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Hotel Industry Growth & Changes in the US: 2023-2024 (with Recruitment Impact)
Overall Growth:
- Revenue:Â Expected to increase by 8.8% in 2024 compared to 2023 (AH&LA).
- Occupancy:Â Projected to reach 64.7% in 2024, exceeding pre-pandemic levels (STR).
- Average Daily Rate (ADR):Â Anticipated to grow by 5.1% in 2024 (STR).
User Expansion:
- Domestic travel:Â Strong rebound, expected to exceed 2019 levels (AH&LA).
- International travel:Â Slower recovery, but with significant growth potential (WTTC).
- Millennials and Gen Z:Â Emerging as dominant travel demographics, with unique preferences (Statista).
Mergers & Acquisitions:
- Increased activity expected in 2024, driven by consolidation and portfolio diversification (PwC).
- Focus on boutique and lifestyle brands attracting significant interest (JLL).
Recruitment Arena:
- Labor shortage:Â Major challenge despite increased hiring (AH&LA).
- Talent competition:Â Fierce battle for qualified candidates, especially tech-savvy and bilingual professionals (JLL).
- Wage pressure:Â Salaries rising to attract and retain talent (STR).
- Focus on skills development:Â Training programs crucial to bridge skill gaps (AH&LA).
- Recruitment agencies can assist you with all of your hard to fill needs for management and hourly. Contact [email protected]. HMS Careers Inc.
Additional Points:
- Tech adoption:Â Increased use of automation and data analytics to improve efficiency and guest experience (PwC).
- Sustainability:Â Growing demand for eco-friendly hotels, impacting hiring needs (HospitalityNet).
- Bleisure travel:Â Blending business and leisure trips requires adaptable hotels and sales teams (Skift).
Overall, the US hotel industry is experiencing a strong rebound in 2024, but faces challenges like labor shortages and fierce competition. This requires a focus on innovative recruitment strategies, talent development, and adapting to changing guest preferences.
Sources:
- AH&LA:Â https://www.ahla.com/
- STR:Â https://str.com/
- WTTC:Â https://wttc.org/
- Statista:Â https://www.statista.com/
- PwC:Â https://www.pwc.com/
- JLL:Â https://www.us.jll.com/
- HospitalityNet:Â https://www.hospitalitynet.org/
- Skift:Â https://skift.com/
Disclaimer: This information is based on publicly available data and forecasts, and actual results may vary.