U.S. Hotels, Resorts And Cruise Lines Market Is Expected To Expand At A CAGR Of 9.3% From 2022 To 2030
U.S. Hotels, Resorts and Cruise Lines Industry Overview
The U.S. hotels, resorts, and cruise lines market size was valued at USD 218.50 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030. The growth in the tourism and travel business in the U.S. is driving the demand. In 2020, the hotel sector had its worst year on record, with historically low occupancy, enormous job losses, and hotel closures across the country. According to the American Hotel and Lodging Association, with travel demand remaining below normal, national and state predictions for 2022 show a slow return for the industry in terms of hotel occupancy in the U.S.
According to the Hotel Data Conference Global Edition 2021, hotel occupancy in Florida was among the highest in the country in 2021, exceeding the national average of 48.1%. As a result, hotel occupancy in the U.S. has been steadily increasing since late January 2021, when it reached a new epidemic high of 58.9%. Even after accounting for temporarily closed hotels due to the pandemic, the occupancy rate was 55.7%. Furthermore, according to the AHLA's state of the hotel industry 2021 report, leisure travel is projected to rebound first, with consumers confident about national vaccination distribution and their ability to travel again in 2021.
Gather more insights about the market drivers, restrains and growth of the U.S. Hotels, Resorts and Cruise Lines market
At the same time, business travel, which accounts for the majority of hotel revenue, has remained almost non-existent, though it picked up in the second half of 2021. During the forecast period, these factors are expected to drive the demand for hotels and resorts in the U.S. Furthermore, Carnival Corp, the world's largest cruise line, announced in June 2021, that the demand across its nine cruise lines is growing and that Americans are eager to get back on the ocean. The company reported that booking volumes for future cruises were 45% higher in the second quarter of 2021 than in the first quarter. It also stated that due to pent-up demand, pre-bookings for 2022 were greater than in 2019.
Whereas demand declined in the third quarter of 2021, the slowness is caused by delta variants of the virus, as well as older clients, including fully vaccinated passengers who are worried about COVID-19, and families impacted by cruise operators only taking fully vaccinated passengers over the age of 12. The pandemic forced hotels to reduce staff sizes and ask employees to take up new responsibilities. This has been difficult for urban hotels, which are key employers due to their greater average property size. As the urban and airport hotels have seen deplorably low occupancy rates that are well below the national average, a meaningful increase in hotel employment may not occur until group and business travel resumes in the coming years.
Furthermore, according to AHLA'S state of the hotel industry 2021 report, the number of jobs is expected to increase somewhat in 2022 compared to 2021, but overall direct hotel employees will be 184,092 fewer than in 2019. Moreover, it is unlikely that the industry will reach 2019 employment levels until at least 2023.
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U.S. Hotels, Resorts, And Cruise Lines Market Segmentation
Grand View Research has segmented the U.S. Hotels, Resorts, And Cruise Lines market based on type:
U.S. Hotels, Resorts & Cruise Lines Type Outlook (Revenue, USD Billion, 2017 - 2030)
- Hotel
- Resorts
- Cruise
Key Companies profiled:
Some prominent players operating in the U.S. hotels, resorts, and cruise lines market include:
- Marriott International, Inc.
- Wyndham Hotel Group, LLC.
- Hilton
- Choice Hotels International, Inc.
- IHG
- Best Western Hotels & Resorts.
- G6 Hospitality LLC.
- American Cruise Lines
- Carnival Corp
- AIDA Cruises
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