Research and Markets: United Kingdom Hotels Market Update 2015

DUBLIN--()--Research and Markets (http://www.researchandmarkets.com/research/n8r74q/hotels_market) has announced the addition of the "Hotels Market Update 2015" report to their offering.

It is expected that, in 2014, the UK market for hotels and similar accommodation grew in value by 6.5%, on the back of similarly robust annual growth between 2010 and 2013. As such, over the 5-year review period, it is estimated that the UK market grew by 26.6%.

The overall market for hotels in the UK is considerably strengthened by the performance of the sector in London, with the UK's capital typically experiencing more favourable rates of occupancy than non-London hotels and commanding far greater prices than the rest of the country, thus enabling greater revenue per room. The UK market has seen domestic tourism grow in popularity, a sector that was boosted by the 2008/2009 recession and has endured in popularity. In addition, visits from overseas residents have risen in recent years, following on from a considerable drop during the global economic downturn. Hotels have also benefited from an upturn in corporate business travel budgets, with domestic business travel expenditure rising by 16.5% between 2010 and 2014, while over the same period inbound business travel expenditure among overseas residents in the UK grew by 27%.

The market for hotels does, however, face competition within the wider accommodation sector, for instance from camping grounds, recreational vehicle parks and trailer parks, in addition to other holiday and short-stay accommodation providers. For instance, as demonstrated in the 2013 Annual Business Survey, within the overall accommodation industry in the UK, hotels and similar accommodation saw their market share decline from 79% in 2009 to 76.2% in 2011, before rising to 78.4% in 2013. In addition, VAT for hotel accommodation in the UK remains well above other competitor countries such as France, Spain and Italy, all of which operate reduced rates from their headline VAT rate, while the UK continues to apply the full rate.

Looking forwards, growth in the UK market for hotels and similar accommodation will range between 5.1% and 5.5% between 2015 and 2019, with overall growth of 22.8% between those years. The sector is anticipated to perform strongly as economic recovery becomes more entrenched, encouraging greater levels of domestic consumption, as well as allowing for larger corporate business travel budgets. In addition, overseas visits from foreign residents are expected to remain strong as the UK - and in particular London - continues to remain a popular destination for global travel.

Key Topics Covered:

1. Foreword

2. Introduction and Definition

3. Executive Summary

4. What's KEY in the Market?

5. Market Size, Segmentation and Forecasts

6. Strengths, Weaknesses, Opportunities and Threats

7. PESTEL

8. Company Financials

9. Further Sources

10. Understanding Consumer Survey Data

For more information visit http://www.researchandmarkets.com/research/n8r74q/hotels_market

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Hotels

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Hotels