The Hospitality and Travel industries have been a raise for a long time. Economic growth in Asia along with ease of access to travel thanks to digital booking tools as helped it grow considerably.
Combined the travel and tourism industry accounts for over 10% of the world’s GDP – 30% of which is generated by Asia alone. In the U.S along these industries generated $1.6 trillion dollars in economic output. In 2018, there were 1.401 billion international tourist arrivals worldwide, with a growth of 5.4% as compared to 2017.
Hospitality Industry Stats
- In 2017, the travel and tourism industry in the US generated more than $1.6 trillion in economic output. This output represented 2.8% of the total gross domestic product.
- Additionally, in 2017, the gross booking and revenue were $799 billion. This is a significant growth compared to $556 billion posted in 2009. (Deloitte, 2019)
- To illustrate, all sectors of the travel industry grew by more than 4% CAGR from 2009 to 2017. (Deloitte, 2019)
- Besides, according to a hospitality report, 81% of travelers want greater digital customer service from hotel brands. (PWC, 2019)
- Also, the hospitality industry exports accounted for up to 11% of total US exports in 2017. Moreover, the industry exports accounted for 32% of total US services exports.
- Hospitality market data reveal that of all the sectors that make up the hospitality industry, airt travel, accommodation, and food services, contribute over 50% of the total output.
- Asia accounts for more than 30% of the global $1 trillion business travel sector.
- The travel and tourism sector is one of the fastest-growing industries, accounting for over 10% of the world’s GDP.
- Apparently, large chains lose 10% to15% of total revenue as commission paid to third-party booking services. On the other hand, small chains and small hotels pay between 18% and 22% of their revenue as commission to third-party services.
- The US needs $4.5 trillion to improve travel infrastructure by 2025 to prevent it from impacting GDP and job growth.
Important Hospitality Employment Stats
- Better still, at the height of the Great Recession, there were approximately 353,000 open positions in hospitality in the United States. As of 2018, the hospitality industry in the US had 1,139,000 job openings
- Consequently, to attract new employees, hospitality industry players are forced to increase wages. As a result, wages now account for 25% to 30% of the total revenue.
- More importantly, 10% of the total global workforce is employed by the tourism industry.
- Immigrants account for 13% of the total US population. However, immigrants account for 31% of the total workforce in hotels and lodgings in the US. (Deloitte, 2019)
- Also, between 12.3% and 23.7% of the total Uk hospitality industry employees are EU nationals.
|1||France||89.4 million||86.9 million||2.9||5.1|
|2||Spain||82.8 million||81.9 million||1.1||8.7|
|3||United States||79.6 million||76.9 million||3.5||0.7|
|4||China||62.9 million||60.7 million||3.6||2.5|
|5||Italy||62.1 million||58.2 million||6.7||11.2|
|6||Turkey||45.8 million||37.6 million||21.7||24.1|
|7||Mexico||41.4 million||39.3 million||5.5||12.0|
|8||Germany||38.9 million||37.5 million||3.8||5.2|
|9||Thailand||38.3 million||35.5 million||7.9||9.1|
|10||United Kingdom||36.3 million||37.6 million||3.5||5.1|
Largest Hotel Chains in the World
|4||InterContinental Hotels Group||5,070|
|7||Best Western Hotels||4,196|
|8||Jin Jiang International||3,090|
|11||Carlson Rezidor Hotel Group||1,112|
|13||La Quinta Inns and Suites||889|
|15||Hyatt Hotels Corporation||667|
Forbe’s List if Largest Airlines by Revenue as of January 2020
|1||Delta Air Lines||United States||44.9||4.1||61.8||38.1||89,000|
|2||American Airlines Group||United States||44.5||1.4||60.6||15.4||128,900|
|4||United Airlines||United States||41.9||2.3||50.6||23.3||92,000|
|5||Air France–KLM||France/ Netherlands||31.3||0.5||33.2||5.3||81,527|
|7||Southwest Airlines||United States||22.0||2.5||27.3||28.5||58,800|
|8||China Southern Airlines||China||21.7||0.5||36.0||14.8||100,831|
|9||All Nippon Airways||Japan||18.6||0.9||23.6||12.0||33,719|
|10||China Eastern Airlines||China||17.3||0.4||34.5||14.9||77,005|