Budget Hotels Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Budget Hotels 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.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Budget Hotels Market 2024 Key Insights:

• 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%.
• Rising Travel And Tourism Drives Growth In The Budget Hotels Market
• Integrating Technology In Budget Hotels Enhance Customer Service and Operational Efficiency
• North America was the largest region in the budget hotels market in 2023

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