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. However, the Serviced Apartments industry has gained market share and grown revenue in all but one of the past 10 years. In the five years through 2013-14, IBISWorld expects revenue will increase by an annualised 3.1% to $3.0 billion.
While the Serviced Apartment industry is strongly placed among accommodation competitors, the industry has battled a strong Australian dollar and cheap international airfares for much of the past five years... 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 (with one year of declining revenue in 2008-09), 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 2018-19, IBISWorld expects industry value added to grow at an annualised rate of 2.1%, compared with GDP growth of 2.5% 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 from Asian markets, is expected to continue over the next five years... purchase to read more