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Understanding Modern Travel Trends: Latest AnalyticsIQ Research :: Hospitality Trends
To better understand the current state of the travel industry and latest travel trends, AnalyticsIQ's Cognitive Sciences team lead a comprehensive study to better gauge how people are traveling and the modern travel-related behaviors we can expect to see. This article will delve into the key findings in their latest research report - Understanding Modern Travel Trends - and highlight the most important 'need-to-knows' for both travel brands and marketers alike.
STR Weekly Insights on Global Hotel Industry Performance: 7-13 April 2024 :: Hospitality Trends
Global occupancy reached the highest level of the year (68.4%). Key country occupancy ranged from 76.4% in the U.K. to 59.3% in Indonesia. Spain, Italy and China all saw occupancy above 72%, with only China showing a year-over-year decrease.
European 2024 Meetings & Events Trends :: Hospitality Trends
Slightly more conservative across the board, yet positive in outlook, European meeting professionals expect a moderate increase in activity level compared to North and Latin American regions. However, high levels of optimism regarding the overall health of the industry are firmly in place. 79% said they would rank their confidence level as 8 or higher on a scale of 1 to 10.
HVS Las Vegas Casino and Hotel Market Outlook 2024 - By Shannon S. Okada :: Hospitality Trends
Las Vegas continues to evolve, with billions of dollars being spent on the development of new world-class venues in recent years. This article examines the latest trends and developments that are relevant to the Las Vegas casino and hotel markets.
HSMAI Report: Taking Commercial Strategy To The Next Level :: Hospitality Trends
This report and accompanying Commercial Effectiveness Organizational Assessment was created by the HSMAI Commercial Strategy Workgroup. HSMAI’s Commercial Effectiveness Organizational Assessment allows a hotel organization (individual hotel, management company, ownership group, or brand) to assess and score their implementation of the 11 key drivers of commercial excellence.
U.S. Air Travel Consumer Report: January 2024 Numbers :: Hospitality Trends
The 560,352 flights operated in January 2024 were 99.56% of the 562,845 flights operated in January 2023. Operated flights in January 2024 were down 0.44% year-over-year from the 562,845 flights operated in January 2023 and down 7.18% month-over-month from 603,756 flights operated in December 2023.
January 2024 U.S. Airline Traffic Data Up 4.0% from the Same Month Last Year :: Hospitality Trends
U.S. airlines carried 70.0 million systemwide (domestic and international) scheduled service passengers in January 2024, according to the Bureau of Transportation Statistics (BTS). When adjusted for seasonality, January enplanements are down 1.0% from December and down 1.0% from the all-time high reached in December 2023.
Cruise Lines International Association Releases 2024 State of the Cruise Industry Report :: Hospitality Trends
The annual state of the industry report includes the release of 2023 passenger volume, which reached 31.7 million - surpassing 2019 by 7%. The report also shows continued demand for cruise holidays, noting intent to cruise at 82%. The forecast for cruise capacity shows an increase of 10% from 2024 through 2028, as cruise lines make ongoing, concrete progress in pursuit of net- zero emissions by 2050.
Transforming Employee Engagement in the Hospitality Industry :: Hospitality Trends
In the hospitality industry, traditional metrics like revenue performance and guest satisfaction have long been the go-to indicators for assessing a hotel's business health. However, as businesses increasingly acknowledge the vital role of talent in achieving success, talent retention has emerged as a paramount concern, which we explore in this excerpt from the HSMAI Foundation Special Report: The State of Hotel Sales, Marketing, and Revenue Optimization Talent 2023-2024.
U.S. Hotels Projected to Pay Record Taxes and Wages in 2024 According to AHLA Analysis :: Hospitality Trends
America's hotels are projected to generate record levels of federal, state, and local tax revenue this year while paying employees historic totals of wages, salaries, and other compensation, according to state-by-state projections released today by the American Hotel & Lodging Association.
U.S. Travel & Tourism Sector Exceeding Previous Records Despite Slow Return of International Spend :: Hospitality Trends
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) revealed today that the U.S. Travel & Tourism sector has contributed more to the U.S. economy than any previous year on record, despite the slower return of international visitor spend.
Rethinking Employee Engagement in 2024 :: Hospitality Trends
The HSMAI Contact Center SIG recently gathered and discussed best practices, challenges, and ideas for measuring and improving staff engagement. We all agreed that employee engagement is crucial for the success of our business and our colleagues' well-being. Our conversation emphasized the importance of listening to staff, creating a culture of trust and collaboration, providing feedback and growth opportunities, and having fun. Please read on for our top six takeaways.
Global Airline Passenger Demand Up 21.5% in February :: Hospitality Trends
Total demand, measured in revenue passenger kilometers (RPKs), was up 21.5% compared to February 2023. Total capacity, measured in available seat kilometers (ASK), was up 18.7% year-on-year. The February load factor was 80.6% (+1.9ppt compared to February 2023).
Customer Experience in the Age of AI :: Hospitality Trends
HSMAI Staff recently had the opportunity to chat with David C. Edelman, a speaker at the HSMAI Commercial Strategy Conference, June 25-26 in Charlotte. David is author of the upcoming book, Personalized: Customer Strategy in the Age of AI, and is a sought-after advisor on digital transformation and marketing.
Leadership Defines Culture and Organizational Purpose :: Hospitality Trends
Throughout numerous HSMAI meetings, including board meetings, commercial week, and leadership conferences, a consistent and powerful theme has emerged regarding the role of leadership in the post-pandemic era. It has become evident that effective leadership is paramount in defining an organization's culture, fostering a sense of community, and serving as a shining example of collaborative teamwork. The insights presented in this excerpt from the HSMAI Foundation Special Report: The State of Hotel Sales, Marketing, and Revenue Optimization Talent 2023-2024 are attributed to HSMAI board members and leaders from these meetings.
How to Manage Cultural Diversity in Hospitality - A Quick Guide :: Hospitality Trends
Globalization, increasing freedom of movement between countries, and the growing interdependence of national economies have boosted cultural diversity in many industries. Nowhere is this paradigm shift more evident than in hospitality. How to manage cultural diversity effectively in hospitality is crucial in light of these changes.
STR Commentary on U.S. Hotel Performance for February 2024 :: Hospitality Trends
RevPAR improved 2.0% year over year (YoY) in February, reflecting the continued return to pre-COVID patterns of low single-digit gains. Remove Las Vegas from the equation, however, and February RevPAR was down 1.4% YoY. The overall RevPAR increase was due to a solid YoY increase (+3.9%) in ADR, which was partially offset by an occupancy decline of 1.1 percentage points to 58.9%.
Caribbean Tourism Experiences Strong Growth in 2023, Recovery to Continue into 2024 :: Hospitality Trends
Continuing its positive recovery trend, Caribbean tourism grew in 2023 with an estimated 14.3% increase in international stay-over arrivals to the region, the Caribbean Tourism Organization (CTO) has reported.
HVS Hotel Market Report Columbus, Ohio: A Bright Spot for Midwestern Hotels - By Brandon Leversee :: Hospitality Trends
The diverse array of employers throughout the Columbus region has contributed to the growth of the local economy post-pandemic. This economic growth has bolstered the local hospitality market with expectation of continued growth in the near term.
December 2023 U.S. Airline Traffic Data Up 9.5% from the Same Month in 2022 :: Hospitality Trends
U.S. airlines carried 78.7 million systemwide (domestic and international) scheduled service passengers in December 2023, according to the Bureau of Transportation Statistics (BTS). When adjusted for seasonality, December enplanements are up 0.5% from November and reached a new all-time high the all-time high reached in December 2023.
Colliers 2024 Canadian Hotel Investment Report :: Hospitality Trends
Sustained investor interest and strong operating conditions kept the hotel real estate market active in 2023 with transaction volume of approximately $1.72 billion, pacing slightly ahead of 2022 levels ($1.63 billion). Despite interest rate headwinds, confidence in the hotel asset class was evidenced by a diverse investor pool including new entrants eyeing hotels in a quest for cash flow amidst inflationary pressures.
Hospitality CMOs Tackle Five Key Challenges :: Hospitality Trends
Between managing growth challenges, rapid industry changes, and keeping up with evolving consumer behaviors - there is no shortage of issues vying for a CMO's attention. Last month in New York City, HSMAI brought Chief Marketing Officers together for an Executive Roundtable. Here are five of the top issues that CMOs are focusing on.