The film tourism market is projected to reach a valuation of US$ 206 Bn in 2022. Sales are projected to increase at a 11.0 % CAGR, with the market size reaching US$ 222.0 Bn by 2032.
In order to survive from covid-19, the hotel industry had to adopted several strategies during the epidemic. Consumers have changed their behaviour, and their expectations during their stay, making it more difficult to fulfil. Their health and safety is important to them much more so that the need to fulfil the safety standards and hygiene. Employers have had to prioritise health promotion to staff, ensuring they are immunized.
The hotel industry is dependent on tourism industry as a source of revenue, as ministries such as tourism, railways and civil aviation plays an important role in the tourism industry. The government has taken several initiatives to boost the hotel industry. In June of 2021, the Indian government proposed a scheme to provide 1-month free tourist visas to 5 lakh tourists until March 31, 2022. Many hope that this move can help revive the industry by luring visitors from around the world to India. This will benefit the hotel industry, thereby increasing off season reservations.
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Safety and hygiene have imposed organizational and economic challenges on the hospitality industry, forcing them to devise innovative ways of using their assets to open collateral revenue streams. They have now turned their focus toward enticing more domestic tourists, while some hotels have also implemented technology and redesigns to attract more business. The flow of international tourists is low, but domestic demand seems to be high, possibly due to the current economic slowdown
Key Takeaways from the Film Tourism Market Study:
- The North America and Europe regions hold a market share of ~28% and ~25% respectively.
- The Covid-19 pandemic had a 0.45% impact on the value of the Independent Lodgings sector.
- New Zealand, the USA, France, India, Japan, the UK, and Ireland are some of the most popular destinations for Independent Lodgings.
- Amenitiz is an all-in-one solution centralizing all the tools an independent hotelier needs to run his hotel and boost direct bookings.
- Online booking channels lead the charts in film tourism market booking channel segmentation.
“Customer satisfaction and a wide number of product offerings will be the key to have a large number of reservations and helps to increase the revenue.” – FMI Analyst said.
Impact of COVID-19
The COVID-19 pandemic has had a negative impact on the independent Lodgings market. The spread of the virus has put an end to world travel; Authorities around the world have implemented an embargo that has resulted in restrictions on movement of anything non-essential, including travel. The Independent Lodgings industry has been in serious trouble due to all these factors.
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Market players have taken this time to rethink their strategies and provide better services as the pandemic slows down. Following the downturn of the pandemic, the self-catering accommodation sector has seen a boom in tourism activity. Consumer demand slowly picked up, then rose sharply after restrictions were fully lifted. The pent-up demand for travel allows companies to instantly attract more consumers, improve the state of the market and put it on a growth path.
Who is winning?
By providing all-inclusive packages and sparing travellers from the trouble of navigating several channels for their excursions, the major players are able to keep their competitive advantage in the market. Government investments and initiatives are stimulating the market, and they have also assisted businesses in enhancing their service offerings.
The key players in the Independent Lodgings market are Karaman Group Hotel, Grand Palace Hotel Hannover, Central-Hotel Kaiserhof, Palace Hotel Tokyo, Sandy Lane Hotel, Hotel Hassler Roma.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global Independent Lodgings market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the Independent Lodgings market based on Hotel Type (Boutique, Luxury, Budget, Hostel, Design Hotel), By Booking Channel (Online Travel Agents, Traditional Agents, and Direct Booking), By Tourist Type (Domestic and International), By Tour Type (Independent Traveller, Package Traveler, and Tour Group), By Consumer Orientation (Men and Women), By Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, and 66- 75 Years) & Region – Forecast to 2017 – 2032.
The Independent Lodgings Sector by Category
By Type of Hotels:
- Boutique
- Luxury
- Budget
- Hostel
- Design Hotel
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveller
- Package Traveller
- Tour Group
By Consumer Orientation:
- Men
- Women
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
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