Hospitality Industry Statistics You Must Check Before Stepping Into 2024

The hospitality industry evolves rapidly, making it difficult for hotel businesses to keep abreast with the latest ongoings. 

Hotels that manage to keep a keen eye on the trends and happenings, always outplay their competitors and succeed. But keeping a tap on every aspect of the industry doesn’t seem possible.  

But again, you don’t have to know about everything. Even a certain number of hospitality industry statistics could help you ace your hoteliering game.

In this blog, I have listed some of the prominent insights from various aspects of the travel and hospitality industry.

I believe, these global hospitality industry statistics should definitely be on your radar if you want to take your hotel to the next level. 

Important Hospitality Statistics for Hoteliers to Keep In Mind

The key to success in the hotel industry is to continuously find different and new ways to deliver exceptional guest experiences. And for that, you need to understand what’s happening in the entire hospitality landscape.

To make it easier for you, here are some of the prime statistics that you, as a hotelier, should keep on your radar.

What do numbers say about the current state of the industry?

1. The global hotel industry was valued at US$ 628.4 billion in 2021. (TMR)
2. The market size of the global hotel and resort industry, which was $1.52 trillion in 2019 fell below one trillion in 2020 and 2021 due to the coronavirus outbreak. (Statista)
3.  In 2022, the global hotel and resort industry market was forecast to reach $1.06 trillion. (Statista)
4. Hotel room nights demand and room revenues in 2022 are expected to nearly return to 2019 levels. Room revenue is expected to reach $168 billion and occupancy is projected to be 63.4%. (AHLA)
5. In 2022, the global travel and tourism revenue will reach over $600 million. (Statista)
6. In 2021, 2,246 hotels opened worldwide, with a forecast increase of 2,805 hotel openings in 2022. (Statista)

What will the hospitality industry look like in 2024 and beyond?

7. By the end of 2031, the global hotel and resort industry market is estimated to grow at a CAGR of 8.1% and reach US$ 1.27 trillion. (Statista)
8. By 2023, the global travel and tourism revenue will return to a pre-pandemic amount of over 730 million with hotels being the main contributing segment to this increase. (Statista)
9. The global hotel and travel accommodation industry is projected to have a CAGR of 7% by 2025, resulting in a market value of $1.05 trillion. (Zippia)
10. Room demand is likely to reach an all-time high in 2023 and continue to shoot up in 2024. (Costar)
11. Online sales in the hotel segment will generate 80% of total revenue by 2026. (Statista)

The types of travel people are betting on at present

12. 71% of global travelers want to travel more sustainably compared to 2021 data. (Booking.com)
13. 38% of global travelers look for information on the sustainability efforts of a property before they book. (Booking.com)
14. 78% of respondents think there is still more to do to make more sustainable stay options easier to find for everyone. (Booking.com)
15. Despite global economic and political uncertainty, 72% of respondents feel traveling is still worth it. (Hospitalitynet)
16. 43% of travelers are likely to use virtual reality for their travel choices. (Hospitalitynet)
17. 46% are more likely to travel somewhere they otherwise wouldn’t have if they could experience it virtually first. (Hospitalitynet)
18. In 2023, 42% of travelers want to go on a break that focuses on their mental and physical health. (Hospitalitynet)

Technology’s pivotal role in the hospitality industry

19. Around 70% of millennials prefer to book with hotels that offer technologies like contactless check-in and payments. (Eastern Peak)
20. 80% of hotel guests would prefer to download and use a hotel app to check in, check out and check information about the hotel. (Hotel Management)
21. 47% of hotel guests would prefer to order room service if the hotel has the option of ordering via an app. (Hotel Management)
22. With technology, around 93% of hoteliers witnessed the biggest gains in terms of efficiency. (Hotel Operations)
23. Around 89% of on-property respondents are likely to report their teams benefited from technology. (Hotel Operations)
24. More than 50% of hoteliers feel technology companies don’t understand their needs. (Hotel Operations)

How Do Statistics Benefit Hotel Businesses?

The travel and hospitality industry highly depends on numbers and trends. Keeping a tap on statistics helps hotel businesses understand their strengths and what may be working against them.

To get a clear picture, let’s look at the specific benefits of statistics.

Services Recommendation

When a hotel collects detailed information derived from sources, it can analyze that data and predict trends for the upcoming months or years. And this is really important for improving offerings, finding newer and better ways to attract customers, and boosting sales.

For example, research shows that travelers going to hill stations for trekking are more likely to avail of services from the hotel itself. Now, as a hotelier, you should first do your research on the same and if things turn out to be true, you must get your hands into setting up trekking offers and deals.

Revenue Management

Numbers are at the heart of hotel revenue management. Although figures that relate directly to the hotel are usually preferred, ignoring general data from the industry isn’t a great thing to do.

With relevant numbers from the industry, revenue managers can perform better analyses to predict customer behavior and optimize strategies to maximize revenue.

In other words, it all boils down to understanding the supply and demand trends and identifying what actually travellers value the most.

Let’s look at the stat that reads “travel and tourism revenue worldwide will return to a pre-pandemic amount, which is 730 million, and hotels are going to be the main contributors.” For us, this might seem like data about the industry reviving but for hotel revenue managers it is an opportunity to bring in more cash to the register.

Marketing Efficiency

Hotel marketing is definitely one of those aspects that benefits to a greater level with statistics. It allows hotel marketers to understand what exactly travelers are seeking. Once they get a hold of the traveler’s preferences, it becomes really easy to run relevant marketing campaigns.

If you look at the current trends section of the block, it emphasizes highly on sustainable travel. Now, if hoteliers manage to somehow leverage the sustainability quotient in their marketing campaigns, they are more likely to attract guests looking for sustainable stay options.

However, ensure that your efforts to showcase sustainability aren’t relying on greenwashing.