Global hospitality industry contains a broad group of businesses such as hotel industry, restaurants, theme parks, event planning, and many more that provides services to customer. Factors that were driving the hospitality industry before pandemic COVID-19 include increasing disposable income, new travel trends, increasing online business of travelling due to increased internet penetration and internet banking, web-presence of hotels & tourism directories and many more. The ever-expanding global tourism industry was one of the major factors driving the growth of the hospitality industry before the coronavirus outbreak. The number of international tourist arrivals had risen continuously over the past decades. As per the growth projection made by the World Tourism Organization (UNWTO), the number of tourist arrivals across the globe was expected to cross 1.5 billion by 2020. Key factors affecting the market after the pandemic include the decrease in tours and travels as most of the flights are getting canceled. The government all across the globe are cancelling the foreign visits and locking down most of the area which is one of the other major reasons behind the slowing down of hospitality industry.

The global hospitality industry report is segmented based on food and beverages, travel and tourist, lodging, and recreation. Travel and tourist segments along with the recreation segment are majorly declining due to the lockdowns happening across the world. The effect of COVID-19 on hospitality industry can be observed in all the regions including North America, Europe, Asia-Pacific, and Rest of the World. In the US, many hotels had reported a sudden increase in cancellations for both individual reservations and group events. Additionally, since the origin of the COVID-19 outbreak, many cities in the Asia Pacific are on complete lockdown, which is in turn restricting the growth of the hospitality industry.

Key companies of hospitality industry that are getting affected in the market include Burger King Corp., Choice Hotels International, Inc., Domino's Pizza, Inc., Expedia Group, Four Seasons Holdings Inc., InterContinental Hotels Group PLC, KFC Corp., Marriott International Inc., McDonald's Corp., Starbucks Corp., and Walt Disney Co/The. For instance, as per the business updates provided by Marriott International, the occupancy rate in the greater China lied near to 15% during March 2020. In other regions such as North America and Europe, the occupancy level lies below 25% during March 2020 which was around 70% during the same month a year ago.

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on the global hospitality industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behaviour and macro-economic factors. The report includes analysis of different regions and countries and the effect of COVID-19 on the hospitality industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the global hospitality industry.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global hospitality industry.
• Insights about market determinants which are stimulating the global hospitality industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.