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