Spring is finally here, I'm so glad! We spent part of this long winter compiling some very interesting statistics about the industry which we would like to share with you and your members. We all know our industry has grown in the past 10 years and despite the down turn following the tragic events of 2001 and the recent recession, our industry has grown and to some extent thrived, especially when compared to the overall hotel industry. The following is a list of average daily rates at B&B's annualized (IE. average of all months high and low season) based on our 8,500+ member's data.
2000: $140
2001: $142
2002: $143
2003: $145
2004: $147
2005: $148
2006: $151
2007: $154
2008: $157
2009: $162
In 2000, according to the study which appeared in the Cornell Quarterly* the industry grossed over $3.5 billion annually in lodging alone. Based on the US GDP** which has grown 26% since 2000 and applying that figure, then the industry has now grown to $4.3 billion presently, despite the recession. If that rate of growth (2.6% average per year) continues by 2013 B&B's will have grown to be a $4.6 billion dollar industry of great value to the US economy. And that is despite the fact that, by best estimates, only 5-6% of US travelers have ever stayed in a B&B.
I find this very encouraging - there's plenty of room for growth as more people get the word, and also the industry is growing on it's own dynamic. We will continue to provide your B&B Association with reliable, well researched statistics to help your members understand the industry better.
Best Wishes for a lovely April!
Pamela
P.S. Thanks to everyone who sent us the articles that appeared in Travel Agent Magazine, Christine Science Monitor and the Boothbay Register.
*How Big Is Small? The Bed and Breakfast Industry comes of age lodging resources and LPI limited
**
US GDP projection
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