The international hospitality industry at a glance
- The market size of the global travel market and hospitality industry for 2024 was $4,993 billion — an all-time high — and is expected to grow to over $6,000 billion in 2028. (TheBusinessResearchCompany).
- Asia Pacific is the largest market for hospitality in 2023, accounting for 42% of the global market (TheBusinessResearchCompany).
- In 2024, global business travel spending was forecasted to surpass a record $1.48 trillion. (Global Business Travel Association)
- Global tourism grew to 1.1 billion travelers worldwide between January and September 2024, up 11% from the same period in 2023. (UNWTO)
- Travel and tourism's direct contribution to global GDP was approximately $9.9 trillion USD in 2023, or around 9% of the global GDP (Statista).
- Total global download of travel apps will reach more than 2 billion in 2024, and revenue from global travel apps is around $180 million. (Sensor Tower)
Important accommodation and hotel industry statistics
- In 2023, the global hospitality market reached over $4.7 trillion dollars. (Statista)
- In 2023, Airbnb listings worldwide generated $73.3 billion in gross revenue, up 15.9% from 2023 (Business of Apps).
- 448 bookings were made on Airbnb during 2023. This is up significantly from 2022, when a total of 393 million bookings were made (Business of Apps).
- The hotel market in the United States for 2023 was valued at approximately 231.1 billion USD, compared to 2022’s valuation of 214.6 billion USD (Statista).
- Hilton Hotels & Resorts was the most valuable global hotel brand in 2023, with a brand value of nearly $12 billion (Statista).
- Marriott International was the leading hotel chain by total revenue in 2023, with over $24 billion in sales (Statista).
- Hotel occupancy rate by hotel rooms in May 2024 reached 65.7% in the US, up 1.5% from the previous year. (STR Data)
- 41% of US business travelers book hotels themselves through an unmoderated travel booking website vs. using a company solution. (Deloitte)
- The largest hotel company in the world, in number of properties, is Wyndham Hotel Group, with over 9,000 hotels as of 2023. Marriott International is the second-largest, with over 8,300 properties, and Choice Hotels International comes in third with over 7,400 hotels. (Statista)
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Air and transportation statistics 2025
- According to the Bureau of Transportation Services, in January 2024 there were 560,352 flights in the US, which is just about the same as January 2023, signalling a steady operation of US travel in recent years. (BTS)
- Total air passenger demand in October 2024 was up 7.1% in 2024 and total capacity was up 6.1% year-over-year. (IATA)
- In 2023, over 31 million passengers cruised on a major cruise line, up 7% from pre-pandemic numbers. The forecast for cruise capacity is expected to increase 10% by 2028, with more available rooms rising to meet increased demand. (CLIA)
- In 2024, 63% of American travelers said they were planning to take a road trip, with 67% also saying they planned to fly. (IPX)
- The global rail tourism market exceeded $290 billion in 2024, up 7.9% from 2023. (The Business Research Company)
The changing world of business travel
- The average US business trip costs $1,446 (TravelPerk).
- Despite business travelers typically making up just 12% of all flyers, they are twice as profitable to airlines since they are loyal and use frequent flier programs, buy amenities like extra legroom, and also book more flights with less notice (Time).
- 40% of employees say corporate travel is good for their personal and professional growth (TravelPerk).
- 62% of CEOs expect to increase their company’s travel budget this year (TravelPerk).
- Conferences, trade shows, and expos have played a major role in the growing demand for business travel. More than 60% of business travelers planned to attend at least one such event in 2024. (Deloitte)
- For every $1 spent on business travel arrangements, an average of $12.50 is estimated to be recuperated in revenue (TravelPerk).
- 94% of C-Suite leaders saw more employee engagement after in-person company social events (TravelPerk).
- Companies that increased their travel budgets to connect employees have a 29% lower employee turnover than companies who reduced their travel spend. (TravelPerk)
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Employment in hospitality companies is shifting
- There are more than 2.1 million hotel jobs in the US in 2023, up from previous years as demand increases. (Statista)
- According to the US Bureau of Labor Statistics, hospitality unemployment rates decreased from more than 15% in early 2021, to 6.2% in late 2024 (BLS).
- The hospitality, catering, and tourism industry accounts for approximately 3% of the total global workforce. (EHL Insights)
- By 2033, BLS forecasts that 1 in 8 new jobs added to the US economy will be in the tourism and hospitality sector — over 800,000 new hospitality jobs. (BLS)
Millennials & GenZ are an important demographic to pay attention to
- 84% of American Gen Z adults were planning leisure travel in 2024, with 49% planning international travel in 2024. Millennials are right behind them, with 77% saying they plan to travel and 29% planning to travel internationally. (WSU)
- 66% of millennials book their trips using a smartphone while 74% use their mobile for travel-related research (Condor Ferries).
- 21% of 25-35 year-old workers say business travel has helped their mental health and well-being in their professional life. (TravelPerk)
- Gen Z is spending an average of $11,766 on a vacation, while Millennials spend an average of $9,670 (Travel Agent Central).
- 97% of millennials will share their travel experience on social media (The Wandering RV).
- 23% of Gen Z travelers say they feel more productive at work after a trip for business or leisure (TravelPerk).
Ecotourism and sustainability are now a major concern for travelers
- In 2023, 76% of global travelers think that sustainability is vital, up 16% from 2021 data (GSTCouncil).
- However, 49% of travelers still believe sustainable options aren’t affordable enough (GSTCouncil).
- With more travelers interested in sustainable travel and eco-tourism, the ecotourism industry has now reached more than $172.4 billion dollars in 2024 (Statista).
- 78% of travelers want to stay in eco-friendly accommodation now, while 35% want energy-efficient options in accommodations, such as smart room thermostat controls. 40% of travelers want to travel outside of peak season to reduce impact, and 42% want to shop local when traveling to support local communities. (Avantio)
- Business travelers are also looking for more sustainable accommodation options, with almost half of corporate travel managers partnering with sustainable accommodation providers (Statista).
- 54% of travelers have chosen more sustainable transportation options when traveling in 2024 (GSTCouncil).
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How is the US hospitality industry doing?
- Domestic flights pricing within the US actually decreased in 2024, down about 9% when adjusted for inflation compared to the previous year (Travel Pulse).
- US total travel spending is forecast to $1.26 trillion by the end of 2025, up 2.6% from 2024 (US Travel Association).
- The total number of trips in 2025 is expected to reach 2.61 billion, an increase from 2.40 billion in 2019 (US Travel Association).
- Business trips are also expected to reach or exceed pre-pandemic levels in 2025, with a forecast of 492 million domestic business trips in 2025 (US Travel Association).
What about UK-specific hospitality stats and trends?
- The inbound tourism forecast for 2024 anticipated 38.7 million visits, an impressive 95% recovery compared to the levels in 2019. Inbound visits are expected to return to or surpass 2019 levels by early 2025. (Visit Britain)
- In 2024, inbound visitors were projected to spend £32.5 billion, surpassing 2019 levels by 114% in nominal terms. (Visit Britain)
- From September 2023 - September 2024, there were more than 130 million passenger arrivals to the UK, with 45% of those being non-British passengers. (UK Gov)
- In 2023, Brits enjoyed nearly 117 million overnight trips within the UK, up from just 45 million in 2021. (Wales Gov)
- In 2023, domestic travelers in the UK spent £31.2 billion on overnight trips around the UK. (Wales Gov)
- In 2023, there were 6.4 million visits to the UK for business reasons. (ONS)
The hospitality industry in recent years
- more online bookings and personalized experiences
- the importance of mobile accessibility
- the use of artificial intelligence to improve guest experiences
- more sustainable practices
- remote working possibilities and co-working spaces for bleisure travel
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