Travel Accommodation Market By 2035 To Reach $3144.7 Billion, as per AlliedMarket Research

Sunday, June 16, 2024

In 2023, the travel accommodation market was valued at $797.70 billion, and by
2035 is expected to reach $3144.7 billion, growing at a CAGR of 12.1% from 2024
to 2035.
Travel accommodation mentions different types of options available related to
lodging for people traveling away from their homes. It includes a wide array of
housing choices like motels, resorts, hotels, vacation rentals, bed and breakfasts,
hostels, campsites, and other types of provisional facilities related to lodging.
A good place to stay during their trips is the main purpose of travel
accommodation, whether it’s for business, leisure, or other purposes. These
housings provide varying levels of facilities and services to cater to different needs
and budgets related to travel.
The industry of travel accommodation includes a wide range of providers, starting
right from huge global hotel chains to small one, independent operators, and also
comprises traditional as well as alternate accommodation types, like vacation
rentals, home-sharing platforms with market trends related to lodging.
The change in consumer spending from products to experiences has perked up
demand in the market size of travel accommodation sector. As consumers give
importance to inspiring experiences over material possessions, housing providers
are more and more providing exclusive and immersive staying opportunities.
Starting right from boutique hotels to themed housings, travelers look for lodging
that goes beyond conventional amenities, offering genuineness and opportunities
for meaningful engagement.

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