European Travel Trends: Cautious Optimism in 2023

Cautious Optimism overview

Business sentiment among European hoteliers and holiday rental operators remains strong as occupancy levels and prices have continued their increase over the past 12 months, with almost half (46%) anticipating that 2023 will be the year of highest revenue yet.

Important details from the source

• Business sentiment among European hoteliers and holiday rental operators remains strong as occupancy levels and prices have continued their increase over the past 12 months, with almost half (46%) anticipating that 2023 will be the year of highest revenue yet.
• Despite the macroeconomic volatility of the past six months, almost two-thirds find their economic situation to be favourable with both average daily rates and occupancy levels reported to have increased for 51% and 60% respectively.
• Renewed confidence among global travellers has further fueled this positive sentiment: 57% of accommodations see a higher appreciation of travel as their biggest opportunity for the season ahead.
• Following the final round of COVID-19 travel restrictions lifting earlier this year, almost two-thirds (60%) of accommodations view international travelers as key for the upcoming period, while more than half (51%) have Gen-Z in their sights.
• However, while overall positivity is buoying the industry, almost half of respondents (47%) hold concerns around overall economic conditions and there remain a number of key hurdles that accommodations are still tackling.
• More than four in five (86%) see energy costs as an ongoing challenge for their business, and as such 58% planning to invest in energy efficiency improvements.
• Elsewhere, staffing remains high on the agenda.
• Both acquisition and retention are an issue for 44% of those surveyed, with salaries and working hours identified as the top two factors causing a shortage of skilled workers.
• Growing consumer interest in sustainable products and services is recognized as a significant opportunity for more than half (53%) of accommodations, and 55% see potential in offering more local experiences.
• Yet, despite this, only 42% feel prepared for the challenges of decarbonization, and so closing this gap on progress will require further support.

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Conclusion

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