Hotel industry 2023 recap and 2024 outlook, HVS
Across the U.S., hotel performance remained steady in 2023 with occupancy around 63% and ADR rising by nearly 5%. Group room nights saw substantial growth, compensating for some pullback in domestic leisure travel. Looking ahead in 2024, a gradual acceleration in economic growth is expected. RevPAR is anticipated to increase, albeit at a lower rate than 2023. The monthly hospitality report by Amadeus, which includes forward-facing bookings pace data, indicates that 2024 is pacing on par with 2023 in Q1; however, on-the-books occupancy begins to outpace 2023 in April and continues that trend through September, reflecting a relatively stable hotel operating environment.
U.S. Travel Association Semi-Annual Forecast
From a national perspective, domestic leisure travel growth decelerated through three quarters of 2023 as consumer spending slowed amid higher borrowing costs, tighter credit conditions and the restart of student loan repayments. Business travel is still expected to grow in 2024, though at a slower rate. The economic slowdown, a strong dollar, and lengthy visa wait times could inhibit international travel growth, with volume reaching 98% of 2019 levels in 2024 (up from 84% recovered in 2023, and achieving a full recovery in 2025).
Event Industry Trends You Must Know in 2024, Cvent
In-person events will be at the heart of most event and hospitality programs in 2024. Face-to-face experiences provide greater opportunities for deeper engagement, networking, and interaction, making them business-critical. As attendees' expectations continue to rise, organizers are seeking unique venues that can support immersive and interactive experiences. With attendees receiving a deluge of content, event planners and marketers must find creative ways to engage their audiences. Consumers increasingly expect brands to demonstrate their commitment to sustainability and diversity, equity and inclusion. As an extension of a brand, meetings and events must follow suit. With high costs continuing to challenge marketing and event teams in 2024, and ROI measurement under greater scrutiny, ensuring the right Key Performance Indicators are in place for each event and buy-in from stakeholders will be crucial.
Understanding Traveler Plans, Preferences, and Priorities for 2024, Skift
As leisure travel demand returns and business travel is expected to catch up in 2024, travel brands are looking carefully at traveler preferences and factors that are motivating traveler decisions. Insights from a survey of over 800 hotels in 100 countries illuminate the shift in traveler preferences. Leisure travel remains the focus, and travelers are increasingly eager to see and experience new things. Travelers are looking to see and feel the culture of local areas. In fact, cultural tours were the top booked experiences among survey participants who are also members of the hotels included in the study. Quality of accommodation and loyalty program benefits were cited as the most important factors when selecting a hotel. Brands and programs that showcase the diversity of the destination as well as destination attributes that are culturally distinct will have a competitive advantage. Rates are expected to remain high, but the expectation among travelers is that service levels and added value will match.
The Biggest Wellness Travel Trends for 2024, Condé Nast Traveler
In 2024, wellness travel trends include a shift towards holistic health, focusing on longevity and a more comprehensive approach to well-being. Key trends include:
- Multi-generational wellness getaways: wellness vacations are evolving into family affairs. Resorts are introducing family bonding retreats, intergenerational spa time, and health-conscious activities for all age groups.
- Grief-related wellness: retreats are addressing grief with programs ranging from surfing therapy to hypnotherapy. Nature-based experiences, massages, and customizable wellness sessions aim to help guests manage grief and find closure.
- Blue zones retreats: inspired by the concept of blue zones (areas with long-lived populations), retreats explore longevity secrets through plant-based meals, natural movement, and lifestyle habits.
- Sleep focus: resorts are designing dedicated suites and retreats to improve sleep hygiene. AI-powered smart beds, sleep circuits, and innovative light and sound therapies are introduced for enhanced sleep experiences.
These trends reflect a broader shift towards a more intentional and comprehensive approach to wellness travel in 2024.
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