Exploring Key Trends, Demographics, and Target Audiences in a Growing Market
Serviced accommodation, which combines the convenience of hotels with the comfort of long-term rentals, has seen significant growth in demand in Newcastle and the North East of England. This increase is driven by several key trends and demographic needs. Here are the top five insights into the factors fueling this demand and the target audiences driving the growth.
1. Post-Pandemic Business Travel Surge
Business travel has made a strong comeback post-pandemic, greatly influencing the demand for serviced accommodation in Newcastle and the North East. Newcastle's status as a hub for industries such as digital technology, finance, and education ensures a continuous influx of business travellers. These professionals prefer accommodations that offer the comfort of home with the amenities of a hotel.
Predominantly aged between 25-55, business travellers seek convenience and comfort.
High-speed internet and meeting rooms are crucial amenities for this group.
Proximity to business districts makes serviced apartments an ideal choice.
2. Growing Tourism Sector
The North East's tourism sector has been experiencing steady growth, with landmarks such as Hadrian’s Wall, the Angel of the North, and vibrant city centres attracting visitors. Tourists, especially families and those on extended stays, often choose serviced accommodation for its flexibility and additional space.
Tourists range from families to solo travellers, aged between 18-65.
Spacious living areas and kitchen facilities are highly valued.
Locations close to major attractions are preferred for convenience.
3. Rise of Remote Working and 'Workations'
The rise of remote working has led to the popularity of 'workations', where professionals blend work and leisure. Serviced apartments are ideal for such arrangements, offering high-speed internet, comfortable workspaces, and a home-like environment.
Remote workers and digital nomads typically aged 25-45 seek flexible living arrangements.
Essential amenities include ergonomic furniture and reliable internet connections.
Properties that support both work and leisure attract this demographic.
4. Insurance Sector Contribution
The insurance sector has also contributed significantly to the demand for serviced accommodation. Individuals and families affected by home-related disasters such as fires or subsidence require temporary housing while their homes are being repaired. Insurance companies often book serviced apartments for these clients.
Insurance clients need fully furnished, comfortable temporary housing.
A home-like environment helps reduce the stress of displacement.
Comprehensive amenities are essential for these longer-term stays.
5. Diverse Demographics
Understanding the diverse demographics that drive serviced accommodation demand in Newcastle and the North East is crucial. Key segments include business travellers, tourists, students, remote workers, and insurance clients, each with unique needs.
Business travellers and corporate clients value proximity to business districts and essential amenities.
Tourists look for spacious, well-located accommodations near attractions.
Remote workers and students seek flexible, well-equipped living spaces for both work and leisure.
Target Audience
The target audience for serviced accommodations in Newcastle and the North East can be segmented based on their unique needs and preferences:
Corporate Clients: Companies often book serviced apartments for their employees, especially for long-term projects or relocations. Marketing efforts can be directed towards HR departments and corporate travel planners.
Leisure Travellers: This includes families on holiday, couples on a getaway, or groups of friends exploring the region. Promotions and partnerships with local tourist attractions can attract this audience.
Educational Institutions: Universities and colleges often seek accommodation for visiting lecturers, researchers, and students. Establishing relationships with these institutions can ensure a steady stream of bookings.
Remote Professionals: Attracting remote workers involves highlighting the facilities that support both work and leisure, such as ergonomic furniture, co-working spaces, and leisure amenities.
Insurance Companies: Collaborating with insurance providers to offer temporary housing solutions for their clients can create a reliable stream of bookings. Highlighting the comfort and comprehensive amenities can make these accommodations more appealing to displaced individuals.
Serviced Accommodation Demand
Serviced accommodation demand in Newcastle and the North East is experiencing robust growth, driven by diverse market demands and a wide range of demographic segments. Business travellers, tourists, students, remote workers, and insurance clients all contribute to the increasing popularity of this accommodation type. By understanding the unique needs and preferences of these key demographics, service providers can tailor their offerings to capture a larger share of the market. As the trend towards flexible and comfortable living continues, the demand for serviced accommodation in this vibrant region is set to rise even further.
Want to know more? Check out Serviced Accommodation on our website or get in touch.
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