Hospitality Industry 2023 Analysis: Estimated Growth Rate, Major Driver And Key Trends, By The Global Market Model From TBRC

Hospitality Industry Growth Hospitality Industry Growth The hospitality sector is positioned for significant expansion, with a projected Compound Annual Growth Rate (CAGR) of 6.1% spanning from 2022 to 2032. The hospitality industry demand is driven by several compelling factors, including: Gain more insights into the hospitality industry trends with a free consultation: https://bit.ly/40IIkfq Leading Hospitality Industry Segments and Key Players Within the dynamic...

LONDON, 21/08/2023 (informazione.it - comunicati stampa - turismo)

The hospitality sector is positioned for significant expansion, with a projected Compound Annual Growth Rate (CAGR) of 6.1% spanning from 2022 to 2032. The hospitality industry demand is driven by several compelling factors, including:

https://bit.ly/40IIkfq

Within the dynamic landscape of the hospitality market, the food and beverage services segment held a commanding position, securing a remarkable 80.9% share in 2022, as per the hospitality industry analysis. Additionally, the United States emerged as the predominant market within the industry, accounting for a noteworthy 23.9% of the total market share in the same year.

The forecast for the hospitality market maintains its stability, with no significant deviations from the previous update in 2022. Variables such as high inflation, which influences hotel prices, travel fares, and food costs at establishments, were already taken into account during the previous forecast. Furthermore, the impacts of reduced discretionary income, a cost-of-living crisis, and lower savings rates resulting in reduced spending on hospitality services were also carefully considered. Consequently, our outlook for the hospitality industry remains consistent and unwavering throughout this update cycle.

In the Global Market Model, forecasts for over 7000 markets are updated biannually based on economic, geopolitical, and sector-specific factors. The present forecast was generated in June 2023 , refining the earlier projections made in December 2022 .

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