Analysts keeping a close watch on the global hotel industry have dialed back predictions of an economic recession, or at least one that could hinder consumer demand for travel and hospitality. But hotel industry professionals still appear to be factoring that possibility into their budgets for 2024, according to a survey by STR.
In the Hospitality Industry Sentiment survey — a quarterly study assessing the experiences and expectations of hotel and travel professionals around the globe by CoStar hospitality analytics firm STR — more than half of respondents said concerns over an impending recession have had at least “some impact” to their budget planning for 2024.
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.
That number held strong over the past two waves of the survey, with more than 80% of industry professionals indicating on the latest survey that recession fears have created at least a “minor impact” to their budget planning.
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.