Improving spending power of millennial populace globally is generating notable business prospects in the hotels market
Wilmington, Delaware, United States, July 25, 2022 (GLOBE NEWSWIRE) — According to a study by Transparency Market Research (TMR), the global hotels market is estimated to register growth at a CAGR of 8.1% during the forecast period, from 2022 to 2031.
The study by TMR offers in-depth analysis of key factors influencing the growth curve including the growth drivers, growth restraints, channelings, and R&Ds in the global hotels market. Moreover, the readers gain access to hotel industry revenue, share, sales, volume, and other important hotel industry statistics.
The hotels market in Asia Pacific is projected to attract lucrative opportunities during the forecast period owing to many factors including the rising penetration of smartphones and improving spending power of people in the region, notes a hotel industry report by TMR.
The expansion of the corporate world across several emerging economies has resulted into a rise in the spending power of corporates for business travels. Thus, a surge in the expenditures on business travels globally is resulting into increase in the need for different types of hotels including boutique hotels, business/commercial hotels, casino hotels, resort hotels, bed & breakfast hotels, and transit hotels. This factor, in turn, is likely to boost the growth in the global hotels market during the forecast period.
Enterprises operating in the hotels market are investing sizable amounts in R&Ds in order to develop and provide advanced facilities to their customers. This aside, companies are focusing on the expansion of their hotel chains in newer geographies. Hence, they are seen engaged in different strategies including mergers and acquisitions. Such efforts are likely to result into prominent growth prospects in the global hotels market in the forthcoming years.