Hospitality management school EHL Hospitality Business School has compiled data to consider for 2024. Here are the data and statistics that tourism professionals should consider…
After the pandemic, significant changes took place in many sectors. The tourism industry, which came to a complete halt and hit point 0 during the pandemic, went through its hardest days.
“Data” and “data analysis” have gained great importance today in order to plan the future. After the pandemic, content and news that provide future predictions and help make predictions have gained importance in the field of sectoral journalism.
Hospitality management school EHL Hospitality Business School has compiled data and statistics that tourism professionals, especially accommodation industry managers, should consider and take into account in 2024.
We summarize and include the content in the Hospitality Insights blog, taking into account the change experienced after the pandemic and the change in the field of journalism.
Here is the data from EHL Hospitality Business School’s Hospitality Insights blog:
📊 DATA ON THE CURRENT SITUATION OF THE ACCOMMODATION INDUSTRY
1. The travel industry is poised for a strong comeback in 2024. This situation is a ray of hope for hoteliers who are waiting for positive developments around the world.
2. In 2024, room/bed demand is expected to reach an all-time high. (STR/CoStar)
3. Hotel occupancy will increase by 2.5% worldwide next year.
4. Average Daily Rates (ADR) are projected to increase by 4.9% over the next 12 months. (Siteminder)
📈 THE SECTOR EXPECTS STRONG GROWTH
1. The accommodation sector will increase from 4.390 billion dollars in 2022 to 4.699 billion dollars in 2023; By recording a compound annual growth rate (CAGR) of 7%; experienced significant growth.
This significant growth has been testament to the industry’s resilience and ability to overcome the challenges that have emerged in recent years. (The Business Research Company: Hospitality Global Market 2023 Report)
2. The accommodation sector will rise to 5.816 billion dollars globally in 2027; It is projected to record a compound annual growth rate (CAGR) of 5.5%. (Globe Newswire – Hospitality Global Market 2022 Report)
📊 GROWTH TRENDS IN SUB- AND OTHER SECTORS
1. Online ordering, food delivery services and services have seen significant growth during the pandemic period. This market is expected to grow at an average rate of 11.47% per year from 2023 to 2028. It is predicted that this market will reach a volume of 1.79 trillion US dollars by 2028. (Statista)
2. The bleisure market continues to rise as business travel is combined with holidays. It is anticipated that the Bleisure tourism market will close 2023 with a volume of approximately 594.51 billion US dollars. The Bleisure market will grow at an average annual rate of 8.9% from 2023 to 2032; It is predicted to reach 731.4 billion dollars in 2032. (Future Market Insights)
3. The global health tourism and wellness segment volume is estimated to reach approximately US$ 7 trillion by 2025. (Statista)
📊 DATA ON STAKEHOLDERS’ MARKET SHARES
1. Airbnb’s market value reached US$ 92.11 billion in 2023. This figure indicates an increase of approximately $54.13 billion compared to the previous year. (Statista)
2. Airbnb has over 20% market share among accommodation choices. However, it is claimed that this market share may decrease due to increasing rental prices. (HelpLama)
3. Booking.com is the world’s most valuable travel and tourism brand with a market value of $9 billion. (Companies Market Cap)
4. Although Hilton is the world’s most valuable hotel brand with a brand value of $11.7 billion as of 2023, Wyndam Hotels group owns the most properties. (Brand Directory)
5. It is estimated that 2,707 more hotels will open their doors worldwide in 2024. (Statista)
📊 DATA ON EMPLOYMENT AND PROFESSIONS IN THE ACCOMMODATION AND ENTERTAINMENT SECTOR
1. The travel industry and tourism sector exhibited a stable growth trend after experiencing a sharp decline in employment in 2020; It was expected to employ approximately 320 million people in 2023.
The decline during the pandemic period caused employment figures to drop from 334 million employees in 2019 to 271 million employees. However, the sector is now on the road to recovery and employment opportunities are growing steadily once again. (Unilever)
2. Hotels, until 2025, when the real recovery of the sector is expected; will combat personnel shortages. (STR and Tourism Economics)
3. Today, only 28% of hospitality workers work full time. (Labor Market Insights)
📊 TRAVEL INDUSTRY AND TOURISM SECTOR STATISTICS
1. The projected market volume is expected to reach US$1.063 billion by 2028, and revenue is expected to grow at an average annual rate of 4.42% from 2023 to 2028. (Statista)
2. It is estimated that by 2028, “online sales” will account for 76% of total revenue in travel and tourism. (Statista)
📊GROWTH TRENDS IN DIFFERENT AREAS
1. Global tourism expenditures are expected to reach 2 trillion US dollars, breaking previous records, driven by strong demand for holiday travel. (Euromonitor International)
2. The fastest growing tourism destinations in 2024; It will be Tunisia, Mexico, Morocco, Dominican Republic and Sri Lanka. (Travel Off Path)
📊 DATA ON DOMESTIC AND INTERNATIONAL TRAVELS
1. International travel showed a recovery after the pandemic. However, although travel lovers’ priorities for 2024 are in favor of international travels, it is on the agenda that “domestic travels are more budget-friendly” (Travel + Leisure)
2. Global business travel will fully recover in 2024. It is stated that there will be a 14% increase in business travel in 2022. The United States and China will see the largest growth in business travel (30% each). (Leslie Josephs)
📊 DATA ON EMPLOYMENT AND PROFESSIONS IN THE TRAVEL AND TOURISM SECTOR
1. Employment in the travel industry and tourism sector was still below pre-pandemic levels, with a projected 320 million jobs by the end of 2023. However, with the increasing travel demand, the number of employees in this sector is expected to increase to 430 million by 2033. (Statista) Data and Statistics that Tourism Operators Should Consider
2. Candidates who will apply for open positions have different expectations and priorities compared to before the pandemic. Candidates expect flexible working arrangements, professional skills training, diversity and participation. Hotels will have to adapt to fill open positions. (AHLA)
3. New positions focused on digitalization, technology and sustainability will emerge.
📊 DEMOGRAPHIC STATISTICS: WHO IS TRAVELING IN 2024?
1. The travel industry is becoming increasingly digital. It is predicted that 67% of travel lovers will make travel reservations online in 2024.
2. Those who prefer luxury travel are concentrated mainly in the Middle East and Asia Pacific countries, those who prefer ecotourism and adventure tourism are concentrated in Asia Pacific and European countries, and those who prefer cultural tourism are concentrated in European countries.
3. It is estimated that sports tourism package tour sales will increase by 15% in 2024 compared to 2023. (Euromonitor International)
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