Stay Ahead of Hospitality Trends in 2024
Explore the Changing Hospitality Landscape
In the hospitality industry, staying ahead isn’t just an advantage; it’s a necessity. Anticipating trends and shifts within the supply chain has become the cornerstone of success for hotels, resorts, and other leisure businesses. Read on to learn how you can take advantage of the top hospitality trends of 2024.
1. Destination Dupes
Can’t afford to make your dream trip? Why not opt for the next best thing? Social media has inspired a new trend in travel, according to Expedia: “destination dupes”. The idea is to travel somewhere that’s like your ideal destination, but less popular, to save money on flights, hotels, and experiences.
Examples that Expedia gives of this hospitality trend of 2024 include visiting:
Paros over Santorini
Memphis over Nashville
Quebec City over Geneva
Liverpool over London
Pattaya over Bangkok
Hoteliers can take advantage of this trend by marketing their historically less popular locations as destination dupes. The key is to determine which cities your locations are similar to but at a more affordable price. You can even adjust your décor to fit the specific atmosphere of the locations you’re duping.
2. Dry Bars
Food and beverage sales are often a driving force for more customer wallet share and profits. However, this landscape has continued to evolve over the past several years. The sober-curious movement has driven many consumers to cut down on alcohol – leading to increased demand for alcohol-free beverages. In fact, according to IWSR, this segment increased by $11B in value in 2022 and continues to grow.
In terms of hospitality trends of 2024, experts believe lower alcohol and zero alcohol beverages increased demand will continue. Hospitality operators can capture this trend by making sure that these beverages are available at all bars and eateries within relevant locations. Even low-effort changes such as adding a simple mocktail list to your menus can make a big impact in the eyes of “dry” consumers.
3. The Rise of AI
AI was on everyone’s lips in 2023. As tools like ChatGPT gain popularity, new uses for this technology are emerging and hospitality operators can take advantage of them. One hospitality trend of 2024 is the greater integration of AI tools into certain travel businesses’ processes.
More consumers are using AI bots on Hotels.com and the Expedia Group app to plan their trips. These programs allow users to ask questions about their destination, lodging, and local attractions. Operators can take advantage of this trend by adding AI chatbots to their own apps and websites to draw in curious travelers. Answering users’ questions immediately is a great way to encourage immediate bookings.
Putting Hospitality Trends of 2024 Into Action
The global evolution of the hospitality market is a continuum. In just 2023, the industry revenue grew to $4.7B compared to $4.4B in 2022 according to Globe Newswire. There’s plenty of opportunity to succeed in this market, but there’s always the risk of falling behind. A resistance to change could negatively impact your business in both the short term and the long-run.
The best way to stay nimble? Working with a trusted group purchasing organization from a sourcing and consultative perspective. Learn more about Foodbuy Hospitality today.