Data reveals that although the global hotel industry is set to bounce back in 2022, it still remains some way away from returning to pre-pandemic health. Jenny Southan reports
The latest market outlook from IBIS World estimates that the market size of the global hotel sector is set to hit just over US$1 trillion in 2022.
This marks a 47 per cent year-on-year increase and the first positive movement since the start of the pandemic, which saw this market size decline by -39 per cent in 2020 and a further -22 per cent in 2021.
However, despite this expected uplift, the total global market value will still sit 30 per cent below the pre-pandemic level of US$1.5 trillion.
The data also shows that the number of hotels and resorts operating in the sector is set to climb by 19 per cent in 2022, although again, this remains marginally below 2019 levels having declined steadily during the pandemic.
Analysis by hotel booking platform Hoo also looked at the estimated revenue per hotel in the global sector based on market size (in US dollars) and the number of hotels operating within it.
Individual revenues fell -32 per cent in 2020 and by a further -17 per cent the following year to just US$1.28 million per hotel, the lowest level since 2021.
While Hoo estimates that this figure will climb by 24 per cent to US$1.59 milliom in 2022, it also remains -30 per cent below the pre-pandemic revenues seen in 2019.
Hoo co-founder, Adrian Murdock, says: “We seem to have finally turned a corner where pandemic travel uncertainty is concerned and there are high hopes that 2022 will be a far more settled year for the global travel industry.
“However, we’re unlikely to see a full return to health and the expectation is that the industry will remain below pre-pandemic performance levels well in to 2023.
“Regardless, many will simply be relieved that they are operational and welcoming holidaymakers back so that they can at least start to repair the damage done by Covid-19.”