Double-digit growth in the global hospitality sector, with Europe leading the way

According to new business intelligence data from Amadeus Demand360, global hotel occupancy rates until the end of August 2023 were on average 10% higher compared to 2022. For the fourth quarter of 2023, global occupancy data reveals that bookings are trending 11% ahead of 2022.

Global revenue per available room (RevPAR) has increased by an average of 17% this year to date, compared to the rates achieved in 2022. France is leading the way, with RevPAR standing 123% ahead of the global average. An increase in RevPAR was also recorded in June of the current year in France, with figures reaching $422, approximately 220% more than in the USA during the same month.

Occupancy rates in Europe have marginally surpassed the USA for the first time during 2023, with expectations of a strong final quarter where bookings are currently 20% higher than the global occupancy average for the fourth quarter.

Amadeus Demand360 data shows that hotels worldwide have positive outlooks. Traveler numbers continue to rise, occupancy rates are strong in most markets, and RevPAR continues to increase in key regions examined in the research: Latin America, Europe, the Middle East, and North America.

These key indicators fuel confidence and investments in the hospitality sector. Statista finds a total of 1,842 hotels opened in 2022, a number that researchers predict will increase to 2,480 global hotel openings in 2023 and 2,707 in 2024.

Europe Takes the Lead

For the first time, the European region is set to surpass the USA in terms of occupancy and RevPAR. Specifically, cities located near iconic cultural landmarks, such as Florence, Rome, and Athens, have seen strong occupancy rates during the summer, with a rising trend for the cooler months.

With the Rugby World Cup taking place in France and the Biyonse creating headlines with the Renaissance World Tour, the data reveals that cultural, sports, and music events may be the primary driver of bookings.

The article Double-digit growth in the global hospitality sector, with Europe leading the way first appeared in TravelDailyNews International.

Go to Source
Author: Vicky Karantzavelou