The world of accommodation in the UK is constantly evolving with new providers popping up all the time claiming to offer unique areas to stay. This rise in ‘one-of-a-kind’ accommodation is posing a serious threat to the traditional hotel industry. However, the hotel is not dead yet, as many holidaymakers still choose them when booking a week or two away. Despite the resilience, could the serviced apartment industry be set to enact irreversible disruption to the Hotel industry?
Co-living in serviced apartments is becoming more attractive to millennials
Research suggests that many millennials are moving away from the thought of traditional accommodation, partly due to the high cost currently associated with buying and running our own home.
‘Co-living’ is the term used for living in uni-like halls made up of serviced apartments. Whilst this trend concerns permanent living accommodation, the trend may be carrying over to the holiday industry with many millennials also going for catered apartments over normal hotels.
Many older generations are still responsible for booking traditional holidays
In traditional families, there is still a trend of the parents booking the holiday, and as a result of this many traditional hotels are still chosen. This is in part due to the additional trust many of the older generation in hotels and standard holiday accommodation.
There are absolutely benefits of choosing a hotel over a serviced apartment. In a hotel, you will normally have access to other facilities like a bar, eatery and a gym/pool. However, one of the reasons many of the younger generations are choosing serviced apartments is the extra flexibility they are given. They can choose the size of the apartment, the amenities they want and can distribute the cost evenly between those who are staying.
Independent serviced apartment providers are on the rise
With the current changes shown in the demands made by new holidaymakers, many new businesses have emerged offering serviced apartments in various different sizes and price brackets. These independent providers are adding more choice to a market which was once dominated by large businesses. If you are looking to book a serviced apartment, make sure it is well-reviewed online. This is usually a good indicator of quality. Also, be sure to check the apartment specifications to make sure they have all the amenities that you will want during your stay.