Budget Hotels Market Size and Forecast, Key Trends, Company Profiles, 2022-2025

Budget Hotels Market Size and Forecast, Key Trends, Company Profiles, 2022-2025

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 HighlightsTwo years into the pandemic, the US budget hotel market continued to record the highest total revenue with $20 billion in 2021, representing an annual growth rate of 71.7%. The UK and China secured the second and third places with total revenues of $5.7 billion (89.9% annual growth) and $4.8 billion (42.7% annual growth), respectively.The budget hotel market performance in 2021 was primarily driven by domestic leisure travel. Countries across the globe saw a hike in demand for domestic leisure travel in 2021, once the COVID-19 restrictions loosened and vaccines became available. Since the risk of the virus was still prevalent, instead of taking international trips, holidaymakers started exploring domestic tourism in greater numbers.According to GlobalData forecasts, the budget hotel market in countries such as the US, China, and Brazil is likely to recover to 2019 levels by 2022.ScopeGlobalData’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 BuyUnderstand the impact of COVID-19 on this marketGauge which are the biggest and most promising regional markets for the budget accommodation marketUnderstand the demand-side dynamics within the industry to identify key trends and growth opportunitiesGain an understanding of the outlook for regional markets and learn from existing successes and our recommendations.