US Hotels and Accommodations Market Report 2024
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On its face, the US hotel industry is doing well. However, there are factors beneath the surface that cause concern. For one, high prices have led travelers to change the types of hotels they stay in, with a notable share of Midscale’s traffic going to the Economy tier. Moreover, occupancy has stagnated, meaning hotels need to persuade more guests to stay.
STRs (short-term rentals) still compete with hotels, though their market may be shifting toward travelers with more specific needs. STRs compare favorably to hotels in the privacy and space they offer, making them a good option for group travel. However, as financial situations improve, travelers may be more interested in lodging that provides amenities (and loyalty rewards), leaving some STRs at a disadvantage.
While brands look to AI to address inefficiencies behind the scenes, guests would rather it stay there, preferring human interaction whenever possible. In fact, sentiment around lodging can be viewed through a lens of celebrating humans. They show concern for how STRs affect destinations, have faith in concierges’ ability to provide pertinent travel information and even look to hotels near where they live as gathering places for social events.
To navigate improving economic conditions and travelers' evolving priorities, lodging brands must connect their offerings with guests' specific needs.
Mike Gallinari, Senior Travel & Leisure Analyst
For the purposes of this Report, Mintel has used the following definitions:
Travelers:Â adults aged 18+ who have taken an overnight trip in the last 12 months and have stayed in either a hotel or non-hotel paid accommodation at least once.
Hotel: includes hotels, motels, independent hotels/boutiques, chain boutiques (“soft brands”) and casino hotels. In the consumer survey, hotels were divided into economy, midscale, upscale, upper upscale and luxury.
Hotel alternative: includes full-building home rentals, short-term apartment rentals and homeshares.
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