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Hospitality and Tourism

Market Research

Market Research: Your Compass for Navigating the Hospitality & Tourism Landscape

Market research is the process of gathering, analysing, and interpreting information about a target market, including customers, competitors, and industry trends. In the hospitality and tourism sector, this involves collecting data on traveler preferences, booking behaviours, demographics, and competitor strategies to inform business decisions and marketing efforts.

For hospitality and tourism students, understanding market research is crucial for several reasons:

  • Understanding Customer Needs: Market research helps identify and understand the needs, preferences, and behaviours of target customers (travellers, guests, visitors). This knowledge is essential for developing products and services (hotels, restaurants, tours, attractions) that meet customer demands and for crafting marketing messages that resonate with them.
  • Assessing Market Opportunities: Market research helps identify potential market opportunities, such as emerging trends (e.g., wellness tourism, sustainable travel), untapped customer segments (e.g., solo travellers, multigenerational families), or gaps in the market that a new product or service could fill.
  • Evaluating Competition: By analysing competitor strategies, strengths, and weaknesses, businesses can identify their unique selling points and develop strategies to differentiate themselves in the market.
  • Making Informed Decisions: Market research provides valuable data and insights that can inform a wide range of business decisions, from pricing and package design to marketing campaigns and customer service strategies.
  • Reducing Risk: By understanding the market landscape and potential risks (e.g., economic downturns, changing travel patterns), businesses can make more informed decisions and minimise the likelihood of costly mistakes.

Where to Find Market Research for Hospitality & Tourism:

  • Market Research Databases: The library subscribes to specialised databases like Marketline and Mintel, which provide comprehensive market reports, consumer insights, and industry analyses specifically for the hospitality and tourism sector. See the tabs up top for more about these databases.
  • Company Websites and Annual Reports: Many hospitality and tourism companies publish market research reports and data on their websites or in their annual reports. These can provide valuable insights into specific sectors and markets.
  • Government Agencies: Government agencies like VisitBritain, the Office for National Statistics (ONS), and the Department for Culture, Media, and Sport (DCMS) publish a wealth of tourism statistics and economic data that can be useful for market research.
  • Trade Associations: Industry-specific trade associations like UKHospitality and the World Travel & Tourism Council (WTTC) often conduct and publish market research reports for their members, providing valuable insights into industry trends and challenges.

Mintel: Your Key to Unlocking Hospitality & Tourism Trends

Mintel is a leading market research database that provides comprehensive insights into consumer behaviour, market trends, and competitive landscapes across various industries, including hospitality and tourism. It's a treasure trove of information for students and professionals looking to gain a deeper understanding of their target markets and make data-driven decisions.

What Mintel Contains for Hospitality & Tourism:

  • Market Reports: In-depth analysis of specific tourism markets, such as adventure tourism, luxury travel, or medical tourism, including market size, segmentation, growth forecasts, and key trends.
  • Consumer Insights: Detailed information on traveller preferences, booking behaviours, and spending patterns, obtained through extensive surveys and research.
  • Competitive Analysis: Profiles of key players in the hospitality and tourism industry, such as hotel chains, airlines, and tour operators, highlighting their strengths, weaknesses, and strategies.
  • Trend Reports: Analysis of emerging trends in travel and tourism, such as sustainable tourism, wellness travel, or experiential travel, and their potential impact on businesses and destinations.
  • Case Studies: Real-world examples of successful and unsuccessful hospitality and tourism initiatives, providing valuable lessons for students and professionals.

For Example, with Mintel You Could Research:

  • What are the most popular types of accommodations for different traveller segments (e.g., millennials, families, solo travellers)?
  • When are the peak travel seasons for various destinations, and how do traveller preferences vary throughout the year?
  • What are the emerging trends in food and beverage preferences among tourists, and how can hotels and restaurants adapt to these changing tastes?
  • How are technology and social media influencing traveller behavior and decision-making?
  • What are the key challenges and opportunities facing the sustainable tourism sector?

Mintel can provide you with the answers to these and many other questions, empowering you with the data and insights you need to make informed decisions and thrive in the dynamic world of hospitality and tourism.

We have a short video below, which will introduce you to the basics of using Mintel. You can also use the Mintel user guide available here - link

 

Marketline: Your Global Hospitality & Tourism Intelligence Hub

Marketline is a comprehensive online database that provides in-depth analysis and data on companies, industries, and countries worldwide, with a strong focus on the hospitality and tourism sector. It's a one-stop shop for students and professionals seeking a holistic understanding of the global industry landscape, enabling you to make informed decisions based on reliable data and expert analysis.

What Marketline Contains for Hospitality & Tourism:

  • Company Profiles: Detailed information on major players in the hospitality and tourism industry, such as hotel chains, airlines, cruise lines, tour operators, and online travel agencies (OTAs), including financials, SWOT analyses, and strategic insights.
  • Industry Reports: In-depth analysis of various sectors within hospitality and tourism, such as hotels, restaurants, attractions, and events, covering market size, segmentation, trends, and competitive landscapes.
  • Country Profiles: Comprehensive reports on countries popular with tourists, including PESTLE analyses (Political, Economic, Social, Technological, Legal, Environmental factors), tourism statistics, and infrastructure assessments.
  • Financial Deals: Data on mergers and acquisitions, investments, and partnerships within the hospitality and tourism industry, providing insights into market activity and trends.
  • Case Studies: Real-world examples of successful and unsuccessful hospitality and tourism ventures, offering valuable lessons for students and professionals.
  • News and Analysis: Up-to-date news and expert commentary on global developments in the hospitality and tourism industry, helping you stay informed about the latest trends, challenges, and opportunities.

You may want to download the Marketline user guide to give you some direction when you first start using Marketline - link - or watch some of the Marketline guidance videos - link.

We also have a short video showing the basics of using Marketline available to watch below.

 

ProQuest One Business: Your All-in-One Hospitality & Tourism Research Solution

ProQuest One Business is a comprehensive database designed to streamline your research process across various industries, including hospitality and tourism. It's a one-stop shop for a wide range of information, providing a wealth of resources for students, researchers, and professionals in the field.

What ProQuest One Business Contains for Hospitality & Tourism:

  • Scholarly Journals: Access to a vast collection of peer-reviewed academic journals covering all aspects of hospitality and tourism, including hotel management, tourism marketing, sustainable tourism, event management, and food and beverage operations.
  • Company Reports: In-depth profiles of major players in the industry, such as hotel chains, airlines, cruise lines, tour operators, and online travel agencies (OTAs), including financials, SWOT analyses, and competitor information.
  • Industry Reports: Comprehensive analysis of various sectors within hospitality and tourism, such as hotels, restaurants, attractions, and events, providing insights into market size, trends, and competitive landscapes.
  • News Articles: Access to current news from major business publications with a focus on hospitality and tourism, like Adweek, Hotel Management, and TravelBiz Monitor‎.
  • E-books: A collection of e-books covering a wide range of hospitality and tourism topics, from hotel management strategies to sustainable tourism practices.
  • Dissertations and Theses: Access to large collection of dissertations and theses on hospitality and tourism topics, providing in-depth research and analysis.

ProQuest One Business is a valuable resource for anyone studying or working in the hospitality and tourism industry, providing access to a diverse range of credible and up-to-date information to support your research and decision-making.

Gale Business Insights: Your Compass for Navigating the Hospitality & Tourism Industry

Gale Business Insights is a powerful research database that offers comprehensive information on companies, industries, and markets worldwide, including a significant focus on the hospitality and tourism sector. It's a one-stop shop for students and professionals seeking to understand the global industry landscape, analyse trends, and make informed decisions.

What Gale Business Insights Offers for Hospitality & Tourism:

  • Company Profiles: Detailed information on major players in the industry, such as hotel chains, airlines, cruise lines, tour operators, and online travel agencies (OTAs), including financials, SWOT analyses, company histories, and key executives.
  • Industry Reports: In-depth analysis of various sectors within hospitality and tourism, such as hotels, restaurants, attractions, events, and transportation, covering market size, segmentation, trends, challenges, and opportunities.
  • Country Reports: Comprehensive reports on countries popular with tourists, including economic overviews, political landscapes, cultural insights, and tourism statistics.
  • Market Share Reports: Data on the market share of key players in various hospitality and tourism segments, helping you understand the competitive landscape and identify potential opportunities.
  • SWOT Analyses: Strengths, Weaknesses, Opportunities, and Threats (SWOT) analyses of major companies and industries, providing a comprehensive overview of their current situation and future prospects.
  • Case Studies: Real-world examples of successful and innovative practices in hospitality and tourism, offering valuable lessons and inspiration.
  • News and Articles: Up-to-date news and articles from a variety of sources, including trade publications, newspapers, and magazines, keeping you informed about the latest industry developments.

Whether you're researching a specific company, analysing market trends, or developing a business plan, Gale Business Insights is a powerful tool that can help you succeed in the dynamic and ever-changing world of hospitality and tourism.

Statista: Your Gateway to Global Hospitality & Tourism Data

Statista is a leading provider of market and consumer data, offering a vast collection of statistics and insights across various industries, including hospitality and tourism. It's a one-stop shop for students and professionals seeking to understand market trends, consumer behavior, and competitive landscapes in this dynamic sector.

What Statista Contains for Hospitality & Tourism:

  • Market Data: Comprehensive statistics on market sizes, forecasts, and trends across various segments of the hospitality and tourism industry, such as hotels, restaurants, airlines, cruise lines, and attractions, covering both global and regional markets. This data can help you identify market opportunities, assess growth potential, and understand traveller preferences.
  • Consumer Insights: Detailed information on traveller behaviour, demographics, and opinions, derived from surveys and research studies specific to the hospitality and tourism sector. This could include data on travel motivations, booking channels, spending habits, and satisfaction levels.
  • Industry Reports: In-depth analysis of specific sectors within hospitality and tourism, such as luxury hotels, budget accommodations, adventure tourism, or culinary tourism, including market trends, competitive landscapes, and key players.
  • Company Data: Information on the financial performance, market share, and key executives of major hospitality and tourism companies. This can be useful for company research, competitor analysis, or benchmarking your own business.
  • Digital Market Outlook: A comprehensive overview of the digital landscape in hospitality and tourism, including online booking trends, social media usage, and the impact of technology on traveller behaviour.

With Statista, you can explore a wealth of data and insights to inform your research, decision-making, and strategic planning in the hospitality and tourism industry. Whether you're analysing market trends, understanding consumer preferences, or evaluating competitor strategies, Statista provides you with the reliable information you need to succeed.