Budget Hotels Market Trends and Analysis by Region, Deals and Competitive Landscape

Budget Hotels Market Trends and Analysis by Region, Deals and Competitive Landscape

Summary

GlobalData’s Budget Hotels Market report provides in-depth analysis of the key market trends that are shaping the future of this segment and an analysis of the budget accommodation market globally. Detailed market insight is provided on the Americas, Asia-Pacific, Middle East & Africa, and Europe. It also features profiles of some of the market’s leading players and looks at how companies can better meet their customers' needs.

Key Highlights

In XX, as the COVID situation began to improve, the revenue increased to $XX billion in XX and reached $XX billion in XX. The decrease in COVID travel restrictions has led to a growing number of budget-conscious travelers, the rise of online booking platforms, and increasing travel and tourism, which have become the major contributors to the growth of budget hotel revenue during XX.

Since XX, travelers have started to travel again and have preferred to stay in hotels. Due to the increase in demand for hotels, the overall budget hotel revenue in the Americas reached $XX million in XX and $XX million in XX, which reached its pre-pandemic level. The US is the major contributor to budget hotel revenue in the Americas, with a share of XX ($XX million) in XX with a room occupancy rate of XX%. As per GlobalData, it is expected that the budget hotel revenue in the Americas will reach $XX million in XX, and the US is expected to continue its trend of being a major contributor to the budget hotel revenue with a share of XX% ($XX million) and a CAGR of XX%.

During XX, revenue from leisure-purpose travel in budget hotels in the Africa region was $XX million, which contributed XX% of the overall budget hotel revenue, followed by business purposes with a contribution of XX% ($XX million). The increase in the number of guests seeking budget hotels in the Africa region has increased the demand for budget hotels.

According to GlobalData, in terms of market value, global budget hotel revenue is expected to reach $XX billion in XX. Since XX, the US has stood in the first position in global budget hotel revenue with $XX million and is expected to remain the prime market as it is to reach $XX million in XX. Over the forecast period of XX-XX, the annual revenue from budget hotels for business and leisure purposes is expected to record a CAGR of XX% and XX%, respectively, reaching a value of $XX billion and $XX billion, respectively, by XX.

Scope

• GlobalData’s Budget Hotels Market report provides in-depth analysis of the key market trends that are shaping the future of this segment and an analysis of the budget accommodation market globally. Detailed market insight is provided on the Americas, Asia-Pacific, Middle East & Africa, and Europe. It also features profiles of some of the market’s leading players and looks at how companies can better meet their customers' needs.

Reasons to Buy

• Understand the impact of COVID-19 on this market
• Gauge which are the biggest and most promising regional markets for the budget accommodation market
• Understand the demand-side dynamics within the industry to identify key trends and growth opportunities
• Gain an understanding of the outlook for regional markets and learn from existing successes and our recommendations.