CLEVELAND, May 16, 2019 /PRNewswire/ -- US lodging service industry revenues are forecast to advance 3.6% yearly in nominal dollars to 2023, according to Lodging Services: United States, a report recently released by Freedonia Focus Reports. Lodging service providers will benefit from higher volumes of leisure travel, supported by rising disposable personal income levels both in the US and abroad. In addition, the broad trend of expanding consumer interest in experiential entertainment will drive spending on vacations and travel. Rising demand from business travelers, underpinned by the expanding number of companies operating over geographically dispersed areas, will further support gains. Even so, ongoing competition from online travel agencies for control of customer acquisition will continue to weigh on revenues, despite a number of "book direct" campaigns by leading hotel chains.
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These and other key insights are featured in Lodging Services: United States. This report forecasts to 2023 US lodging service revenues in nominal US dollars. Total revenue is segmented by establishment in terms of:
- hotels and motels
- casino hotels
- RV parks and campgrounds
- bed and breakfast inns
- other establishments such as cabins, hostels, and short-term rentals of homes and apartments from owners
To illustrate historical trends, total revenues and the various segments are provided in annual series from 2008 to 2018.
Publicly owned campgrounds are excluded from the scope of this report. Rooming and boarding houses, which specialize in providing long-term accommodations, are also excluded. Revenues from non-lodging services are excluded from segment values, as well as from the total. Significant sources of non-lodging revenue are presented separately where pertinent (e.g., gambling revenues are presented for casino hotels).
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Services & Industries reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
SOURCE The Freedonia Group