Insights from global industry leaders point to changing guest expectations, expanded revenue streams, and continued cloud acceleration
Nov 28, 2024
To guide hospitality organizations through the new year and beyond, IDeaS has gathered insights from leading industry experts-including hoteliers, management companies, and technology partners-to identify key trends shaping the industry. These insights also explore strategies and technologies hospitality companies can adopt to thrive in an evolving landscape.
Key takeaways
- A generational shift in travel: The growing demand for travel-fueled by both seasoned and first-time travelers-has prompted hoteliers to prioritize a personalized approach. Meeting the diverse needs of Baby Boomers, Millennials, and Gen Z requires innovative strategies that balance sustainability with meaningful experiences;
- Experiential travel creates new opportunities: As overtourism continues to strain popular destinations, hotels have an opportunity to spotlight lesser-known locations. Emphasizing personalized and curated experiences will be critical to increasing guest satisfaction and creating unique offerings;
- Focus on ancillary revenue and events: Increased pressure on room rates is driving the adoption of online booking tools and dynamic pricing strategies for meetings and events. Automation of smaller events will also improve operational efficiency and optimize staffing;
- Investing in next-generation technology: The role of AI in the hospitality industry continues to grow, with a focus on delivering real value through enhanced pricing strategies and revenue management. Collaboration between human expertise and AI-driven insights will become a cornerstone of operational success;
- The cloud revolution gains momentum: As legacy systems approach the end of their lifecycle, the migration to cloud-based solutions is accelerating. Access to advanced data will enable innovative hospitality solutions, while modern technology stacks will play a critical role in meeting the expectations of the next generation of travelers.
Get the full report at IDeaS
