The global hotel sector is expected to generate more than US$1 trillion in 2022


Data reveals that although the global hospitality industry is poised to rebound in 2022, it is still far from a return to pre-pandemic health. Jenny Southan Reporting

The latest market outlook from IBIS World estimates that the market size of the global hotel industry is expected to reach just over US$1 trillion in 2022.

This is a 47% year-over-year increase and the first positive move since the start of the pandemic, which saw the size of this market shrink by -39% in 2020 and -22 % additional in 2021.

However, despite this expected rise, the total global market value will remain 30% below the pre-pandemic level of US$1.5 trillion.

The data also shows that the number of hotels and resorts operating in the sector is expected to increase by 19% in 2022, although again this remains slightly below 2019 levels, after declining steadily during the pandemic. .

The analysis by hotel booking platform Hoo also looked at the estimated revenue per hotel in the global industry based on market size (in US dollars) and the number of hotels operating in it.

Individual revenue fell -32% in 2020 and another -17% the following year to just $1.28 million per hotel, the lowest level since 2021.

While Hoo estimates that figure will increase by 24% to US$1.59 million in 2022, it also remains -30% below the pre-pandemic revenue seen in 2019.

Hoo co-founder Adrian Murdock says: “We seem to have finally turned a corner when it comes to pandemic travel uncertainty and there are high hopes that 2022 will be a much more stable year for Hoo. global travel industry.

“However, we are unlikely to see a full return to health and we expect the industry to remain below pre-pandemic performance levels through 2023.

“Either way, many will just be relieved to be up and running and welcoming holidaymakers back so they can at least begin to repair the damage caused by Covid-19.”

What is the next step ? Downloadable trend reports HERE


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