Increased Consumer Travel is Creating and Update in the Hotel Industry
Over the last seven years, the hotel industry has enjoyed its biggest boom period in history. Growth is stabilizing at a smaller but steady rate, making this a good time to take advantage of hot trends in the hotel industry.
What’s Driving the Increase in Hotel Stays?
In an interview during a recent hospitality industry conference in New York City, Marriott CEO Arne Sorenson gave two reasons for the upswing in travel:
• People are seeking satisfaction from life experiences rather than material possessions.
• The international middle class is growing, giving rise to hundreds of millions of people eager to travel for the first time.
Hotel Industry Trends to Watch
• Major players like Marriott and Hilton continue to introduce new brands that each offer different experiences, making it easier to attract specific audiences.
• There has also been an increase in soft brands such as Wyndham’s Trademark. These groups of independent hotels participate in a major brand’s booking and loyalty programs.
• Hotels are using customized approaches to specific customers as opposed to a one-size-fits-all service.
• Technology is becoming more widely integrated in the hotel industry, allowing guests to use smart phones and tablets to open room doors, order room service and settle accounts.
• Issues such as travel restrictions and lodging-sharing companies like Airbnb are forcing members of the hotel industry to make their voices heard in the political arena.
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