Factors that were driving the hospitality industry before pandemic COVID-19 include increasing disposable income, new travel trends, increasing online business of travelling due to increased internet penetration and internet banking, web-presence of hotels & tourism directories and many more.
The ever-expanding global tourism industry was one of the major factors driving the growth of the hospitality industry before the coronavirus outbreak. The number of international tourist arrivals had risen continuously over the past decades. As per the growth projection made by the World Tourism Organization (UNWTO), the number of tourist arrivals across the globe was expected to cross 1.5 billion by 2020.
Key factors affecting the market after the pandemic include the decrease in tours and travels as most of the flights are getting canceled. The government all across the globe are cancelling the foreign visits and locking down most of the area which is one of the other major reasons behind the slowing down of hospitality industry.
The global hospitality industry report is segmented based on food and beverages, travel and tourist, lodging, and recreation. Travel and tourist segments along with the recreation segment are majorly declining due to the lockdowns happening across the world.
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. In the US, many hotels had reported a sudden increase in cancellations for both individual reservations and group events. Additionally, since the origin of the COVID-19 outbreak, many cities in the Asia-Pacific are on complete lockdown, which is in turn restricting the growth of the hospitality industry.
Key companies of hospitality industry that are getting affected in the market include Burger King Corp., Choice Hotels International, Inc., Domino's Pizza, Inc., Expedia Group, Four Seasons Holdings Inc., InterContinental Hotels Group PLC, KFC Corp., Marriott International Inc., McDonald's Corp., Starbucks Corp., and Walt Disney Co./The. For instance, as per the business updates provided by Marriott International, the occupancy rate in the greater China lied near to 15% during March 2020. In other regions such as North America and Europe, the occupancy level lies below 25% during March 2020 which was around 70% during the same month a year ago.
The report covers:
A comprehensive research methodology of the global hospitality industry.
A detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global aviation industry.
Insights about market determinants which are stimulating the global aviation industry.
Detailed and extensive market segments with regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.
Key Topics Covered
1. Report Summary 1.1. Research Methods and Tools
2. Market Overview and Insights 2.1. Scope of the Report 2.2. Analyst Insight & Current Market Trends 2.2.1. Key Findings 2.2.2. Recommendations 2.2.3. Conclusion 2.3. Government Support/Bailout Packages for the Hospitality Industry 2.4. Supply & Demand Analysis
3. Industry Overview 3.1. Historical Market Growth Estimation in Hospitality Industry Excluding COVID-19 Pandemic Effect 3.2. Deviations in the Hospitality Industry Growth Rate Due to COVID-19 Pandemic
4. Verticals Affected Most 4.1. Food and Beverages 4.2. Travel and Tourism 4.3. Lodging 4.4. Recreation
5. Impact of COVID-19 on Major Economies 5.1. North America 5.1.1. United States 5.1.2. Canada 5.2. Europe 5.2.1. UK 5.2.2. Germany 5.2.3. Italy 5.2.4. Spain 5.2.5. France 5.2.6. Rest of Europe 5.3. Asia-Pacific 5.3.1. China 5.3.2. Japan 5.3.3. India 5.3.4. Rest of Asia-Pacific 5.4. Rest of the World
6. Company Profiles 6.1. Airbnb, Inc. 6.2. Burger King Corp. 6.3. Choice Hotels International, Inc. 6.4. Domino's Pizza, Inc. 6.5. Expedia Group 6.6. Four Seasons Holdings Inc. 6.7. InterContinental Hotels Group PLC 6.8. KFC Corp. 6.9. Marriott International Inc. 6.10. McDonald's Corp. 6.11. Starbucks Corp. 6.12. Subway Restaurants Inc. 6.13. Walt Disney Co./The 6.14. Wyndham Hotels & Resorts Inc.