Traveling and hotels are one of the largest industries in the world, generating over $250 billion annually. This industry is driven by the growth of globalization, digitalization and sustainability. Travel and tourism also faces challenges such as the coronavirus pandemic, the rise of experiential travel and a growing demand for greener accommodation options.

Travel provides many health benefits for people, including a healthy lifestyle and increased mental well-being. In addition, traveling gives people the opportunity to meet new and interesting people from different cultures and viewpoints. This can help them improve their communication skills and expand their social circle. Travel can also be beneficial for businesses and can increase their productivity.

The travel industry is constantly evolving. Consumer trends include increasing interest in experiences, a greater focus on sustainability and a softer distinction between business and leisure travel. For example, travelers are increasingly willing to spend more time in less-visited destinations, and the hotel industry is responding with an emphasis on amenities that cater to this trend, such as wellness suites and rooftop restaurants and bars.

Additionally, consumers are gravitating toward non-hotel lodgings, such as private rentals and bed and breakfasts, as they seek meaningful experiences and value flexibility. In contrast, hotels continue to offer better value than most Airbnb properties and typically have more flexible cancellation policies, making them a solid choice for those looking for the best bang for their buck. Travelers should keep in mind that if they want to save money on hotels, it’s best to book in advance and to research the price of rooms during a city’s off-season or shoulder period.