The budget hotels market is expanding rapidly, rising from $270.43 billion in 2023 to $284.83 billion in 2024, with a CAGR of 5.3%. This growth is driven by increased demand for budget-friendly accommodations and the popularity of online booking platforms. The market is expected to reach $351.76 billion by 2028, growing at a CAGR of 5.4%. Key trends include the integration of AI for customer service, stylish budget accommodations, and wellness amenities.
Major Driver In The Budget Hotels Market
The budget hotel market is anticipated to grow in tandem with the rising travel and tourism sector. The demand for affordable accommodations is increasing due to higher disposable incomes and a desire for cultural exploration. In May 2024, the Office for National Statistics reported that the UK experienced a rise in overseas visitors, totaling 38.0 million trips in 2023, up from 31.2 million in 2022. These visitors contributed $39.95 billion (£31.1 billion) to the economy, indicating that the burgeoning travel and tourism sector will drive the budget hotel market's growth.
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Budget Hotels Market Competitive Landscape
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.
Key Budget Hotels Market Trend
The budget hotel market is seeing a rise in the integration of large language model technology to improve customer service and operational efficiency. This advanced AI technology allows for human-like interactions and personalization. In June 2023, Booking Holdings Inc. launched a new AI Trip Planner that features a conversational interface, enabling travelers to receive personalized recommendations and create detailed itineraries with ease, thus enhancing the booking experience.
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Budget Hotels Market Segmentation
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
By Geography:The regions covered in the budget hotels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the budget hotels market in 2023.
The Budget Hotels Global Market Report 2024 furnishes information about the global budget hotels market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
