The extended stay hotels market is estimated at USD 48.60 billion in 2022 and is projected to reach USD 132.40 billion by 2032, at a CAGR of 19.60% from 2022 to 2032.
The tourism industry is flourishing and making progress over a decade. Accommodation is one of the prominent factor in tourism industry. With rise in growth of tourism participants there is a rise in scarcity of tourist accommodation. Hence the hospitality industry has come up with modes of accommodation such as poshtels, hostels, rotels, boutique hotels etc. with an aim to serve every type of tourist. Extended stay is one of the modes of accommodation in tourism industry where a traveller is allowed to rent an apartment for his accommodation.
The apartment includes all sort of amenities and allow the user to perform all household activities such as cleaning, washing, etc. It has a dedicated kitchen that allow traveller to cook food of its own. The travellers can stay as long as they want and can checkout whenever they feel. Nowadays the extended stay hotels are compact and custom designed with modular kitchen, designer furniture and amenities. The infrastructure is eco-friendlier and are based on themes. The user is allowed to stay for days, months or years. Lastly the extended stay hotels are affordable in respect to long term accommodation. Therefore, it attracts and encourage travellers to book extended stay hotels for a long term.
Get Sample of the Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-3623
Key Takeaways from the Extended Stay Hotel Market Study
- In case of tourist type there will be high number of international tourist as well as domestic tourist to opt for extended stay hotel market. The international tourist and domestic travels travel for work, leisure and study purpose and extended stay hotels provide them a liberty to stay in their natural habitat and well-being the way they leave in their respective homes.
- In case of room range type there can be a high demand for economic rooms and moderate demand for medium rooms the reason being the economic rooms are highly affordable but middle range rooms are bit costlier than economic rooms but with more amenities and comfort whereas there will be least demand for luxury range rooms as they are as equal as hotel rooms with multiple amenities and additional kitchen but a lot costlier.
Impact of COVID-19 on the Market
Covid 19 had a massive impact on tourism industry and there was a worst fall of business and potential customers in hospitality industry. Due lack of opportunities and lack of demand in hospitality industry many hotels faced a tremendous loss whereas in post covid situations hotels continued to face lack of business due to the precautionary measures abide by government in various regions and the fear of getting infected discouraged the travellers to move in to the hotels.
Meanwhile it is expected in post pandemic situation the extended stay hotels will have a sustainable growth. The fundamentals of extended stay hotels allow travellers to stay comfortable like staying at home without any risky of getting infected by covid disease. Apart from this the extended stay hotel are budget friendly than hotels with limited restriction. Hence in post covid pandemic extended stay hotels will be a vital support for hospitality industry.
Use promo code ->> FMITODAY to get flat 20% discount
Who is winning?
Leading manufacturers of extended stay hotels market are focused on promotional strategies to acquire new customers, upgradations and technological development to provide better experience, and new merger strategies to improve efficiency have driven sales growth of extended stay hotels market globally.
Major players present in the extended stay hotels market are Hilton Worldwide, Hyatt Hotel, Choice Hotels International, Intercontinental Hotels Group (IHG), Marriot International, Wyndham Hotel Group, Holiday Inn, Extended Stay America, Candlewood Suits, Oyo Rooms, are among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global extended stay hotels market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the extended stay hotels market based on the Room Range Type (Economic Range, Middle Range, Luxury Range) End User (Travellers, Corporate Professionals, Management Trainees, Students) Stay Duration (Long Terms, Monthly, Weekly, Daily) Booking Channel (Online Booking, Phone Booking & In Person Booking) Tourist Type (Domestic & International) Consumer Orientation (Men, Women & Children) Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, 66-75 Years) across seven major regions.
View Full Report @
https://www.futuremarketinsights.com/reports/extended-stay-hotel-sector-overview
Global Extended Stay Hotels Market by Category
By Room Range Types, Global Extended Stay Hotels Market is segmented as:
- Economic Range
- Middle Range
- Luxury Range
By End User, Global Extended Stay Hotels Market is segmented as:
- Travellers
- Corporate Professionals
- Management Trainees
- Students
By Stay Duration, Global Extended Stay Hotels Market is segmented as:
- Long Term
- Monthly
- Weekly
- Daily
By Booking Channel, Global Extended Stay Hotels Market is segmented as:
- Online Booking
- In-Person Booking
- Phone Booking
By Tourist Type, Global Extended Stay Hotels Market is segmented as:
- Domestic
- International
By Consumer Orientation, Global Extended Stay Hotels Market is segmented as:
- Men
- Women
- Children
- Children
By Age Group, Global Extended Stay Hotels Market is segmented as:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 years
By Region, Global Extended Stay Hotels Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Ask Analyst @
https://www.futuremarketinsights.com/ask-question/rep-gb-3623
Explore FMI’s Extensive ongoing Coverage on Travel and Tourism Domain
Monaco Casino Tourism Market Outlook: The Monaco Casino Tourism Market is estimated at US$ 4,282 Million in 2022 and is projected to reach US$ 9681.5 Million by 2032, at a CAGR of 8.5% from 2022 to 2032
Italy Casino Tourism Market Share: The Italy Casino Tourism Market is estimated to reach US$ 4,913 Mn in 2022. As per the report, sales are forecast to increase at a robust 4.1% CAGR, with the market valuation reaching US$ 7,343 Mn by 2032
India Outbound Tourism Market Trends: India outbound tourism market is projected to reach US$ 15,163.4 Mn in 2022 and expand ta 11.4% CAGR between 2022 and 2032
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs
The post Benefits and Convenience of Extended Stay to Boost the Extended Stay Hotel Market: Report by Future Market Insights, Inc. appeared first on Future Market Insights.
