Market Size –
The budget hotels market size has grown strongly in recent years. It will grow from $270.43 billion in 2023 to $284.83 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to increased demand for budget-friendly accommodation options during economic downturns and uncertainties, rise in local travel due to pandemic-related restrictions on international travel, increased popularity of online platforms, enhanced quality and variety of amenities offered by budget hotels to attract more guests, growth in budget-conscious business travelers seeking cost-effective accommodation.
The budget hotels market size is expected to see strong growth in the next few years. It will grow to $351.76 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to the continued preference for budget hotels due to ongoing economic challenges and inflation, a growing number of digital nomads seeking affordable long-term stays in budget hotels, continued focus on hygiene and safety standards, attracting budget-conscious travelers, increase in solo travelers and backpackers opting for budget-friendly accommodation, travelers becoming more cost-conscious, seeking value-for-money accommodation. Major trends in the forecast period include the implementation of AI-powered customer service, integration of local experiences, stylish and unique budget hotels, technology-driven personalization, and incorporation of wellness amenities such as fitness centers, healthy dining options, and wellness programs.
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Scope Of Budget Hotels Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Budget Hotels Market Overview
Market Drivers –
The increasing travel and tourism is expected to propel the growth of the budget hotel market going forward. Travel and tourism refer to the activities of people traveling away from their usual environment for leisure, business, or other purposes, and the industry that supports and facilitates these activities. The demand for travel and tourism is growing due to rising disposable incomes, increased global connectivity, and a growing desire for unique experiences and cultural exploration. Tours and tourism use budget hotels to offer affordable accommodation options for travelers, enhancing accessibility and inclusivity in their travel experiences. For instance, in May 2024, according to the Office for National Statistics, a UK-based national statistical institute, the UK saw a rise in overseas visitors, with 38.0 million trips compared in 2023 to 31.2 million in 2022. These visitors spent $39.95 billion (£31.1 billion), an increase of $5.91 billion (£4.6 billion) from the previous year. Therefore, increasing travel and tourism will drive the budget hotel market.
Market Trends –
Major companies operating in the budget hotel market focused on the integration of large language model technology to enhance customer service and optimize operational efficiency. Large language model technology refers to advanced AI systems that understand and generate human-like text based on vast amounts of data. For instance, in June 2023, Booking Holdings Inc., a US-based provider of online travel and related services, launched a new AI Trip Planner featuring a conversational interface that lets travelers ask questions, seek inspiration, and refine their searches in real-time. The tool provides personalized recommendations for destinations and accommodations based on individual preferences and allows users to create detailed itineraries for various cities, countries, or regions. Integrated with the Booking.com app, it displays pricing and offers direct links to accommodation details, enabling users to book recommended options with a single tap.
The budget hotels market covered in this report is segmented –
1) By Type: Business Hotels, Airport Hotels, Suite Hotels, Serviced Apartments, Resorts
2) By Amenities: Free Wi-Fi, Parking, Airport Shuttle, Breakfast
3) By Price Range: Economy, Mid-Range, Luxury
4) By Mode Of Booking: Online Travel Agency, Hotel Websites, Direct Booking, Other Modes Of Booking
5) By Application: Private, Commercial, Government
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Regional Insights –
North America was the largest region in the budget hotels market in 2023. The regions covered in the budget hotels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the budget hotels market are Holiday Inn Express, InterContinental Hotels Group, Whitbread PLC, Choice Hotels International, Extended Stay America Inc., Premier Inn Limited, Travelodge Hotels Ltd , Red Roof Franchising LLC, Oravel Stays Limited, Toyoko Inn Co. Ltd., Econo Lodges of America Inc., B&B HOTELS Group, G6 Hospitality LLC, La Quinta Inns Inc., easyHotel, HotelF1, Future Inns UK Limited , Campanile Ltd , Bannatyne Hotels Limited, IBIS Hotel, Balladins Hotels, Dolby Hotel Liverpool Limited, Days Inns Worldwide Inc.
Table of Contents
1. Executive Summary
2. Budget Hotels Market Report Structure
3. Budget Hotels Market Trends And Strategies
4. Budget Hotels Market – Macro Economic Scenario
5. Budget Hotels Market Size And Growth
…..
27. Budget Hotels Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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