Last week, STR released the results of a survey that aimed to determine the top hospitality industry strengths and challenges. On the “good news” side, leisure demand and increased guest spending are seen as the biggest strengths, according to global hotel and travel industry professionals. From the “bad news” side, labor-related issues and labor and energy/utility costs are among the top challenges.
The “Hospitality Industry Sentiment” survey also found that industry professionals believed “bleisure” travel to be a positive dynamic, along with increased interest in strong group and business demand and increased length of stay. As well, the chance to perform property renovations, increases in hotel room rates and the possibility of travel price inflation easing in 2023 were among the top positives. As far as occupancy, one-third of respondents expect to meet or surpass 2019 hotel occupancy levels in Q1 of 2023, while nearly half (46 percent) anticipate achieving that goal by the end of the year.
Beyond labor and energy/utility costs, Brannan Doyle, research analyst at STR said the survey group showed concern for the overall economy, including recessionary headwinds, interest rates, inflation and depreciation of the U.S. dollar as well as limited flight availability and higher airfares.
The “Hospitality Industry Sentiment” survey is STR’s first longitudinal study of hotel and travel industry professionals, with initial findings captured between November 29 and December 11, 2022 from 200 respondents across the globe.
Source: STR
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