How did the serviced apartments industry change over the past few years

When we consider the past few years in the hospitality business, 2020 definitely stands out. Unfortunately, not for great reasons. It was undeniably the worst crisis we have experienced in a generation. But, it looks like we got out of there only stronger. In this article we would like to highlight what exactly the pandemic has changed in our sector and what general changes the last years have brought into this industry.

Demand for social distancing, flexibility, independence and control

… is broadening the appeal of serviced apartments among both corporate and private travelers. Additional space, fewer communal areas, keyless entry, online check-in, minimal guest and staff interaction and productive work spaces are just some of the aspects of serviced apartments which have gained major popularity in the COVID-19 era.

Self check-in serviced apartments

“Home away from home” feeling

The serviced apartments sector is quickly responding to changes in guest behavior, underpinned by wellbeing and duty of care. Apartments are evolving from simply “an apartment” to a space that creates a superior home experience, a place in which you can relax, improve your well-being and productivity. Overall, the demands of clients have changed tremendously. They are looking for more safety, security and comfort. Serviced apartments with the typically fully equipped kitchens, spacious living areas and considerable amount of space, guests really feel “at home”, even while potentially quarantining.  They also ensure greater social distancing and less staff contact.

Relaxing at a serviced apartment

Business travel & bleisure are booming

The global business travel industry will be worth nearly US$1.7 trillion by 2023, compared to $1.3 trillion in 2017. Bleisure is booming too – many travelers work while on holidays, so more people mix business travel with leisure. Greater connectivity, new talent models and cognitive tools are transforming the work market as well as many organizations offer flexibility when it comes to working location.

Travelers keener than ever to use serviced apartments

According to GSAIR survey (found in The Global Serviced Apartments Industry Report 2020-2021), travel buyers, relocation managers and their agents are more likely than ever to use serviced apartments. On average they spend 10% of their total accommodation budgets on extended stay products.

Busness travel

Improved performance of serviced apartments

Despite economic uncertainty, corporate use of serviced apartments and agency bookings’ continuous growth can be observed in the entire sector, for example when it comes to number of destinations offered. Serviced apartments continue to solidify themselves as a viable offering within the broader accommodations landscape.

If you are looking for a serviced apartment for your next trip, make sure to check out visionapartments.com to find your tailored accommodation.

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