A recent report published by Swyft Filings studied newly created businesses by industry type between 2016 and 2017 and the variables impacting the rate of new business growth in those industries. The accommodations industry saw 33.9 percent more growth in new businesses formed in 2017 than in 2016. In comparison to the other U.S. industries studied, it ranked last in overall volume of new businesses formed last year.
The State of Swyft Industry Report underlined two major trends currently driving change and strategy moving into 2018—empowered consumers and technology shifts. The 2017 trends highlight the importance of curating and individualizing services to better meet the growing demand of the informed consumer, the report says. While more businesses in the accommodations industry are adopting technology like mobile apps for reservations, the report says that the industry hasn’t seen major growth.