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The North America Hospitality & Tourism Sectors : A Company and Industry Analysis (April 2006)
Mergent, April 2006, Pages: 32
This report looks at the tourism and hospitality industry across North America, with a special focus on the US and Canada
Current Environment - Key Points
- The US hospitality and tourism industry is likely to continue to report solid performances in 2006 after a turbulent year in which concerns over terrorism and three major hurricanes disturbed travel patterns
- In the second half of 2005, there was significant improvement in the hotel industry, largely as a result of higher numbers of visitors to the US and the increased demand for lodging
- Mergers and acquisitions in the US hotel sector are likely to pick up in 2006 on the back of record industry profits and growing private equity fund interest
- The Canadian hospitality and tourism industry is expecting solid progress in 2006, as consumer spending, driven by solid employment growth, wage gains and low financing rates, keeps the industry strong
- However, the Hotel Association of Canada (HAC) has warned a drop in tourism could be likely in 2007 and 2008 as a result of new US travel security measures which could reduce the number of US visitors to Canada
- In the second half of 2005, most Canadian hotel operators reported higher occupancy and improved revenue per available room (RevPAR), resulting in solid financial performances and higher share prices
Industry Profile - Key Points
- The hospitality and tourism industry is an important generator of jobs in the US, providing to one in every 8.4 jobs, according to the World Travel and Tourism Council (WTTC)
- Tourism is a big industry in the US and generates $600 billion in sales annually
The US tourism industry pays $99.5 billion in federal, state and local taxes
- The US restaurant industry remains the country's leading job creator and employs 12.5 million individuals in 925,000 locations, according to Bureau of Labor Statistics figures
- Canadian tourism is a labor-intensive service industry, where total employment directly related to tourism was more than 563,500 jobs, according to statistics provided by the Canadian Tourism Commission (CTC)
- Over the past six months, the North American business travel environment has been strong
The CTC estimated that about 34% of Canadian and US business travelers took more business trips in 2005
Market Trends and Outlook - Key Points
- Luxury hotel spas and spa resorts have seen exponential growth in the past decade, mainly due to significant customer demand and the fact that margins on spa operations are among the largest in the US hotel industry
- Most of the US leading hotel owners are pouring big money into innovations such as flat-screen televisions, pillow-top beds, spa bath products and wireless internet
- The US travel industry is in a recovery mode and the internet is likely to continue to be an important channel for the industry, its destinations and consumers
- The outlook for the US hospitality and tourism industry is likely to be positive
Travel Industry Association of America (TIA) projects that travelers to US destinations will spend 4.5% more in 2006
- In Canada, online gaming or video lottery terminals have created explosive growth and the number of Canadians gambling online in surging, becoming one of the most important new trends in the entertainment industry
- The outlook for Canada's industry remains positive, with industry earnings increasing by 6% in 2005 and expected to improve by a further 5% in 2006, due to continued growth in demand and rates
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