Would you be surprised to know that, according to Hotel News Now, budget hotels in the United Kingdom are expected to own more than 25% of the country’s market share by 2016? London, the United Kingdom’s most popular tourist city, draws in the majority of the UK’s 30 million annual visitors, as estimated by Visit Britain. As recent findings from Caribbean News Digital show, 13% of all London’s hotel rooms, nearly 13,000 total, are categorized as budget hotels. What’s behind this huge shift in London’s lodging demographics?
- Reduced Interest Following the 2012 Olympics
- The UK’s Shaky Economic Recovery
According to TTR Digital, London’s hotel bookings dropped by more than 35% following the 2012 London Olympics. In order to encourage tourists and sharpen their competitive edge, many of the city’s best hotels began offering cheap hotel rooms. As hospitalitynet writes, this led to an average 17% drop in the price for hotels in London.
As an article from The Telegraph, published in July of 2012 shows, the United Kingdom’s economy shrank considerably following the beginning of the Great Recession in 2008. From 2008 to 2012, the UK’s GDP went from 0.75% to -0.75% growth. Hurting for income and hoping to weather the worst, many of London’s hotels began offering cheap hotel prices to encourage spending in a bleak economy.
How Can Travelers Make the Most out of London’s Cheap Hotel Rates?
The Big Smoke’s efforts to reduce its prices have greatly paid off. According to eTN Global Travel News, the city’s hospitality industry has grown by more than 2.6% this year. Despite the success, the source points out, London Town’s hotel rates have only increased by 1.4%, or £3.22, since last year. In other words, the city’s budget hotels remain extremely affordable for domestic and international travelers alike. That being said, there are some things to keep in mind to find the best budget hotels.
- Level of Service
Staying in budget hotels shouldn’t mean settling for less. Granted, there are things budget hotels have to do away with to keep their budgets low, but basic services shouldn’t be one of them. Do your research to make sure a knowledgeable, attentive staff, for example, didn’t go out the window when the price dropped.
Did you know that location is the single most important factor in choosing a hotel? According to a recent study by Market Metrix, more than 30% of people look for location before they look for price. Why? Budget hotels on the outskirts of town won’t save you tuppence if you have to take a cab to get where you’re going.
While London remains one of the most expensive cities in the world, the 15th most expensive, according to US News, it doesn’t have to be. Using these tips, you can take advantage of the Big Smoke’s budget hotels and have an affordable, enjoyable vacation in the United Kingdom. Helpful info also found here.