Analysts throughout 2023 went back and forth on whether the U.S. economy was headed for a recession. But a survey conducted by STR shows that hoteliers' confidence in their business mostly waned and ended the year lower than it started.
The Hospitality Industry Sentiment survey by CoStar hospitality analytics firm STR is a quarterly study assessing the experiences and expectations of hotel and travel professionals around the globe.
With one full year of the survey now complete, a few key trends have emerged — and a few surprises have as well.
article1 Min ReadJanuary 10, 2024 08:36 AMThe Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR shows a steady decline in confidence among industry professionals throughout 2023 and heading into 2024.
article1 Min ReadJanuary 11, 2024 08:32 AMThe Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR shows that labor supply challenges continue to be a lead concern for hotel industry professionals.
article1 Min ReadJanuary 12, 2024 09:49 AMThe Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR shows that fears of an impending economic recession are having at least a minor impact on the budget-planning process for hoteliers.
article1 Min ReadJanuary 16, 2024 08:38 AMIn the Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR, most respondents expressed optimism for growing demand from business and group travelers in 2024.
article1 Min ReadJanuary 17, 2024 08:42 AMIn the Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR, most respondents said they expect greater pricing power in 2024.
To take the pulse of the industry overall, STR asked its global community of industry professionals to rate their general business confidence over the next three months (short term), the next year (medium term) and the next two years (long term).
Ratings for the long term remain optimistic, with 51% of respondents indicating that they rate their confidence as an “8” or higher on a 10-point scale when looking two years ahead.
However, trending these results shows a slow, but steady decline in confidence ratings for all time spans.
For more insights or to participate in the Hospitality Industry Sentiment survey, click here.
Brannan Doyle is a senior research analyst at STR, CoStar's hospitality analytics firm.