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Learn more16 pages, Sep 2017
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Hotels performed solidly in 2017, with current value sales growing by 2% to reach NOK13.7 billion. This performance was supported by robust growth in inbound arrivals to Norway, which helped to ensure that the overall room occupancy rate for hotels increased by one percentage point on 2016 to reach 55%. However, the increasingly influential role played by online intermediary sites in terms of booking activities served to intensify price competition. As a result, average room rates decreased for the second year in a row, which caused growth in hotels current value sales to slow.
Hotels value sales at constant 2017 prices are expected to grow at a CAGR of 1% over the forecast period to reach NOK14.2 billion in 2022. Budget hotels is expected to show the fastest development within this category, with constant value sales projected to grow at a CAGR of 1% to reach NOK1.4 billion in 2022. With the Norwegian krone expected to appreciate following a period of weakness, foreign tourists will find travel in Norway more expensive, which will encourage greater numbers to seek out cheaper lodging facilities such as budget hotels.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Lodging industry in Norway with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Lodging industry in Norway, our research will save you time and money while empowering you to make informed, profitable decisions.
The Lodging in Norway market research report includes:
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This industry report originates from Passport, our Travel And Tourism market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.