As we move through 2024, the hospitality industry faces a dynamic landscape with exciting possibilities and potential hurdles. By analysing global data and industry trends, four key trends emerge as major players this year:

The Rise of Remote Work: A Boon for Start-ups and SMEs
Remote work unlocks new opportunities: With up to 20% of US, 15% of Canadian and 8% of European offices projected to stand empty, a golden opportunity emerges for start-ups and SMEs. Build a sales infrastructure tailored to a multitude of smaller clients, not just the corporate giants. Agility and innovation are the keys to thriving in this new landscape.
 
Labour Market Squeeze
Tight labour markets in 2024 spell bad news for hospitality recruitment. Automation, innovation and AI aren’t just nice-to-have anymore, they’re a lifeline. But unmethodical implementation is a recipe for disaster. Hotels will need a comprehensive plan that maps workflows, analyses processes and practices to identify the ideal automation and AI solution. It is crucial to build trust with employees and integrate them into every step.

The Superstar Effect
Superstar events are driving significant economic activity. Consumer spending skyrockets, as seen in Sweden’s 9.7% inflation spike during Beyonce’s performance and the $600 million spent on Taylor Swift’s tour tickets in the US alone. To capitalize on this opportunity, hotels need to move beyond basic dynamic pricing and embrace advanced automation, as 40 hours a week of rate optimization won’t suffice during these high-demand events. The fine-tuning of automation parameters will be the difference between maximizing revenue and leaving money on the table.

Climate Conscious Travelers
Fearing wildfires and scorching temperatures, child-free travellers are increasingly seeking refuge beyond the summer months. This shift will prompt airlines to adjust schedules and offer a lifeline to city hotels during what was once a low season. Beach destinations can also breathe a sigh of relief, with their peak season stretching longer. Hotels must adapt to cater to different needs and reposition themselves throughout the extended season. Mastering dynamic room type supplements and the speed of reaction to the change in demand will be crucial to capitalize on this evolving landscape.