LONDON, Jan. 27, 2016 /PRNewswire/ --
The global budget hotels market registered moderate growth in 2014, based on the Canadean analysis of 40 countries around the world. The expanding domestic and international tourism market, along with a rise in travelers that prefer to pay less for accommodation and avoid as many frills as possible, will continue to support the growth over the forecast period (2015-2019).
- The US is the largest market in the world for budget hotels in terms of room supply (867,695 rooms in 2014) and the UK is the second largest but is significantly smaller (just 35% of the US' total size). The US also tops the list in terms of revenues and again the UK is ranked second, though with a relatively smaller difference compared to the room supply difference. This clearly implies that the US market is saturated and registers low occupancy rates (57% in 2014). The UK recorded the fourth highest occupancy rate in 2014 while Hong Kong topped the list (92% in 2014).
- Japan recorded the highest number of guests in 2014 and Indonesia was the fastest growing market, at an average annual rate of 15.6% during the historic period (2010-2014). Hong Kong registered the highest RevPAR in 2014 (US$90), while Mexico recorded the fastest-growth (CAGR 11.6%). China registered the fastest-growth in terms of revenues during the historic period (15.2%). Portugal recorded the fastest-growth in terms of room supply (CAGR 11%).
- In the UK, a new kind of budget hotel is emerging with as few frills as possible, to attract budget travelers. Examples include easyHotel, Snoozebox, and Premier Inn's "Hub".
Both Hub and easyHotel offer rooms (significantly smaller when compared to standard rooms) without windows. Snoozebox offers temporary accommodation (portable hotels) at sports and festivals events.
- There is a lack of budget accommodation in the UAE as the country increasingly welcomes a diverse set of tourists every year. The growing numbers of middle class travelers from the emerging economies of Africa and Asia will support the growth of budget hotels in Dubai in the coming years.
Canadean's report - The Global Budget Hotels Market to 2019 - provides detailed information on global budget hotels industry, analyzing market data and providing insights.
What else does this report offer?
- Historic and forecast revenue of global budget hotels market covering 40 countries
- Detailed region-wise (Americas, Asia-Pacific, Europe, Middle East and Africa) analysis of budget hotels' key performance indicators such as the number of hotels and rooms available, occupancy rates, room nights available, room nights occupied, number of guests received, average room revenue per available room, average room revenue per occupied room, average total revenue per available room, total room revenue, total non-room revenue, total revenues for the historic (2010-2014) and forecast (2015-2019) periods
- Brief analysis of global budget hotels market and the present scenario
- Detailed analysis of the markets trends in key budget hotels' markets
Reasons To Buy
- Make strategic business decisions using historic and forecast market data related to global budget hotels industry
- Understand the demand-side dynamics within the industry to identify key market trends and growth opportunities
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