What is the outlook for hospitality in 2023?
What is the outlook for hospitality in 2023? U.S. hotel fundamentals softened in Q2 2023 as more Americans travelled overseas and inbound international travel recovered only modestly. We expect modest RevPAR growth for the rest of 2023 and early 2024, fueled by improved business and group travel and an increase in international visitors.
What is the state of the hospitality industry today?
The state of hospitality market is the ninth fastest declining global market. The trillion-dollar industry is expected to be halved over the next few years. Domestic tourism is heavily focused, but domestic guests are unlikely to fuel the industry as a whole.
Is the hospitality industry growing 2023?
In 2023, the global hospitality market reached nearly 4.7 trillion U.S. dollars and was forecast to grow to 5.8 trillion U.S. dollars in 2027 at a compound annual growth rate (CAGR) of 5.5 percent.
Why are employees leaving the hospitality industry?
As a result, even though demand for hospitality is beginning to increase, the sector faces a serious labor shortage which is unlikely to be resolved soon. The report identifies poor remuneration and the low quality of jobs as the main reasons for employees' unwillingness to return to the industry.
What is the future outlook for hospitality and tourism?
Leisure and hospitality projected to mostly recover pandemic-driven employment losses. The Bureau of Labor Statistics projects the U.S. economy to add 8.3 million jobs from 2021 to 2031. Of those, 1.9 million jobs—23.1 percent of all new jobs projected—are expected to be in leisure and hospitality.
What is the future of hospitality in 2023?
Seeing as many people have to travel for work, trends in the hospitality industry are driven by the need to create a tranquil experience for working professionals. In 2023, hotels will introduce the more co-working spaces to provide an enhanced and comforting experience for their guests staying longer.