Research and Markets: United Kingdom Hotels Market Update 2015
March 05 2015 - 5:08AM
Business Wire
Research and Markets
(http://www.researchandmarkets.com/research/n8r74q/hotels_market)
has announced the addition of the "Hotels Market Update 2015"
report to their offering.
It is expected that, in 2014, the UK market for hotels and
similar accommodation grew in value by 6.5%, on the back of
similarly robust annual growth between 2010 and 2013. As such, over
the 5-year review period, it is estimated that the UK market grew
by 26.6%.
The overall market for hotels in the UK is considerably
strengthened by the performance of the sector in London, with the
UK's capital typically experiencing more favourable rates of
occupancy than non-London hotels and commanding far greater prices
than the rest of the country, thus enabling greater revenue per
room. The UK market has seen domestic tourism grow in popularity, a
sector that was boosted by the 2008/2009 recession and has endured
in popularity. In addition, visits from overseas residents have
risen in recent years, following on from a considerable drop during
the global economic downturn. Hotels have also benefited from an
upturn in corporate business travel budgets, with domestic business
travel expenditure rising by 16.5% between 2010 and 2014, while
over the same period inbound business travel expenditure among
overseas residents in the UK grew by 27%.
The market for hotels does, however, face competition within the
wider accommodation sector, for instance from camping grounds,
recreational vehicle parks and trailer parks, in addition to other
holiday and short-stay accommodation providers. For instance, as
demonstrated in the 2013 Annual Business Survey, within the overall
accommodation industry in the UK, hotels and similar accommodation
saw their market share decline from 79% in 2009 to 76.2% in 2011,
before rising to 78.4% in 2013. In addition, VAT for hotel
accommodation in the UK remains well above other competitor
countries such as France, Spain and Italy, all of which operate
reduced rates from their headline VAT rate, while the UK continues
to apply the full rate.
Looking forwards, growth in the UK market for hotels and similar
accommodation will range between 5.1% and 5.5% between 2015 and
2019, with overall growth of 22.8% between those years. The sector
is anticipated to perform strongly as economic recovery becomes
more entrenched, encouraging greater levels of domestic
consumption, as well as allowing for larger corporate business
travel budgets. In addition, overseas visits from foreign residents
are expected to remain strong as the UK - and in particular London
- continues to remain a popular destination for global travel.
Key Topics Covered:
1. Foreword
2. Introduction and Definition
3. Executive Summary
4. What's KEY in the Market?
5. Market Size, Segmentation and Forecasts
6. Strengths, Weaknesses, Opportunities and Threats
7. PESTEL
8. Company Financials
9. Further Sources
10. Understanding Consumer Survey Data
For more information visit
http://www.researchandmarkets.com/research/n8r74q/hotels_market
Research and MarketsLaura Wood, Senior
Managerpress@researchandmarkets.comFor E.S.T Office Hours Call
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Office Hours Call +353-1-416-8900U.S. Fax: 646-607-1907Fax (outside
U.S.): +353-1-481-1716Sector: Hotels