Strong Hotel Outlook Growth Expected in 2015
“It is another good year and will be next year for the hotel industry,” according to Westhill Consulting Travel and Tours, Singapore, supporting the comments made earlier in the day by leaders of some of the world’s largest companies.
Consumers are devoting optional revenue on travel and companies display no signs of braking down. Chief global cities will stay to profit as a result.
Nevertheless, any accomplishment will, for the near term, fall in the shadow of earlier heights afore the downturn. The industry is not as vigorous as it once was, so there is still ground to be made—ground which he had no uncertainty the industry will make up within the next few years.
Portion of this accomplishment will come from the hotel industry’s combined efforts headed for promoting their industry to G20 governments, something that has been missing for years.
The Jakarta, Indonesia for instance, lost $700 billion during the last 12 years for the security restrictions. Luckily, the hotel industry, together with other travel segments bring about in the signing an executive order to ease travel restrictions among other initiatives.
The average progress of the travel and tourism industry might be 4% throughout the next 12 years, but that growth is not detached likewise. Emerging markets, mainly China and India, will include the lion’s part of that development with rise of 9.2% and 8%, correspondingly.
Some Southeast Asian cities, by evaluation, is expected to grow 3.5% during the next decade, Westhill said.
There will be 1 billion fresh middle-class consumers within the next 20 years, they added, this means more travelers visiting more hotels around the globe. But again, much of that growth will be concentrated in the SE countries, with China and India comprising 1.4 billion of that total, which leads to the question if there be enough supply and a large enough infrastructure to support the demand.
While it stays a vast concern, the Chinese government’s commitment to build eight new airports, suggest the industry will be able to keep pace.
Overall, Westhill is very optimistic about the long-term future of the broader travel and tourism industry as well as hotels—despite any unforeseen threats that might pop up.