How Is The Global Bed And Breakfast Accommodation Market Defined?
A bed and breakfast accommodation is a type of lodging that provides overnight accommodations and breakfast but usually does not offer other meals. Bed and breakfast accommodations are typically small establishments with 4 to 11 rooms, often operated by private individuals or families. Guests are usually accommodated in private bedrooms with bathrooms, and breakfast is often included in the room rate and served in a common dining area.
Bed And Breakfast Accommodation Global Market Report 2024 provides data on the global bed and breakfast accommodation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bed and breakfast accommodation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Bed And Breakfast Accommodation Market Size And Annual Growth Rate?
The bed and breakfast accommodations sector has seen significant expansion, with market size growing from $30.71 billion in 2023 to $32.30 billion in 2024, at a CAGR of 5.2%. Growth in the past has been fueled by the steady rise of budget-friendly accommodations, platforms catering to travelers seeking localized experiences, the growing middle class, and increasing disposable incomes. By 2028, the market is expected to grow to $39.67 billion, with a CAGR of 5.3%. Future growth will be driven by a growing preference for authentic and unique travel experiences, rising domestic and regional tourism, increasing demand for eco-friendly and sustainable travel options, and the trend toward experiential travel. Emerging trends will include enhanced health and safety measures, contactless check-ins, stricter cleaning protocols, social distancing adaptations, and innovative service offerings.
Which Key Drivers Are Propelling The Bed And Breakfast Accommodation Market's Growth?
The expanding tourism industry is expected to drive the growth of the bed and breakfast accommodation market. Tourism, involving travel for leisure, business, or other reasons, is growing due to higher disposable incomes, better global connectivity, and increased interest in unique cultural experiences. Bed and breakfasts appeal to travelers looking for personalized lodging options that provide local charm and hospitality. In July 2022, tourism to the United States saw a notable increase, with international visitor numbers rising by 160.8% compared to the previous year. Consequently, the growing tourism sector is fueling the demand for bed and breakfast accommodations.
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What Are The Key Segments Within The Global Bed And Breakfast Accommodation Market?
The bed and breakfast accommodation market covered in this report is segmented –
1) By Type: Historic Homes, Countryside Retreats, Coastal Properties
2) By Booking Type: Online Bookings, Direct Bookings
3) By Traveler Type: Domestic, Solo, Group Or Family
How Are New Trends Impacting The Size Of The Bed And Breakfast Accommodation Market?
In the bed and breakfast sector, companies are working to introduce new services like express breakfast options to stay competitive. For instance, in April 2023, InterContinental Hotels Group launched Holiday Inn Express Riyadh, the first of its kind in Saudi Arabia. The hotel offers modern rooms with smart technology such as high-speed Wi-Fi and smart TVs, and its Express Start Breakfast provides a quick, varied meal to suit the needs of modern travelers, ensuring a hassle-free stay with additional features like efficient check-in and power showers.
Which Region Drives The Highest Growth In The Bed And Breakfast Accommodation Market?
Asia-Pacific was the largest region in the bed and breakfast accommodation market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the bed and breakfast accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
