What are the trends that matter in hospitality? In a one-on-one with WIT founder Yeoh Siew Hoon, Lorraine Sileo, vice president research, Phocuswright shared these insights at WIT Hospitality in Hong Kong.
What are the biggest trends in hospitality
- Room revenue is on the rise, growing faster than the market as a whole, not to mention how capacity keeps rising due to the rise of private accommodation
- Online is soaring, especially in Asia – and contrary to what you think, it’s not JUST because of mobile
- The online battle between hotels and OTAs continues to rage
- Private accommodation makes impact on the hospitality space
- Hotels fight back through innovation
How healthy is the hotel market right now?
Hotel room revenue is continuing to climb, reaching half a trillion dollars worldwide.
Hotels represent nearly 40% of the global travel market. And room revenue is growing at healthy mid to high single digits, which is a bit faster than the travel market as a whole.
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