Good morning from Skift. It’s Friday, September 1. Here’s what you need to know about the business of travel today.
5 Global Trends We Saw in Latest Hotel Results
25.08.2023 - 13:04 / skift.com / Sean Oneill
Hotel earnings season so far has made me reflect on a manifesto that Skift founder and CEO Rafat Ali wrote several years ago: “Travel is a global crucible for everything. It is where the largest consumer and tech trends first meet and are quickly tested. Everything converges in travel.”
When hotel executives have talked about their companies’ performance in the past couple of weeks, they have indirectly spotlighted bigger-picture trends.
Here’s a snapshot of a few:
1. Changes in consumer income patterns are boosting a popularity for “premium economy” offerings, which in industry jargon translates into “mid-market” hotels.
2. Luxury hotel demand is exceeding supply. But so is the demand for “affordable” lodging.
3. Five-star travelers aren’t swayed by price. But more price-conscious travelers will shop around.
4. China’s economic impact on the world may be different than Westerners once envisioned.
5. The era of “free money” is over.
These are only a few of the trends I saw reflected in hotel earnings. But you get the point. If you want to see broader trends worldwide, looking at travel company earnings can be eye-opening.
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