The future looks rosy for hoteliers as year after year figures are growing and they don’t look like they are stopping yet. There are some cheerful predictions ahead.
Predictions that are Cheerful
Making the Right Investments
The travel industry can be a difficult industry to be in, with many variables, but it can also be highly profitable in the right climate, and it certainly seems that this year will provide the ideal climate for growth. Hoteliers both in the UK and across the pond in the USA can enjoy a very optimistic 2020 with promises of profits and successful business coming in the year ahead.
According to The Caterer, both the transactional and trading markets are currently on a positive trend, and average room rates look likely to grow as occupancy levels continue to rise. Major events being held will aid hotels, just as the Rugby World Cup did always does in its host cities. The Queen’s birthday celebrations, which always provides a welcome boost to Windsor hotels and others in the capital as royalty-loving visitors flock to enjoy the spectacle continue to draw in more and more visitors each year.
Other organizations are also forecasting a very positive year ahead. According to PWC, visits from overseas holidaymakers and corporate visitors are on the rise, and domestic tourism also seems to be growing as more Brits choose to explore the wonders of their own fair isle.
Meanwhile, TripAdvisor has discovered that one in three travellers are planning to increase their travel budgets for years to come. They also found that three out of four business owners are feeling very optimistic about their profits, and more than a third of hoteliers are increasing their room rates as a result of increased demand for their services.
However, TripAdvisor also found that travellers do expect to receive good value for money from their accommodation. This means having free Wi-Fi, air conditioning and other amenities or you run the very real risk of losing customers. Basic requirements are crucial for guests, and they also expect certain comforts and conveniences to be part of the package.
There are a number of reasons that hotels across the globe are receiving an increase in popularity and some of this can be attributed to the way in which this industry is always at the forefront of technology. Many hotels use Digital Signage Solutions in their reception areas to enable their customers to check in with more ease and also to enable them to advertise local attractions. These reciprocal deals help to bring in another revenue stream for the hotels and also allow them to provide another service to their customers by recommending venues and attractions for them to attend whilst they are staying in the hotels.
The hotel industry is one to watch over the next few years.