The Global Hotel Industry and Trends for 2016
The global hotel industry revenue is predicted to reach $550 billion US dollars in 2016. The industry revenue was worth $457 billion US dollars in 2011, which showcases an increase in revenue of almost $100 billion US dollars in the past five years as we move into 2016, if this prediction proves to be true.
Europe and Asia Pacific continue to be key regions for the industry at large with the highest hotel occupancy rates to be found there at over 68% respectively. Both the Middle East and Africa are the most expensive regions for hotel room rates with a $165.97 US dollar daily room rate on average.
Across the industry, there are key business, technology and hotel marketing trends that are set to take root and impact the industry as a whole in 2016. These range from the rise of the millennial traveller as the dominant consumer group by 2017, to the increased interest in using mobile devices and apps to enable more personalised hotel guest services.