Global Bed and Breakfast Accommodation Market 2024: Trends, Growth Drivers, and Future Forecast

"The Business Research Company recently released a comprehensive report on the Global Bed And Breakfast Accommodation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The bed and breakfast accommodation market size has grown strongly in recent years. It will grow from $30.71 billion in 2023 to $32.30 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to steady expansion from budget-focused accommodations, platforms encapsulated a sizable share of budget accommodation clientele, principally targeting consumers aspiring for a more localized travel experience, rise in the demand and expansion of bed and breakfast accommodations, expanding middle class with rising disposable money.

The bed and breakfast accommodation market size is expected to see strong growth in the next few years. It will grow to $39.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to the growing demand for unusual and genuine travel experiences, the rise in domestic and regional tourism, increasing tourism, the rising popularity of eco-friendly and sustainable travel, and the growing demand for experiential travel. Major trends in the forecast period include implementing new health and safety measures, contactless check-in, enhanced cleaning protocols, social distancing measures, and innovative services.

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Market Drivers and Trends:

The increasing tourism is expected to propel the growth of the bed and breakfast accommodation market going forward. Tourism is the activity of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes, usually for a limited period of time. Tourism is expanding due to rising disposable incomes, increased global connectivity, greater accessibility of travel information, and a growing desire for unique cultural experiences and leisure activities. Bed and breakfast accommodations enhance tourism by offering personalized, unique lodging experiences that attract travelers seeking local charm and hospitality. For instance, in July 2022, according to the International Trade Administration, a US-based intergovernmental organization, the total non-resident international visitor flow to the United States increased to 5,210,752, which has increased by 160.8% compared to July 2021. Therefore, increasing tourism is driving the growth of the bed and breakfast accommodation market.

Major companies operating in the bed and breakfast accommodation market are focusing on developing innovative services, such as express start breakfast, to gain a competitive edge in the market. Express Start Breakfast is a hotel breakfast service offering a quick and convenient meal with a variety of hot and cold options, designed for guests to enjoy a satisfying breakfast on the go. For instance, in April 2023, InterContinental Hotels Group, a UK-based hospitality company, launched Holiday Inn Express Riyadh, which will be the first Holiday Inn Express in Saudi Arabia. The hotel will feature modern room designs equipped with smart technology, including smart TVs and high-speed WiFi, enhancing the overall guest experience. The complimentary Express Start Breakfast will provide a flexible food and beverage experience, catering to the needs of modern travelers. The hotel is designed to deliver a hassle-free and efficient stay, with features such as speedy check-in and amenities such as power showers ensuring guests can recharge quickly.

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Major Key Players of the Market:

Marriott International Inc., MGM Resorts International, Radisson Blu Hotels, Rosewood Hotels and Resorts, Hilton Worldwide Holdings, Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, AccorHotels, InterContinental Hotels Group, Best Western International, Shangri-La Hotels, Choice Hotels International, Wyndham Hotels & Resorts, Red Roof Inn, B&B Hotels, The Leading Hotels of the World, Comfort Inn, Relais & Châteaux, Travelodge Hotels, La Quinta Inns & Suites, Quality Inn, Econo Lodge, Microtel Inn & Suites, Knights Inn

Bed And Breakfast Accommodation Market 2024 Key Insights:

• The bed and breakfast accommodation market is expected to grow to $39.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Increasing Tourism Bringing The Growth Of The Bed And Breakfast Accommodation Market
• Innovations And Competitive Strategies 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.

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