consumer confidence
Hospitality Revenue Management: 10 Ways To Boost Hotel Income in 2024
EHL | February 7, 2024
Despite signs of recovery in 2023, the hospitality sector's 2024 outlook is unpredictable. Deloitte's Hospitality Industry Outlook 2023 identified the hospitality sector's key challenges for 2024 as a drop in consumer confidence, continuing labor shortages, and the inability of hotels to raise prices despite escalating costs. However, by leveraging strategic hospitality revenue management, hotels can navigate these hurdles and even drive revenue growth in the coming year. While the effectiveness of these hotel revenue management strategies will vary by location, audience and the economy; here are ten effective ways to increase your hotel'...
The Economic Rollercoaster
Aaron Szyf | October 16, 2023
By Aaron Szyf It seems like we’re on an economic rollercoaster right now and the big question is when we get off. When does inflation cool? We dig into the latest data to help determine if a soft landing really is where we’re heading. After renewed expectations of a recession in recent weeks, as summarized in our earlier blog, it now seems like the prospects of a “soft landing” have increased. Shocking jobs data: Last Friday, BLS surprised economists when it announced that the economy added 336,000 jobs in September, way above the 170,000 increase that was expected and above the monthly average of 267,000 over the past ye...
Strong Indications Consumer Confidence Is Slowly Returning
Duetto | July 13, 2020
By Sarah McCay Tams Consumer confidence is slowly returning, with two main trends: short-term booking windows and long-term reservations towards the end of 2021, reports the latest edition of the Duetto Pulse Report, which tracked data from June 15-28 across three key hotel metrics - bookings, cancellations and web traffic. In North America, new bookings for July, August, and September saw double-digit growth in the current Pulse Report, when compared to data from the previous edition, which tracked data from June 1-14. Overall, pick up for the North American market is still pacing 42% behind same time last year (STLY), although some...
Hotels Count the Cost of COVID-19 Pandemic and Look to Remodel Business to Rebuild Consumer Confidence
HVS | May 12, 2020
By Russell Kett 12 May 2020, London: With much of Europe’s hotel sector still closed for business the industry faces a huge challenge to rebuild consumer confidence once Covid-19 lockdown restrictions start to lift later this year, says global hotel consultancy HVS London. Providing hotel businesses survive financially - utilizing a combination of rent and bank loan freezes, Government support, working with owners and furloughing staff - they also face the question of how long it will take for consumers to once again feel confident staying in hotels.< “When demand for hotels does start to return, whether that’s later this ye...
Hotel Business Plan Development 2018: Getting Ready for 2018 Budgeting
Robert A. Rauch | September 7, 2017
By Robert A. Rauch Before we complete our business plans for 2018, a review of macroeconomic data is in order. China's growth might be slowing but we anticipate a fairly steady U.S. economy in 2018. We will likely slow to about a 2 percent GDP growth rate over the next year as this economic recovery reaches the 100 month mark next year. Unemployment is low, consumer confidence is solid and household spending is strong. Interest rates remain low, business confidence is strong and nothing to derail the economy is imminent. Oil prices have been unusually flat notwithstanding the speed bump caused by Hurricane Harvey. All of this informatio...
Lodging Demand Increases Amidst Increased Consumer Confidence, According to PwC
PwC US | May 22, 2017
Consumer spending will be key driver of economic growth into 2018 New York, NY, May 22, 2017 – Encouraged by the prospect of a strengthening economy, US lodging performance continued to improve in the first quarter of 2017 according to the updated lodging forecast released today by PwC US. Despite a weak first quarter GDP growth estimate of 0.7 percent, lodging demand increased at the strongest quarterly rate since the first quarter of 2015, supporting modest growth in both occupancy and average daily rate (ADR). Overall, revenue per available room ("RevPAR") increased 3.4 percent. Reinforced by rising employment, higher real inco...
