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Accommodation
The accommodation industry has had to completely reshape its predictions for the
future. The coronavirus (COVID-19) pandemic has impacted the industry
significantly due to international and domestic travel disruption and a range of
ensuing safety measures. All parts of the industry have been affected, from hotels,
motels and resorts, to bed and breakfasts and home-sharing platforms like Airbnb.
Some of the current trends resulting from the pandemic are contactless technology,
high hygiene standards, and increased domestic travel or “staycations”. These
days, consumers are more aware than ever of the importance of planetary and
personal health and, due to a lack of connection, are seeking more authentic
experiences than before. As a result, larger trends that were already reshaping the
accommodation industry have been further cemented as a result of the pandemic.
These include digitization, sustainability, and the demand for authentic,
personalized experiences.
Market size
Accommodation industry reached its peak prior to COVID-19 pandemic
Market size of the hotel and resort industry worldwide from 2012 to 2021, with a
forecast for 2022 (in trillion U.S. dollars)
Market size in trillion U.S. dollars
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Globalization, the rise of the online market, and increasing ease of mobility means
tourism has grown exponentially over the past decade. It therefore comes as no
surprise that this has also caused growth in the accommodation industry. This is
particularly the case in its largest sector, the hotel and resort industry, which has
seen a steady upward curve in its market size during this time. The largest decline
in size was seen during the coronavirus pandemic.
Market segments
Home-sharing’s impact on the accommodation industry
Nights and experiences booked with Airbnb from 2017 to 2021 (in millions)
Nights and experiences booked in millions
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With home-sharing services becoming ever more popular with consumers, more
traditional modes of accommodation are facing increasing competition. The
sharing economy offers consumers the ability not only to stay in people’s homes,
but also to make money by sharing their own homes. Competitive prices and
lodging ranging from basic to luxury mean that other segments like hotels, hostels,
traditional bed and breakfasts, and even campgrounds will need to rethink their
business outlook.
Industry trends
Accommodation industry must adapt in the face of COVID-19
Public opinion on how to improve customer comfort levels in hotels after the
coronavirus (COVID-19) pandemic worldwide as of May 2020
Share of respondents
Industry leaders
Hotel companies dominate but Airbnb is hot on their heels
Leading hotel and resort companies worldwide in 2021, by sales (in billion U.S.
dollars)
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When it comes to accommodation industry leaders, hotel companies take the top
spots. Chains such as Marriott International, Hilton Worldwide, and the Wyndham
Hotel Group dominate in terms of revenue, units, and brand value. Meanwhile,
Airbnb is currently the leader in the home-sharing market, with its revenue and
bookings rising steadily up until the coronavirus outbreak.
Marriott International
Hilton Worldwide
Airbnb's revenue worldwide
Accommodation, Restaurants & Nightlife in Europe - Industry Insights and Data Analysis
Accommodation in the U.S. 2021
Tourism worldwide
Airbnb
Industry Definition
The accommodation industry is part of the wider hospitality industry. In its
broadest definition, it encompasses many different sectors that offer overnight
lodging services. These sectors include hotels, hostels, short-term rentals, holiday
homes, RV parks and camping services, and more. There are also other industries
working in conjunction with the accommodation industry, for example, food and
drink services, and wellness and spas. These individual sectors are subject to
different trends - one example that is relevant to all of them is the rise of
digitization and the online market. Trend topics can also be more specific,
contactless service in the hotel industry being one. These emerging trends are sure
to shape the industry's outlook, and the long-term impact of the coronavirus is
expected to change the face of the accommodation industry for years to come.