6 Hotel Industry Predictions for 2018

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The last eight years have been pretty good for the hotel industry. As the economy recovered from the housing collapse, the industry posted strong growth rates (growing a staggering 19.71% in 2011 and 19.47% in 2012).

While the industry remains in the black, there has been a clear downward trend since 2013. Market research website Statista predicts that we will see a slight contraction of -1.7% in 2018.

This doesn’t mean the hotel industry is in trouble; more likely, it indicates stabilization after nearly a decade of explosive growth. But it is certainly a sign that things are changing.

And as a hotel manager, you need to keep a close eye growth of the overseas chinese in canada on industry trends. The hotel industry is often at the mercy of external pressures , as even the slightest hint of an economic downturn causes consumers to cut back on travel spending first.

Hotel Industry Forecasts for 2018

With that in mind, what should you expect in 2018? We have six hotel industry predictions to keep an eye on in the coming year.

1. Millennials will become a larger part of your clientele.
Millennials make up a growing share of the U.S. economy, and this will continue. In the coming years, millennials will not only make up the majority of the U.S. workforce, but they will also capture a larger share of the travel market.

Photo of two women taking a selfie via Pixabay

(via Pixabay)

A major part of the millennial identity is travel and experiencing other cultures, which certainly has ramifications for hotel managers. In a recent interview, Berkshire Hathaway Travel Protection President Dean Sivley told Forbes :

“Millennial travelers are looking for transformative experiences when they travel, even if it’s just a 7-14 day trip. Second, millennials are looking for highly specialized trips. Millennials are increasingly looking for trips with specific interests, such as photography, kayaking, biking, or trekking.”

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