The hospitality and travel industry has been growing steadily over the past couple of years. Stability in the United States labor market and increases in disposable income have bolstered this upturn, with enhanced consumer confidence equaling more business and family travel. Hotel occupancy levels are breaking records along with global business travel, which totaled more than $2.1 trillion in 2015 alone. The outlook for the industry as a whole is positive; spending for goods like food and clothing continues to decline as spending on services continues to creep higher and higher.
Since hotels play the role of “home away from home” for weary travelers, trust is their biggest resource. Many people only visit hotels two to three times per year, so each stay is crucial to a brand’s image. One bad night may turn a long-time customer away forever, especially in such a highly-competitive marketplace.
Hotels are on the move, looking for ways to offer more exclusive experiences to their clientele. Small, boutique hotels have become immensely popular. Rooms are being reimagined, and common areas are being reconsidered. To stay ahead of the competition, every detail must be carefully examined.
Everyday Threats Present Real Challenges
As with every industry, negative – and often uncontrollable – forces are in play that threaten the livelihood of even the most resilient businesses.
Hotels face daily turmoil due to: