high-level view of statistics in the tourism and hospitality industry from 2014 to 2018. No spam. "-Glenn Haussman. The report covers Australia’s hospitality sector as it provides insight on accommodation (hotels), pubs, cafes, bars and restaurants. The hospitality industry adds $3.4 trillion to the global economy every year. Commoditization backlash has set airline revolution on high gear and every brand is fighting hard to reel in the benefits. In 2017, smartphones accounted for 43% of the total travel-related requests. "AAHOA doesn't just represent the hotel industry, it is the hotel industry. As of 2018, the hospitality industry in the US had 1,139,000 job openings. Others include water activities dining experiences (40%), Museum visits (38%), educational experiences (28%), and guided tours (26%). Hospitality market size data showed that the gross revenue of airline in 2017 was $222 billion. However these both hospitality and tourism industries are viewed as two individual sectors. Hotels, for example, are making more than $15 per room more than they were just 5 years ago. The hospitality industry has increased steadily, growing by 17% between 2004 and 2014. 54% of the revenues that the hospitality generated within the last 12 months came from specials or discounts that were posted online in some way. Consequently, to attract new employees, hospitality industry players are forced to increase wages. The hospitality industry has huge opportunities to be creative with the assets we have, and the enthusiasm of our service-oriented team members, to fulfill all the drives. To illustrate, all sectors of the travel industry grew by more than 4% CAGR from 2009 to 2017. This output represented 2.8% of the total gross domestic product. Also, challenges like increased competition, growing commoditization, and demographic shifts have their claw out to derail your strategy. As a result, it’s certainly impossible to collect all the hospitality statistics they need to stay abreast of the latest trends. Driven by rising consumers’ purchasing power, a robust global economy, and digital innovation, the industry has experienced a historic burst and each sector is poised to flourish. Besides, according to a hospitality report, 81% of travelers want greater digital customer service from hotel brands. Also, 66.7% of millennials plan their trips on mobile devices. Besides, generation Alpha is playing a crucial role in the changes taking place in the industry. Besides aiding personalization and customization, new technologies are providing unique ways to free up employees in the industry. While much of the buzz about disruption stems from innovation and technology, you should not lose track of economic trends. Actually, 95% of travelers with Gen Alphas say that keeping their family happy and entertained is of the utmost importance. Additionally, one hospitality market research revealed that 24% of family travelers spend most on hotels, 16% on food, 15% on a flight, 10% on tours, 10% of transportation, and 8% on shopping. The hospitality industry has been undergoing tremendous changes and disruptions over the last two decades. Some of the benefits include a 71% decrease in guest complaints, a 19% increase in customer service ratings, and reduced onboarding time. Besides, 23% of millennials have checked in their holiday accommodation using a smartphone. But few have felt the pinch like the travel industry. For this reason, you need to orchestrate personalization across all digital channels and customer touchpoints. Places such as hotels, bars and restaurants are constantly under public scrutiny and risk losing everything if they fail to pass regular checks from the relevant authorities . There you have it, our compilation of the hospitality statistics you should know. The report also summarises trends based on statistics from IBIS World, the Australian Bureau of Statistics and other reputable sources. 2018 travel and hospitality industry outlook, Cracking the world’s biggest business-travel market, Sommet Education Top Hospitality Trends 2019, Labour migration in the hospitality sector, Travel and logistics: data drives the race for customers, Domestic and international travel expenditures in the U.S. 2000-2018, Domestic travel spending in the U.S. 2002-2022. On the other hand, 28% walk, 27% use rental cars, 21% use a taxi, and 6% use bikes. This is way off the usual 40% to 45% that implies a broader downturn for the industry. Up to 64% of millennials book hotel rooms on their smartphones. In the focus period 2009 to 2017, the cruise passengers grew from 10.4 million to 12.4 million. The hotel industry grew by a CAGR of 6%, followed by cruise, which grew by 5.2%, airline (4.6%), car rentals (4.6%). On the other hand, 97% of millennials post their holiday pictures on a social media platform. In the last 12 weeks leading to the trip, there are three times more experience searches than hotel searches. This is a significant growth compared to $556 billion posted in 2009. Other countries that led the way include Spain (82million), USA (77 million), China (61), Italy (58 million), and Mexico (39 million). Apparently, they carry significant challenges and disruptions that can topple a business off its course. The hospitality industry is customer-service driven, which means your employees are your sole brand ambassadors. industry, which could help you plan and spark ideas. 69% of Australian hospitality businesses are currently suffering skills shortages. Being a key pillar of the hospitality industry, the impact of transportation cannot be underestimated. Why events are so important to the hospitality industry Events and conferences are a huge part of the hospitality industry, and are continuing to grow. Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. Luckily, new technologies are here to help you scale above the heights of these challenges. This is the main pillar that is going to give your success in the business. When we speak about the stupendous growth of the hospitality industry, it is important to mention Travel and Tourism which is the biggest contributor to growth. If you’re a business major, you’re familiar with the role statistics plays in your field. Booking plays an important role in helping guests connect with hoteliers and other service providers in the industry. One slip up could be the difference between a happy customer and an irate one. Asia accounts for more than 30% of the global $1 trillion business travel sector. You should know that guests today want relevance everywhere. To learn more about advertising with us, contact Advertising Director John O'Neil at [email protected]
What was once a monopoly has become highly competitive and this has caused the industry to adapt, improve, and ultimately become cheaper for the average person. In 2017, some airlines in the US recorded an approximately 20% annual increase in premium packages revenue. At least 8 of the global leading hotel chains have implemented VR experiences in their marketing strategy. Accommodation is the largest hospitality industry subsector in terms of total output. Fortunately, in this article, we’ve compiled all the hospitality statistics and data you need. On the other hand, millennials seem to be a demographic cohort with unique preferences, needs, and increased demands. On average travelers with Generation, Alphas make more than three family trips every year. Besides, every sector—from accommodation and recreation to travel and entertainment—is on constant change. Besides, 48% of experience bookings happen when visitors arrive at their destination. In summary, the hospitality industry is on a surge and every sector is reaping the benefit. The global travel bookings reached $1.6 trillion in 2017. This dynamism makes personalization a pillar of success for the hospitality businesses. In 2017, the hospitality industry accounted for 313 million jobs worldwide, which translates to 9.9% of total employment and 20% of all global net jobs created in the past decade. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges. However, if you haven’t gotten to that point yet, here’s some information on statistics in the business field. Hospitality market data reveal that of all the sectors that make up the hospitality industry, airt travel, accommodation, and food services, contribute over 50% of the total output. 768,000 people … In 2017 alone, tourists spent over $300 billion on traveler accommodation. * Hospitality also supports jobs in arts and culture industries, keeping theaters and arts festivals thriving. Interestingly, 37% of vacation travelers prefer staying at a value hotel than at a shared lodging. Without booking, the hospitality industry is an incomplete jigsaw. Customers increasing expectations for better quality at lower price from hospitality organizations Are significant contributors to challenges being faced by the industry? The solid travel demand has benefited many sectors, and cruise is a prime example. Today, the global travel industry is billed as the fastest and largest growing sector of the hospitality industry. The hotel industry grew by a CAGR of 6%, followed by cruise, which grew by 5.2%, airline (4.6%), car rentals (4.6%). And, as it stands, investing in online booking tools is no longer enough to win customers. More importantly, 80% of millennials are likely to settle for a service that sends recommendations based on their budget and preferences. Consumers seem to favor planners offering best-in-class booking experiences. Find books, journal articles, market reports and statistics for tourism and hospitality. Apparently, 52% of travelers go for the fastest option, 34% go for the most affordable option, and 34% want options where kids are easier to manage. The accommodation subsector supplies approximately 2.1 million jobs in the US. The transformation has been enormous, and as more players roll out basic economy products, the frenetic speed of change is showing no signs of cooling off. [National Restaurant Association] The Australian tourism and hospitality sector will need an extra 123,000 workers by 2020. In the United States alone, there are more than a half-million hospitality jobs -- a number that's expected to substantially increase in the years to come. EU Office: Grojecka 70/13 Warsaw, 02-359 Poland, US Office: 120 St James Ave Floor 6, Boston, MA 02116. Regarding further economic contributions, turnover across the hospitality sector is over €1.0tn, equal to approximately 8.1% of total economic output, with gross value added (GVA) in the sector (the contribution it makes to economic growth) of more than €460bn, or 3.7% of GDP. . The hospitality industry is big and diverse. Today’s tourists define a brand based on the quality of service across its proliferation of touchpoints, including wearable apps, desktops, and mobile devices. International Visitors to the U.S. and Projections (2000-2024), Number of overseas visitors to the U.S. 2000-2018, Booking.com reveals key findings from its 2019 sustainable travel report, What travel marketers should know about people searching for experiences, GET YOUR COPY OF TRAVEL TRENDS REPORT 2019, Professional Services Automation Software - PSA, Project Portfolio Management Software - PPM, 90 Hospitality Statistics You Must Know: 2020 Data Analysis & Market Share, FAST FACTS: UNITED STATES TRAVEL AND TOURISM INDUSTRY 2017. Destination and accommodation are two factors that shape traveler preferences. In general, all sectors of the US travel and hospitality industry has recorded growth in the focus period 2009 to 2017. The terms tourism and hospitality are co-related and grouped together as a single industry. Few Statistics of the Hospitality Industry . That is; they should turn to both ecosystem partnerships and organic product providers to widen their multimodal solutions to meet the demands of modern customers. The idea is to help you use analytics in hospitality to fundamentally drive innovation, delight customers, and capture value. Interestingly, over the last two decades, international travel departures have increased exponentially to reach 1.3 billion in 2017. Statistics are a very important aspect of Tourism and Hospitality research. The Tourism, Travel and Hospitality IRC’s 2019 Skills Forecast also highlighted that Waiters were one of the top growth roles for the industry, with it estimated that an additional 21,800 workers would be needed to fill this type of role by 2023. Statistics can be used for making sales projections, financial analysis of capital expenditure projects, constructing profit projections for a new product, setting up production quantities, and making a sampling analysis to determine the quality of a product. During the same period, the restaurant sector recorded a growth of 4.4%. Air travel is the second-largest subsector of the hospitality industry. Employee turnover in the hospitality industry hit an incredible 72.9% in 2016. 55% of global travelers say they are determined to make effective travel choices, but face multiple barriers when trying to actualize this. Contains information from the leisure, recreation, sport, hospitality, tourism and culture sectors, including new academic research, industry reports, books, conferences and news. Statistics not only help measure business performance, but can also provide a means for boosting it. In 2017, expenditure by international visitors in the US reached more than $251 billion. Immigrants account for 13% of the total US population. Also, the hospitality industry exports accounted for up to 11% of total US exports in 2017. Since implemented a VR staff training program, Best Western Hotel has reaped tangible benefits. Besides, they accounted for nearly 23% of all logistics related searches. The hospitality industry is a key driver of employment in many local authorities. It’s allowing businesses to redefine their services and spend less time on redundant tasks and more on the guests. Statistics: Tourism & hospitality. During the same period, the restaurant sector recorded a growth of 4.4%. Despite the consequences of Brexit and staff shortages, the number of hosting and food services facilities has grown nearly 20% in the last five years. With 12.4 million passengers in 2017, the cruise industry in the US registered $18 billion in gross revenue. Some ride-hailing car brands and P2P rentals have gone all out to deliver fully IoT-connected cars by 2020. Whether it be focused on music, sport, learning or luxury, events around the world are generating billions of revenue and changing the way businesses, hospitality organizations and resorts operate. One way of achieving this is by combining insights and cognitive automation to implement intelligent agents that redefine service delivery. With online reviews being encouraged by major web browsers, including Google, the power has shifted from the hospitality industry to the customer in many ways. That, in turn, has cause… The importance of hospitality cannot be denied in any sphere of life, be that tourism or hotel industry. This is by no means an easy task, and it will require harnessing the capability of IT innovators as well as savvy marketing professionals. In … Even better, the department of commerce estimates that by 2023, the total number of annual international visitors in the US will be 95.5 million. An average customer shifts over 50 times across desktops, tablets, smartphones, and channels when researching travel online. Hospitality is the provision of the accommodations, venu… Also, nothing is as important as an entertained and happy family when traveling. Global tourism hits record highs – but who goes where on holiday? We’ve even noted down a few online booking software that can potentially help you improve your operations. Whether you are a hotelier or a marketer, the increasing demands of modern travelers should be a wake-up call. When aggregated, all these factors present critical challenges that can easily impede business growth. Interestingly, 25% of Hospitality and leisure CEOs think AI will significantly impact the way they operate in the next five years. The global in-destination industry will hit $183 billion by 2020. Industries with a higher rate than other industries are considered more risky, while industries with a lower rate are considered less risky. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. All B2B Directory Rights Reserved. The ball is your court now; all you need to do is to master new technologies concepts and innovate strategically. What drives transportation decisions? Hospitality research revealed that 10% of family travelers use ride-sharing apps to get around in-market. Today’s Hotelier is the trusted monthly magazine exclusively serving hoteliers, brought to you by AAHOA, the organization representing the voice of America's hotel owners. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. In fact, each sector of the travel industry is exploring its own path to digitization, and the stage is set for a monumental shift. Additional Facts About the Hospitality Industry. Copyright © 2020 FinancesOnline. 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