Market Trends

🏕 The report analyzes travel tech funding, including companies founded over the past 30 years and tracks funding from the start of 2014 to 3Q24. In mid-2024, Phocuswright enhanced data collection, nearly doubling the company count from prior reports. The 2023 edition expanded the founding date range due to well-established companies raising significant funds. To maintain focus, firms with over $4 billion funding or only peripherally involved in travel, like Uber and Airbnb, were omitted, excluding $117.3 billion raised by 35 such entities. Publicly disclosed venture capital, private equity, crowdfunding, and debt were considered, while IPOs and post-IPO investments were not.

🍴 Bret Thorn, Senior Food & Beverage Editor at Nation's Restaurant News since 1999 and Restaurant Hospitality since 2016, has a BA in history from Tufts University (1990). He wrote for The New York Sun (2005-2008), worked in Thailand (1992-1997), and covered Tiananmen Square protests for ABC News in 1989. Thorn won the Jesse H. Neal Award (2006), was president of IFEC (2005), inducted into Disciples d’Escoffier (2014), and authored entries in the Oxford Encyclopedia (2012) and Oxford Companion (2015). He resides in Brooklyn, N.Y.

🥞 Au Bon Pain and other fast-casual restaurants are incorporating overnight oats into their menus. This no-cook breakfast has gained popularity, especially among Gen Z, with 55% of the population aware of it and 28% having tried it. Market research by Datassential indicates a 32% growth in the past four years and projects a 140% increase in the next four years, showcasing the demand for healthy options.

📱 Rikke Wichmann Bruun from Cheil UK highlights a shift from B2B to B2H strategy, emphasizing personalized guest experiences in hotels. Gen Z, comprising 27% of the workforce in countries like the UK, US, Australia, and most of Europe by next year, favors personalization and technology. B2H marketing uses AI for bespoke recommendations and storytelling for relatability, proven effective with LinkedIn data showing a threefold increase in engagement for empathetic storytelling content. Samsung exemplifies this strategy, focusing on real-world problem-solving stories. The strategy seeks a balance between data-led insights, AI, and human connection.

🏨 Mid-Range Hotels: Guests expect amenities like well-maintained rooms and reliable Wi-Fi, with prices starting at $200 USD per night. Challenges include tight budgets and fierce competition. CitizenM exemplifies exceeding expectations through attention to detail. Boutique Hotels: Unique design and personal experiences are expected, with prices from $350 USD per night. Challenges lie in maintaining uniqueness and relevance. Luxury Hotels: High-quality service, attention to detail, and personalized experiences are anticipated, with costs exceeding $500 per night. Operational challenges involve maintaining consistent excellence. Top 50 Hotels in the World: Aim for perfection and "wow" factor, with prices at $1,000 per night, focusing on innovation and world-class service. Hotel success relies on technology investments, quality facilities, and exceptional staff. General managers play a crucial role in balancing guest satisfaction with operational realities.

🏨 STAAH presents a weekly hotel industry quiz to help professionals stay informed on hospitality trends. The quiz caters to both seasoned hoteliers and newcomers, featuring questions on luxury hotel brands and hotel software. Participants are encouraged to share the quiz and access previous quizzes via STAAH's blog.

📝 The Net Promoter Score (NPS), developed in 2003 by Fred Reichheld, is a key metric for hotel guest satisfaction. NPS calculation starts with a question scored from 0 to 10 and results in a number between -100 and +100, derived from subtracting the percentage of detractors (score 0-6) from promoters (score 9-10). Bain & Company research shows over 80% of referrals come from those scoring 9 or 10. Positive NPS impacts guest loyalty, revenue, and online reviews. GuestRevu utilizes NPS to help hoteliers manage feedback and online reputation.

🥗 Patatas bravas, a traditional Spanish dish, is becoming popular in the U.S. with 75% of the population familiar with it and 45% having tried it. The dish appears on 0.5% of U.S. restaurant menus, marking a 10% increase in the last four years. Its popularity is especially high among Asian and Hispanic consumers. It's commonly seen in independent and fine dining establishments, showcasing global flavors and comfort food appeal.

🍳 Eleanor Bardon, 21, former psychology student at University of Leeds, shifts career to hospitality by joining English Lakes Hotels Culinary Academy's apprenticeship at Wild Boar Estate near Windermere. The training program partners with Kendal College offering Level 2 Commis Chef and Level 3 Chef de Partie qualifications. Bardon enjoys the team environment and living on the estate's 72-acre woodland, engaging in hiking and photography. English Lakes Hotels is hiring for various positions.