LONDON--(BUSINESS WIRE)--The latest Technavio report on the hotels and accommodation market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio’s category spend intelligence researchers define an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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The top five emerging trends driving the hotels and accommodation market are as a follows:
- Implementation of technology to enhance customer experience
- Increase in adoption of sustainable practices
- Profiling of individual travelers to personalize services
- Rise in the number of last minute bookings
- Increased focus on health and wellness programs
Additional Technavio Insights: How the Hotel and Accommodations Market is Changing
Implementation of technology to enhance customer experience
Hoteliers are increasingly adopting mobile-based technology to manage guest cycle and enhance customer experience. In fact, several large hotels provide travelers or guests with customer-facing mobile apps to reward loyalty, manage pre-arrival check-in services, and provide location-specific offers. For instance, Starwood provides a Bluetooth-enabled smartphone application called SPG, which facilitates keyless check-ins.
Increase in adoption of sustainable practices
“Increased adoption of green technology is becoming a standard for international hotel brands. These initiatives support sustainability measures of large organizations and aid in their efforts toward being environmentally responsible,” says Angad Singh, a category specialist at Technavio.
For instance, Le Centre Sheraton Montreal adopted ozone laundry systems, which reduced their laundry expenses by around 70%, as well as the usage of water and detergents in the laundering process.
Profiling of individual travelers to personalize services
Service providers are adopting analytics to profile customers and business travelers through information available online or on the social media. This allows them to provide personalized services to enhance customer experience. For instance, IHG implemented social media analytics to understand customer preferences and provide personalized services.
Rise in the number of last minute bookings
The hotels and accommodation market is witnessing a rise in the number of last-minute travelers owing to the need to address cross-border technological, operational, and economic challenges faced by businesses. Based on the study carried out by the market research analysts, last-minute travelers accounted for about 44% of all business travelers in the US in 2015.
Mobile applications such as Hotel Tonight provide last-minute deals at a very attractive prices, allowing buyers to control costs on business trips.
Increased focus on health and wellness programs
With chaotic lifestyle and busy work schedule taking a toll on an individuals’ life, a growing trend towards health and wellness is seen across the globe. Apart from leisure and recreation, travelers also look at ways to travel fit and healthy. Suppliers are now establishing partnerships with food vendors to provide healthy options to business travelers, based on individual preferences.
For instance, Marriott O’Hare in Chicago partnered with Farmer’s Fridge to introduce a vending machine that replaced soda, candy bars, and ice cream with detox salads, quinoa, Greek yogurt, berries, and honey.
Top five suppliers in the hotels and accommodation market:
- InterContinental Hotels and Resorts
- JW Marriott
- Hilton Hotels and Resorts
- Starwood Hotels and Resorts
- Hyatt Hotels and Resorts
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