After nearly a year of quarantining, isolation and distancing, we can anticipate a boom in global activity similar to that of the Roaring 20’s that followed the end of the First World War and the 1918 pandemic.
According to research from UCLA, the U.S. economy could jump 6% in the second half of 2021, with a 3% quarterly growth until 2023.
Along with this growth is expected to be an uptick in travel, so the hospitality industry is getting ready for a busy summer, while also preparing for the new needs of customers.
One of the biggest emerging trends that could shape the hospitality industry is the idea of “collabotels.” With business travel dwindling to almost nothing this year, hospitality companies have had to get creative in order to maintain business.
Although analysis from IdeaWorks estimates that business travel will fall between 19% and 36%, hotels are looking to meet the demand for workspaces from remote workers. Doing so allows professionals to utilize hotels as a satellite office near their homes.
Additionally, hotels will likely look to improve their loyalty and perks programs to encourage people to come into their spaces. By offering such benefits, hotels can maintain their competitiveness and help retain their guests.
Another way to stay competitive and on top of new trends is to adopt the subscription model that has taken over various industries.
While memberships and subscriptions are not necessarily new to the travel industry, the pandemic has created new opportunities to diversify revenue to make hospitality companies more resilient.