STR: Labor-Related Issues and Energy Costs Are Top Hotel Industry Challenges

HENDERSONVILLE, Tennessee– Labor-related problems and energy/utility expenses are amongst the leading difficulties on the mind of worldwide hotel and travel market experts, while leisure need and increased visitor costs are viewed as the most significant strengths, according to a brand-new study from STR

The Hospitality Industry Sentiment study is STR’s very first longitudinal research study of hotel and travel market specialists, with preliminary findings caught in between November 29 and December 11, 2022, from 200 participants around the world.

” While participants pointed out comparable obstacles around the world, specialists in North America suggested that labor supply and expense obstacles were primary on their list,” stated Brannan Doyle, research study expert at STR. “Respondents beyond North America, nevertheless, were most likely to keep in mind that energy and energy expenses were a significant issue for their organization. The study group likewise revealed nervousness for the general economy, consisting of recessionary headwinds, rates of interest, inflation, and devaluation of the U.S. dollar in addition to restricted flight accessibility and greater air travels.”

While obstacles were a huge aspect, participants likewise weighed in on strengths, absolutely nothing that rising leisure need and increased visitor costs have actually been a benefit to their service.

” Over a 3rd of participants kept in mind ‘bleisure’ travel as a favorable dynamic to their organization,” Doyle stated. “Other noteworthy increases consisted of the opportunity to carry out home restorations, raises in hotel spaces rates, and the possibility of travel cost inflation reducing in2023 In addition to these difficulties and strengths, a 3rd of participants anticipate to fulfill or exceed 2019 hotel tenancy levels in Q1, while 46 percent prepare for accomplishing that objective by the end of the year.”


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