The last few years have been a rollercoaster for the hospitality industry with the pandemic putting the kibosh on trips to Kaui and canceling Caribbean getaways. But with the world on the rebound, a lot of exciting things are coming down the pike in 2023, including the following:
Full Recovery for the Lodging Market
The lodging market is expected to recover fully next year, which means it’s time to staff up! The CBRE forecast predicts an increase in demand and revenue per available room (RevPAR) in 2023. This optimism is due to slowed construction activity, a high employment rate, and robust economic growth.
Hotel Prices and Airfare Expected to Rise
As many travelers have already experienced, airfare prices have skyrocketed due, in part, to the cost of fuel. But a return to travel, a pilot shortage, and flight cancellations have all increased demand, increasing ticket prices in the process. On the lodging front, hotel prices will increase as well, although this will differ based on the destination.
Of course, this won’t be limited to those traveling for pleasure; business travelers are expected to see airfares rise by 8.4%, hotel rates by 8.2%, and car rentals by 6.8%.
Meeting and Groups Set to Make Up for Lost Time
In 2022, the cost-per-attendee for meetings and events was around 25% higher than in 2019. In 2023, the cost is expected to increase by another 7%. Part of the increase is due to pandemic-canceled meetings picking back up and events rescheduled from years earlier taking place. All of this will lead to shorter lead times and the need for quicker responses from management.
With these projections, the hospitality industry will be in greater need of staff members, managers, and other personnel than ever before. And we can help! Hospitality Taskforce provides hotels and hotel management companies with a network of the highest quality, most experienced professionals in the areas of sales, catering, general and culinary management and operations on a temporary basis. Contact us to learn how we can help your business grow.