Top Trends Impacting the Hospitality Industry
According to research by Deloitte, the hotel sector has been growing at a CAGR of six percent over the past decade. And while nobody can accurately predict the exact market value of the hospitality business for the upcoming year, experts are able to recognize some of the top trends hotel owners, managers, and hotel renovation companies should be paying attention to. Here’s what you need to know:
- There will be a continued emphasis on technology. With Millennials now making up a large segment of the hospitality market, there will be a continued demand for services like digital concierges and online check-ins, as well as for apps to do everything from control the thermostat in a room to reserving a table at the hotel restaurant.
- The demand for health and wellness services will continue to grow. With guests looking to take care of themselves while traveling, a growing number of hotels are adding spas, pools, yoga rooms and fitness centers. Some hotels are even making use of innovative offerings like air purifiers and energizing lighting in guest rooms.
- There will be a lack of skilled and experienced labor. According to Hotel Business, hotels will find it challenging to recruit and retain skilled labor — especially when it comes to staff for hotels that provide wellness services. Hotels that invest in their staff’s training and career progression are more likely to retain employees than those that don’t.
- More hotels will create flexible, socially interactive communal spaces. With the heightened importance of providing an outstanding guest experience, large hotels are likely to use hotel renovation companies to design business centers and lobbies that can quickly be changed to provide different kinds of environments for a range of uses.
By knowing what trends are likely to impact the hotel business in the upcoming year and taking action accordingly, decision makers at hotels can gain a head start on their competition. And by being one step ahead, they can attract new guests, retain existing ones and ultimately boost their bottom line.