The European hotel industry started to bounce back in 2022 after the pandemic-related disruption, with pent-up demand driving much of the growth. However, it seems more changes are in the pipeline for 2023, and there may be new trends and opportunities to take advantage of.
Indeed, it will be vital for business owners and entrepreneurs in the hotel industry – such as Pierre-Mary Bachelet – to pay attention to the key aspects that might shape the industry for the foreseeable future.
Assorted Hotel Industry Statistics for 2023
Economic Concerns
To industry analysts, 2023 was the year for promising returns in the hotel market. However, rising inflation and its effects on travelers’ disposable incomes is a concern that businesses need to be wary of. Towards the end of 2022, air travel numbers were relatively solid in many key European destinations, something expected to continue in 2023.
The inflation concern is an issue happening in tandem with a global economic slowdown, which is a result of various factors including the Ukraine-Russia conflict and slow growth in major markets such as China. In a global setting already working hard to rise from the effects of the pandemic, this slowdown has an impact on consumer choices.
When consumers are worried about their financial situation, leisure travel spending is reduced, delayed or eliminated. For those who plan to take trips, there are likely to be budget compromises for things such as airline seats, destination choices and hotels.
A Changed Workforce
Post-pandemic, the hospitality industry has had an influx of younger workers, helping to address acute labor shortages. For many people looking to embark on a career in this market, there is a range of opportunities available, both to learn and practice on the job. Hotel groups are also looking to expand their training programs to encompass more aspects, including training in 360-degree operations.
As a result, there’s also the possibility of career progression at a faster rate compared to previous years due to skills gaps in various key roles. This, combined with a growing workforce, is likely to impact the development of hotels and the variety of services they offer in the future.
Technology
From intelligent chatbots on hotel websites and platforms that handle customer queries to mobile apps and mobile-optimized platforms that improve customer access, technology will drive a lot of changes in the industry. The “smart hotel” trend is likely to catch on in 2023, but there will be an increased emphasis on human interaction.