Industry Analysis & Industry Trends
The Serviced Apartments industry has been the steadiest 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 industry revenue to increase by an annualised 2.3% to $3.0 billion.
While the Serviced Apartments industry is well 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. These factors have been driving Australian tourists overseas at the expense of the domestic tourism market... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Serviced Apartments industry is in the mature phase of its life cycle. While growth rates have been modest over the past five years, the industry’s fundamentals remain largely the same, supported by external growth opportunities. The majority of industry growth has been driven by the recovery of the global economy and strong tourism growth rates. Over the 10 years through 2019-20, IBISWorld expects industry value added to grow at an annualised rate of 2.0%, compared with GDP growth of 2.7% over the same period. While the industry grows, it is still expected to underperform the overall economy.
Growth in the number of international travellers, especially those from Asian markets, is expected to continue over the next five years... purchase to read more