Hotel Industry Trends in 2024
In a market with a lot of competition, businesses in the hospitality industry need to keep up with industry changes or risk falling behind. Customers' wants and priorities have shifted as a result of COVID. When considering the
future of the hotel industry after COVID-19, it is necessary to conduct a hotel industry analysis before competing in the market. Keeping up with the competition is also a wonderful way to guarantee that your company provides the type of service that consumers have come to expect.
More and more people are discussing trend analysis, hotel industry trend analysis, forecasting, and making predictions. Trends are usually driven by changes in consumer behavior, new technologies, and new business ideas from those two things. The survival of the hotel business as a whole depends on how well hotels can respond to changes in the market.
By 2031's end, the worldwide market for hotels and resorts will have grown at a CAGR of
8.1% to reach US$1.27 trillion. This article provides an overview of the hotel sector and a look ahead at broader trends that should take shape in the year 2024. With the right hotel industry trend analysis, we have come up with some effective trends you must follow to keep your position in the hotel industry after COVID-19. Why is it important to keep up with hotel industry trends?
There will be an estimated
2,934 new hotel openings worldwide in 2023, up from the 2,246 new hotels in 2021.
Hospitality businesses that do well are always coming up with new services and expanding into new areas. To do this, they need to know what's going on in the industry. Using the latest technology and reacting quickly to events around the world are important parts of marketing and hospitality trends that work.
You need to know what the latest hotel trends are if you want to be successful in the market. This will help you communicate with your target audience better. On the other hand, it can improve operational efficiency and, in some cases, even the quality of customer service. But in the hospitality industry, falling behind the times can have bad results, like giving your competitors an edge in the market. And it can cause your company to fall short of what customers might have come to expect from you.
Because of the rise of technologies like artificial intelligence, machine learning is used more often, and AI technology is used more often for customer service. At the same time, the rise of VR tools has caused many hotels to change how they market themselves.
The hospitality industry is not immune to the effects of larger global events. This is best shown by the COVID-19 pandemic, which forced the hospitality industry to put cleanliness, safety, and local demand at the top of its list of priorities. In the same way, businesses focus on eco-friendly options because they are worried about climate change.
Hotel trends to look out for in 2024!
We've found a few important hotel trends you need to follow if you want to stay competitive in the hotel industry after COVID-19, even if you've done a proper hotel trend analysis. Look out to see what industry trends you must follow -
The IoT has already reached many private residences and is quickly entering public spaces like hotels. Today, hotel rooms have more digital versions of things that used to be physical, like streaming media access and mobile room keys. Voice-activated controls are becoming more than just asking Alexa to play a song, and guests expect to be able to get help from a concierge or change the temperature with the touch of a button. A hotelier looking to the future can make many of these improvements quickly and easily because they only require small changes to a standard hotel room. Some of the best-known hotel brands in the world, including Hilton Hotels, Marriott Hotels, InterContinental Hotels, Starwood Hotels, Four Seasons Hotels, Best Western Hotels, Hyatt Hotels, and Wyndham Hotels, all have
high-tech guest rooms. Going Green, or Eco-friendly Development
environmental sustainability has long been a topic of discussion, the demand for and preference for eco-friendly offerings among visitors is relatively new. Not only do modern visitors want hotels to encourage towel reuse, but they also expect all areas of the hotel to be run in an environmentally friendly manner. Hotels are making less of an impact on the environment by switching to toiletries that can be refilled, putting recycling bins in rooms, and using takeout containers and cutlery that can be composted. Shifting Workforce
Because technology is becoming more common, the nature of an employee's job and the workforce are changing. The rise of Generation Z and the globalization of the workforce are two main reasons for these changes. Other reasons include the following:
The increased focus on workplace safety. The rise of unions. The growth of "gig" work. The creation of new HR tools.
Hotels must address these workforce changes to hire efficiently, reduce turnover, and keep their employees happy and safe.
Technology and app features have given hoteliers and guests new ways to book, pay for, and enjoy a hotel stay. Artificial intelligence and digital room keys were once too expensive for most people to buy, but now they are more affordable than ever. Although these developments are currently considered "trends," they will soon become the norm. Technology is New payment methods the future of hotels. Much like in 2023, a lot of exciting things are in store for the hotel industry in 2024, and technology will play a major role. New developments in areas like employee and guest apps, keyless entry, remote check-in, automated services, and robotics can give hotels a technological edge. Guest Experience Platforms
Simply put, what is a
? In a nutshell, it's a web-based app that lets visitors check into a hotel and make service requests using their mobile devices. A well-rounded platform for the guest experience has tools for staffing, communicating with guests, mobile check-in, and mobile keys. A guest experience platform usually has reporting tools that can be used to give guests a more personalized experience. It is also easy to scale up to meet the needs of more and more properties, and each property can add or remove features to meet its own needs. (ADD WHY IT IS IMPORTANT AND HOW IT WILL BE USEFUL IN THIS YEAR) guest experience platform Customized accommodation or ABS
In today's market, customers demand more autonomy in their decisions and a more hands-on role in shaping their experiences. Attribute-based selling (ABS) makes this possible by letting customers choose the features they want for their stay. With ABS, the hotel's amenities and level of comfort are completely up to the individual.
In addition to the many other ways in which ABS can be useful to hotels, one of the most direct ways in which it can increase room income is through the upselling of rooms in response to guest demand for particular services (RevPAR). Businesses can make special bundles based on what customers like and what they've bought before to get them to come back.
Aside from the rise of mobile apps, chatbots are another important change in the customer service side of the hotel business. There may be a high rate of first-contact resolutions; if not, the chatbot can collect data to pass along to a human representative. Many guests may have questions about the coronavirus and how it affects where they can stay and eat. People in the hospitality industry should be ready to answer these questions. In a matter of seconds, chatbots can answer the most fundamental issues in this area, easing the burden on everyone concerned.
Digital Concierge has become increasingly popular in the hotel industry. With the rise of contactless interactions and the need for enhanced hygiene protocols, digital concierge offer a convenient solution for guests and hotel staff alike. Digital Concierge
Through the digital concierge offered by Quoality guests can access menus, information about amenities, room service options, and even check-in and check-out procedures. Furthermore, digital concierge can be utilized for targeted marketing campaigns and personalized experiences.
What are the expectations of a modern-day tourist? While the inquiry itself is straightforward, the solution is more involved. Wellness, the great outdoors, fine dining, or pursuing a specialized passion like sports or music are all popular reasons for people to travel. They might learn about a location or travel brand alone, with a group, or for business purposes. They might do so through social media rather than through more conventional forms of advertising. Many modern tourists are willing to try something new, such as staying in a quirky motel or going glamping, rather than sticking to the tried-and-true hotel experience. Hotel owners can keep their establishments current with the needs of modern vacationers by keeping up with hotel industry trends in customer taste.
Safety & Hygiene
Several current hospitality industry trends can be summed up by "safety" and "hygiene." Since COVID came out, these have become more important as the world gets used to the virus and tries to stop it from spreading. The hospitality industry, including restaurants, bars, and cafes, must prioritize these ideas. In this case, you could give out hand sanitizer, clean the areas where customers gather more thoroughly, require employees to wear face masks or other protective clothing, and enforce rules that say customers and employees must keep a certain distance from each other.
Creating a Hotel Design
Can we predict the design of the futuristic hotel? These tendencies suggest that there will be fewer "big box" approaches and more "out of the box" ones. Hotels today emphasize art, community, and individuality in their decor. Vacationers are particularly interested in designs that incorporate regional art and architecture. Some hotels' unique features, like their art-filled lobbies or public outdoor areas, are a big part of how guests feel when they stay there. The
Treehotel in Sweden is as close as one can get to living in a tree and is a great source of inspiration because of its combination of gorgeous architecture and pristine environment. The Yunak Evleri in Turkey is a 5-star luxury cave hotel, and the Hôtel de Glace in Quebec is made entirely of snow and ice. Globalization
Given how connected the economies and businesses of the world are, globalization will affect the hospitality sector. More people can afford to travel because of globalization, which presents both possibilities and challenges for the hospitality industry as it strives to meet the needs of its growing clientele. The growing middle class causes income inequality to widen between the wealthy and everyone else. High-end hotels must always consider new and exciting ways to impress their visitors, as affluent tourists continue to want extravagant excursions.
Vacation rentals and homestays
The popularity of Airbnb has helped turn vacation rentals from a niche market in tourist areas into a serious alternative to hotels for business and group travelers. As more and more vacationers try home-sharing, and some even start to prefer it, traditional hotels can compete by giving guests local experiences and home-like amenities while making the most of their unique features, like specialty dining and creative common areas.
The need for customization is a rising trend across several sectors, including the hotel business. The popularity of "big data" is a major factor in this development. But more and more hotel guests want to be treated as unique individuals instead of faceless numbers. Many different methods are available for
implementing personalization. Hotels, for instance, can tailor their deals and discounts to the specific kind of guests they cater to, such as international travelers, couples, honeymooners, and so on. Bleisure
For a long time, hotels differentiated between business guests and leisure guests. Now, a new category—"bleisure"—has emerged. Weekday bookings are more common for business travelers, while weekend reservations are more common for vacationers. The term "bleisure" was made up to describe the recent trend of business travelers mixing in leisure activities during their trips and sometimes even staying longer to make room for this mix.
In 2024, companies will be focusing on ethical labor practices. Automation technology, for example, can release workers to focus on more intellectually demanding activities. Employees might benefit from housekeeping modules that are linked to cloud systems so they don't forget assignments or get too busy. Most hotels are on the hunt for employee safety devices (ESDs), including panic buttons to let staff members contact authorities in an emergency.
These are some of the
hotel industry trends in 2024 you must follow. To Sum Up
Asia and the Pacific make up 42% of the world market for the hospitality industry. There has been a global shift in decision-making and purchasing power, which has affected the hotel business. You can ensure your business's continued success by being ready for these shifts. You can stay ahead with the right hotel industry analysis.
During this time, society has changed. This is partly because values have changed since the pandemic's peak. Even though staycations, hygiene protocols, and contactless technology have all become more popular in the last few years and are well-established in the hospitality industry, new hospitality industry trends are starting to emerge.
As customers learn more about and care more about sustainability, meaning, health and wellness, the hospitality industry has had to step up its game. The pandemic may have hurt the hospitality business in the short term, but people who work in the field are hopeful that the changes made during the downturn will lead to long-term improvements.
When travelers return to the places they've rented worldwide, they'll find better sanitation, easier-to-use technology, and more customizable settings. All of these factors should increase the value of the hospitality space in the coming years and will be
the future of hotels.