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Hospitality Industry Analysis 2023-2032: Market Size, Growth Rate, and Prominent Regions, By The Global Market Model From TBRC
According to the most recent hospitality industry 2023 analysis from the Global Market Model, the worldwide hospitality sector attained an astonishing valuation of , constituting of the global Gross Domestic Product (GDP). On an individual basis, the industry's value was noted at , underscoring its substantial influence on economies across the globe.
The hospitality sector is positioned for significant expansion, with an anticipated compound annual growth rate spanning the years 2022 to 2032. This remarkable growth is spurred by a multitude of compelling factors, which encompass:
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In the ever-evolving landscape of the hospitality industry, the food and beverage services sector established a dominant presence, securing a notable 80.9% portion in 2022. Furthermore, the United States emerged as the primary player in the sector, contributing to 23.9% of the overall market share during the same year.
The projection for the hospitality market retains its stability, showing no substantial alterations from the preceding update in 2022. Factors such as elevated inflation, influencing hotel rates, travel expenses, and dining expenditures within establishments, were previously factored into the earlier forecast. Furthermore, the ramifications of diminished disposable income, the challenge of increased cost of living, and decreased savings rates resulting in reduced expenditure on hospitality services were also included in the analysis. Consequently, our perspective on the hospitality industry remains consistent and unwavering during this update phase.
GMM provides insights on the key industry indicators of the hospitality industry including -
The Global Market Model maintains a cycle of updating forecasts for more than 7000 markets every half-year, grounded in economic, geopolitical, and sector-specific influences. The most recent projection was crafted in June 2023 , revising prior forecasts established in December 2022 .
Global Market Model - https://bit.ly/4383TaW
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