General Industry

STR Survey Reveals Hospitality Sector Challenges And Strengths

By Dave Simpson
STR Survey Reveals Hospitality Sector Challenges And Strengths

The results of a new survey published on the website of hotel industry market data company STR have outlined challenges and strengths for the hospitality sector.

Details

According to the statement published on STR.com, the Hospitality Industry Sentiment Survey – the initial findings of which were acquired between 29 November and 11 December of last year, from 200 respondents worldwide – labour-related issues and energy/utility costs were among the top challenges in hotel and travel industries, while leisure demand and increased guest spending were believed to be the greatest strengths.

Statements By Research Analyst At STR

The statement published on STR.com quoted its research analyst, Brannan Doyle, as saying, “While respondents cited similar challenges around the globe, professionals in North America indicated that labour supply and cost challenges were number one on their list. Respondents outside of North America, however, were more likely to note that energy and utility costs were a major concern for their business. The survey group also expressed trepidation for the overall economy, including recessionary headwinds, interest rates, inflation and depreciation of the US dollar, as well as limited flight availability and higher airfares.

Doyle was also quoted in the statement published on STR.com as saying, “Over a third of respondents noted ‘bleisure’ travel as a positive dynamic to their business. Other notable boosts included the chance to perform property renovations, lifts in hotel rooms’ rates, and the possibility of travel price inflation easing in 2023. In addition to these challenges and strengths, a third of respondents expect to meet or surpass 2019 hotel occupancy levels in Q1, while 46% anticipate achieving that goal by the end of the year.”

Read More: Baird/STR Hotel Stock Index Increased In January, Notes STR

© 2023 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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