The Future of Hospitality

In the last few years, the hospitality industry has been faced with a multitude of changes. Whether it’s the way people travel, their attitudes toward public health, or their purchasing power—most businesses in this space have had to make drastic changes in order to adapt. To accommodate changing demands and the challenges of rising costs, the hospitality industry is focusing on experience and convenience in order to appeal to more consumers.

In the face of the possible recession, many consumers are rethinking large purchases and luxury–another threat to the hospitality industry just as the economic impacts of the pandemic on this industry have lessened. If another downturn is looming, these four hospitality insights will help the hospitality industry thrive in 2023:

Post Hospitality
Hotel and hospitality business owners are navigating a new era of issues, regulations and health concerns. Instead of using antiquated practices, hotels and hospitality-related businesses are shifting toward a culture of safety and adapting to the social consciousness that people expect today. This is especially relevant since hospitality is about making people feel comfortable–which now includes showing their prioritization of public health.

Eco Air Travel
Consumers have become increasingly aware of the dangers of climate change, and many brands are starting to take steps towards becoming more sustainable. This has resulted in air travel businesses prioritizing sustainability as a top concern. Brands have begun offering customers carbon footprint calculators, as well as net-zero carbon emission flights as seek out ways to reduce their environmental footprints.

Restaurant-Branded
Even though the pandemic is long over and most of the world has been able to return to its normal activities, including dining out, many brands still have some groundwork to do to get back to their pre-pandemic revenue and profit margins. The hospitality industry has found private-label products to be especially helpful in increasing sales.

Restaurants are great testing grounds for several product categories, and by having your own brand, people will associate your brand with the restaurant experience. Finding the right product match to complement the customer's venue experience is essential, and while hospitality is competitive, there are huge opportunities to be had in this space.

Sleep Hotel
While customers will continue to enjoy their vacations with travel and leisure, the focus on customer comfort is growing. This shift requires brands in the hospitality industry to evolve, with additional amenities that enhance customer wellness within their facilities. Sleep Hotel identifying which brands have lef this change–catering to post-pandemic customer impulses, and prioritizing relaxation and recovery.

Takeaways
The hospitality industry has evolved over the last few decades. The lives, incomes, and values of target markets for hospitality have changed–along with their spending habits. Ultimately, the hospitality industry is having to adapt and provide new services that can successfully compete in the face of rising costs, changing consumer values, and an increasingly global focus on sustainability.

For more on post-pandemic hospitality, check out Trend Hunter’s 2023 Trend Report.