Dublin, April 21, 2022 (GLOBE NEWSWIRE) — The “Analysis report of the market size, share and trends of hotels, resorts and cruise lines in the United States by type (hotel, resorts, cruise), by region and segment forecast, 2022-2030” report has been added to from ResearchAndMarkets.com offer.
The size of the US hotel, resort and cruise line market is expected to reach USD 488.1 billion by 2030, registering a CAGR of 9.3%
Demand for hotels and resorts varies by property type and is influenced by factors such as location, size and on-site amenities.
The market is likely to be driven by increasing disposable income, popularization of weekend culture, introduction of low-cost airline services, and development of the service industry. Some of the major factors that attract customers to hotels and resorts include purchasing power and lifestyle inflation.
Moreover, the rise of digital innovation has contributed to the registration of this growing number, as well as the ability of players who manage shared spaces, such as Airbnb, to reach their target audience.
Additionally, according to Forbes in 2020, remote working has also made it easier to work from any location, which is why an increasing number of digital nomads are working while staying in hotels. Many people are considering moving outside of the Bay Area and other cities like New York now that they can work remotely. According to a May 2020 survey of thousands of IT workers, two-thirds are considering leaving the Bay Area.
Hotels have another reason for wanting to accommodate long-term visitors. Hotels aim to fill gaps caused by COVID-19 with long-term guests. The world’s largest hotel chain, Hyatt, launched its Work from Hyatt program in 2020, which includes discounts and free high-speed Wi-Fi for stays of seven days or more.
According to CBRE 2021 estimates, hotels in the United States have noticed a significant drop in demand since the onset of COVID-19 in Q1 2020. Fear of infection, forced closures and reduced hotel travel cases have all contributed to a significant decline in the hosting industry. . Additionally, the data indicates that occupancy may not return to pre-COVID-19 levels until 2023, with RevPAR following in 2024.
In 2022, the upper chain ladders experienced the largest percentage and absolute declines in RevPAR. The upper echelon chains have been particularly hard hit. According to CBRE, the resumption of group travel will take some time, requiring a ramp-up phase, lower occupancy rates and slower ADR growth for higher priced chains and travel types. properties that depend more on income from food and drink. Additionally, according to the American Hotel and Lodging Association’s State of the Hotel Industry 2021 study, the pandemic cost more than 670,000 hospitality industry jobs and nearly 4 million hospitality employees in 2020. .
US Hotel, Resort and Cruise Line Market Report Highlights
- The US hotel, resort and cruise line market is expected to grow at a CAGR of 9.3%. At the start of the pandemic, most hotels, resorts and cruises were completely closed.
- In 2021, people started planning extended vacations because they had been home for too long. This is also attributed to an increase in remote working, which allows employees to work from anywhere. This factor is expected to boost the market
- The hotel segment holds the largest market share of around 90% in 2021. Advanced analytics are being introduced by hotels to analyze large amount of data and predict occupancy rates more accurately. This further helps hotels implement pricing strategies to increase profitability and improve guest experience.
Main topics covered:
Chapter 1. Methodology and scope
1.1. Market segmentation and scope
1.2. Market definition
1.3. Acquiring information
1.4. Information analysis
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Type Outlook
2.3. Competitive Perspectives
Chapter 3. United States Hotels, Resorts and Cruise Lines Market Variables, Trends and Scope
3.1. Market overview
3.2. Mapping of penetration and growth prospects
3.3. Impact of COVID-19 on the US Hotel, Resort and Cruise Line Market
3.4. Industry Value Chain Analysis
3.4.1. Sales/Retail Channel Analysis
3.4.2. Profit Margin Analysis
3.5. Market dynamics
3.5.1. Driver impact analysis
3.5.2. Constraint Impact Analysis
3.5.3. Industry Challenges
3.5.4. Industry Opportunities
3.6. Business environment analysis
3.6.1. Industry Analysis – Porter’s Five Forces
3.6.1.1. Supplier Power
3.6.1.2. purchasing power
3.6.1.3. Surrogate Threat
3.6.1.4. Threat of a new entrant
3.6.1.5. Competitive Rivalry
3.7. US Hotel, Resort and Cruise Line Market Roadmap
3.8. Market entry strategies
Chapter 4. Consumer Behavior Analysis
4.1. Demographic analysis
4.2. Consumer trends and preferences
4.3. Factors affecting purchase decision
4.4. Consumer Product Adoption
4.5. Observations and Recommendations
Chapter 5. U.S. Hotels, Resorts and Cruise Lines Market: Type Estimates and Trend Analysis
5.1. Analysis of type movement and market share, 2021 and 2030
5.2. Hotels
5.3. Resorts
5.4. Cruise
Chapter 6. Competitive Analysis
6.1. Major Global Players, Recent Developments and Their Impact on the Industry
6.2. Categorization of main companies/competitors (key innovators, market leaders, emerging players)
6.3. Supplier Landscape
6.3.1. Market share analysis of key companies, 2021
Chapter 7. Business Profiles
- Marriott International, Inc.
- Wyndham Hotel Group, LLC.
- hilton
- Choice Hotels International, Inc.
- IHG
- Best Western Hotels
- G6 Hospitality LLC.
- American cruise lines
- Carnival Corp
- AIDA Cruises
For more information on this report, visit https://www.researchandmarkets.com/r/2deq13
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