The B&B Industry
The B&B Industry has an estimated worth of $3.4 billion. The core of this starts with the estimated 17,000 inns in the U.S. and then branches out to all the product and services needed to enable these inns to be the desired destination for millions and millions of travelers, both domestic and international. Real estate, finance, insurance, hospitality, furniture, food and beverage, cleaning, safety, heating and cooling…the list is endless.
Understanding and interpreting the complex matrix that is the B&B industry on behalf of innkeepers is one of the main roles the Professional Association of Innkeepers International (PAII) serves. This is especially true because the B&B industry is not static; it moves and reacts to the economic, technological, social and political forces that impact it.
Economic forces are changing quite rapidly and can and do have an immediate impact on innkeepers. Energy costs (gas, fuel, oil), access to credit, consumer spending and confidence are just a few areas that have a direct correlation to the ability of innkeepers to operate.
Technological forces probably have the greatest impact on innkeepers with the presence and growth of the digital information world. Understanding online review sites, “social networks” and the ways in which potential guests make their decisions on where to stay is just the beginning. Devising strategies and tactics to successfully compete in this new marketplace is critical.
Social forces impact the industry as well. Take the aging population: not only do they have physical needs that require special attention with their accommodations, but the impact on their financial resources – retirement funds, health care and pharmaceutical expenses – greatly impacts their ability to use discretionary dollars for travel.
Political forces play a role in the industry as well. This isn't only in issues specific to the travel and lodging field – such as taxes, governmental spending on tourism promotion, and labor laws — but in broader areas as well. For example, look at the impact of the loss of much of the business community's travel that involved leisure activities due to political forces that view such travel as wasteful in today's economy.
The Role of PAII
It isn't “business as usual” for innkeepers today. Quite the contrary, never has there been a greater need to understand the complexities that exist in the B&B industry and all innkeepers should know they can turn to PAII to bring them the information, knowledge and “know-how” to not only compete in tomorrow's B&B industry, but embrace and prosper in it as well.
Bed and Breakfast Statistics
(based on PAII Industry Study Data)
Performance (in medians)
About The Inns
About the Inn Owners