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Serviced Apartments in Australia: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Serviced Apartments Market Research Report | ANZSIC H4404 | Oct 2014

Home away from home: Demand from business travellers has offset reduced domestic tourism

IBISWorld’s Serviced Apartments market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 10-15
3.3%
Annual Growth 15-20
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Profit
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Employment
15,589
Businesses
631
Industry Analysis & Industry Trends

The Serviced Apartments industry has been the strongest performer in the Accommodation subdivision over the past decade. Other accommodation providers, including hotels and motels, have struggled in the wake of declining domestic tourism, a high Australian dollar and global economic uncertainty. In the five years through 2014-15, IBISWorld expects revenue will increase by an annualised 3.3% to $3.1 billion.

While the Serviced Apartments industry is strongly placed among accommodation service providers, it has had to contend with a strong Australian dollar and cheap international airfares for much of the past five years... purchase to read more

Industry Report - Industry Analysis Chapter

Since the early 2000s, the Serviced Apartments industry has grown rapidly. Demand was boosted as leisure and business travellers recognised the benefits of serviced apartments compared with hotels. Advantages such as greater space, the ability to self-cater and comparatively lower prices have appealed to travellers. On the supply side, investors, managers and franchisors have targeted serviced apartments as a growing market. Industry development was aided by favourable strata schemes and the relatively low development costs of serviced apartment complexes compared with traditional hotels. As a result, over the past five years, industry establishment numbers have increased... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Serviced Apartments Industry?

The Serviced Apartments industry comprises establishments that operate self-contained apartments for short-term (one to six nights), medium-term (seven nights to one month) and long-term (longer than one month) stays. Serviced apartments contain a kitchen or kitchenette and usually have separate lounge or dining facilities. Serviced apartments are generally cheaper than equivalent hotel rooms due to fewer complex facilities and fewer daily services provided.

Industry Products
Food and beverageOther star-rated accommodationFour-star accommodation
 
Industry Activities
Operating self-contained apartments Operating serviced apartments


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