Market Trends of US Hospitality Industry
This section covers the major market trends shaping the United States Hospitality Market according to our research experts:
The Y-o-Y Growth in Revenue is Driving the Market
The hospitality industry in the United States always managed to score a growing number, over the past few years. Though the occupancy rates fluctuate from month to month, the overall revenue generated from the segment keeps increasing. The region recorded USD 280 billion in terms of the revenue generated in 2018, which was almost double the revenue it generated in the early 2000s. Since 2000, the region recorded positive growth in revenue, which dropped to USD 133 billion in 2009, due to the global recession, from USD 152 billion in 2008.
Airbnb has Changed the Face of the Hospitality Industry in the United States
When it entered the hospitality industry in the United States in 2008, Airbnb was barely known to the general public. Yet, with its innovative space sharing idea and digitalization technique, it attracted the younger generation and reached a break-even point after a year from its inception. Currently, more than 60% of the accounts in Airbnb belong to millennials. It succeeded in attracting a greater number of customers, through its pricing strategy. Airbnb is offering shared spaces at fairly cheaper rates in the leading cities of the United States and the United Kingdom. There are spaces available for USD 14 per night, even in the prime cities of the world. According to recent statistics, Airbnb has approximately 150 million users and covers more than 65,000 cities in the world, with more than 5 million listings.
