Press Releases

• Data from the U.S. Accommodation Barometer, co-produced by Booking Holdings and independent research partner Statista, reveals that 78% of U.S. accommodation providers are positive or very positive about the future economic situation of their business, with 62% also gauging their current economic situation favorably.
• Chain hotels are the most optimistic, reporting a more positive perception of their business compared to independent properties across all economic sentiment indicators, with 46% intending to increase investment in the coming months, compared to 26% of independent providers.
•  Online travel platforms remain an important part of today’s travel ecosystem, with two-thirds of independent lodgings using these platforms agreeing or strongly agreeing that these tools help them compete with chain-affiliated hotels.

NORWALK, Conn., August 6, 2024 – Following the post-pandemic travel rebound, U.S. accommodation providers are experiencing a sense of economic optimism, with new research showing that 78% of hoteliers and vacation rental operators across the country are positive or very positive about the future economic situation of their business. The U.S. Accommodation Barometer, published by Booking Holdings in partnership with Statista, also finds that 62% of survey respondents gauge their current economic situation favorably.

Indicative of the travel industry’s enduring resilience, global tourism spending outpaced GDP growth seven to one in 2023 according to Tourism Economics¹, while amid the peak U.S. summer travel season, the U.S. Accommodation Barometer finds that over two thirds of hoteliers and vacation rental operators across the country report rising trends in room and occupancy rates, and a robust appetite for investment in their accommodation business.

A Dynamic and Evolving Lodging Landscape

However, the Barometer also surfaced differing insights when it comes to the dynamics between different types of accommodations’ economic outlooks, with chain hotels being the most optimistic with respect to average daily rates, with 63% of chains reporting an increase in the past six months compared to 52% of independent properties, as well as occupancy rates, with 65% of chains reporting an increase compared to 56% of independents. The largest delta between chains and independents was in their respective investment plans over the next six months, with 46% of chains reporting they will invest more than the last six months, and just 26% of independents saying the same.

Independent hotels in particular face structural challenges given the significant consolidation that the accommodations space has undergone in recent decades, with the share of independently owned hotels dropping from two-thirds in 1990 to just 28% in 2022². In addition to promoting their own direct channels, these independents look to partner with multiple online travel platforms to provide their properties global visibility, instant booking channels and cutting-edge technology. Two-thirds of independent lodgings using these platforms agreed or strongly agreed that these tools help them compete with chain-affiliated hotels.

Online Travel Platforms Offer Efficiency and Visibility

In addition to creating an environment where independent properties are better able to compete, the Barometer further found that online travel platforms are an important part of the travel ecosystem overall today, empowering properties large and small to boost global visibility, simplify the booking process, and help increase revenue by optimizing room rates and reducing unsold inventory. 90% of accommodation providers surveyed state they utilize online travel platforms (in a majority of cases, more than one) mainly to gain incremental bookings, simplify the booking process for customers and offer multilingual customer service.

Hopes High For Policy Priorities Across Accommodation Providers

U.S. accommodation providers also identified government as an important and impactful part of the travel ecosystem, with 63% of respondents stating that government policies, at the federal and state level, are important to their business. However again, the impact of policies is viewed more favorably by chain hotels, with 40% reporting expected positive effects, compared to 29% noting adverse impacts. Independent lodgings, on the other hand, are evenly split in their opinions with one-third finding policies beneficial, while another third see them as harmful.

Across the board, hoteliers are looking for the government to help drive a strong economy, with 60% citing macroeconomic stability among the top issues they would like to see prioritized by politicians and governments. Other top concerns highlighted by all respondents include better access to capital (76%), improved public transportation (73%), easing labor market constraints (68%) and upskilling programs for the industry workforce (63%). Continued collaboration between industry and government at all levels to address this breadth of issues, while mitigating any potential adverse impacts of regulation on smaller accommodations in particular, is undoubtedly critical to the wider success of the travel and tourism sector in the U.S.

To download the full 2024 U.S. Accommodation Barometer report and corresponding state-specific editions visit Statista’s website.

Methodology: The survey was conducted by Statista and took place between March 11th and April 26th, 2024 via telephone interviews. 800 executives and managers from the U.S. lodging sector participated in the survey. 100 respondents were interviewed from each of the six selected states: California, Colorado, Florida, Nevada, New York, and Texas. The rest of the U.S. was represented by 200 additional respondents.

Footnotes

1. WTM Global Travel Report, Tourism Economics, November 2023

2. Battle of the Midscales, Skift Research, August 2023