The hospitality industry has undergone significant changes, and this trend is expected to continue in 2024, driven by demographic and technological  challenges. This article is a guide to current and future trends in hospitality, and how businesses can prepare for them.

To be more competitive, hospitality businesses are moving beyond the traditional model of merely offering a place to stay with the usual add-ons of breakfast, and focusing on providing a total guest experience. This involves placing greater emphasis on guest´s health and wellbeing, which is expected to be a top priority for travellers post pandemic. Establishments that can anticipate and meet these health related concerns will position themselves for greater success. In addition, to high standards of hygiene, hospitality businesses can consider offering classes on meditation, yoga, tai chi, pilates, and other activities, as well as a greater range of vegetarian and vegan options.

Another trend that hospitality businesses can tap into is local experiences and cultural exploration. According to a study, 48.5% of people who travel do so to open their minds to new cultures and experiences. Hospitality businesses, such as B&Bs, guest houses, and short-stay apartment, can partner with local experience providers that complement their own offerings. Alternatively, they can provide in-house cultural experiences, which require more work and commitment but enable establishments to keep all services consistently on brand and generate more for revenue channels.

Packaging experiences for specific customer segments can also be an effective strategy for business growth. Offering package deals for a fixed fee can target customers who desire more specialised stays. For example, businesses could offer a wellbeing and digital detox getaway or a city center culture vulture experience. Such package deals could include room, breakfast and dinner, and activities in the area that tie into the overarching experiential theme.

Personalisation is another key trend in the hospitality industry. Generic offerings simply don’t cut it anymore, as customers are increasingly demanding experiences that meet their specific wants. Hospitality businesses that can embrace this trend and provide a bespoke service will win business and guest loyalty. Personalisation can occur across many touch points, such as personalised messaging after booking, customised welcome gifts, and personalised upselling and cross-selling. Automation can be used to support personalised messaging, but it requires a capable CRM system to be in place, along with staff efforts to carefully gather and record valuable guest information.

Streamlining the guest experience is another trend in the hospitality industry. This involves using technology to reduce waiting times, simplify check-in and check-out, and enable guests to customize their stay. Some hotels are using self-check-in desks, mobile key access, and chatbots to automate routine tasks and improve efficiency. However, it’s important not to over-rely on technology and to ensure that staff members are still available to provide personal assistance and create memorable experiences for guests.

Reimagining hospitality spaces is also a trend in the industry. This involves creating spaces that are more versatile and adaptable to different customer needs, and incorporating technology in innovative ways. For example, some hotels are using augmented reality to enable guests to explore local attractions or to create immersive dining experiences.

Non core markets, such as the luxury and eco-tourism segments, are also experiencing growth in the hospitality industry. This presents opportunities for businesses to expand their offerings and cater to a broader range of customers. Additionally, staycations and exploring other market opportunities are becoming increasingly popular, particularly due to the pandemic, and hospitality businesses can capitalize on this trend by offering unique staycation experiences that cater to the needs of their customers.

Lastly, it’s essential for hospitality businesses to learn from their competition. They can do this by analysing their competitors’ strengths and weaknesses, understanding their target customers and pricing strategies, and identifying opportunities to differentiate themselves.

Cheers,

Daniel Bermejo Oyarzun