Sunday, June 16, 2024 In 2023, the travel accommodation market was valued at $797.70 billion, and by 2035 is expected to reach $3144.7 billion, growing at a CAGR of 12.
1% from 2024 to 2035. Travel accommodation mentions different types of options available related to lodging for people traveling away from their homes. It includes a wide array of housing choices like motels, resorts, hotels, vacation rentals, bed and breakfasts, hostels, campsites, and other types of provisional facilities related to lodging.
A good place to stay during their trips is the main purpose of travel accommodation, whether it’s for business, leisure, or other purposes. These housings provide varying levels of facilities and services to cater to different needs and budgets related to travel. The industry of travel accommodation includes a wide range of providers, starting right from huge global hotel chains to small one, independent operators, and also comprises traditional as well as alternate accommodation types, like vacation rentals, home-sharing platforms with market trends related to lodging.
The change in consumer spending from products to experiences has perked up demand in the market size of travel accommodation sector. As consumers give importance to inspiring experiences over material possessions, housing providers are more and more providing exclusive and immersive staying opportunities. Starting right from boutique hotels to themed housings, travelers look for lodging that goes beyond .
