Skift Take
The composition of the European accommodations sector has drastically changed over the last decade with short-term rentals gaining a substantial share. The next few years will be very crucial in shaping the sector in the region with respect to market dynamics.
Skift Research estimates that the accommodations sector in Europe generated revenues of €238 billion ($251 billion US) in 2019. As a result of the pandemic, we estimate that the European accommodation sector suffered 45 percent year-over-year revenue decline in 2020 to €130 billion ($137 billion). The sector grew 14.5 percent to €149 billion ($157 billion) in sales in 2021 and we expect it to grow another 15.6 percent to reach €172 billion ($181 billion) in 2022, still 28 percent less th