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Regardless of buyer and supplier categorization, global hotel industry respondents foresee an increase in RevPAR and occupancy rates, which reflects an increase in business opportunities over the next 12 months. The Timetric study reveals that 70% and 71% of respective buyer respondents are more optimistic about an increase in RevPAR and occupancy rates, as compared with 46% and 45% of respective supplier respondents. In addition, 43% and 42% of respective respondents from the Rest of the World and Asia-Pacific expect an -increase of 3-10%- in RevPAR. Moreover, 27% and 24% of respective respondents from Europe and North America forecast an -increase of 3-5%- in hotel occupancy rates.
For respondents from both buyer and supplier companies -cost savings and operational efficiency,- -service innovation- and -increasing tourism- are the key drivers of growth in the hotel industry. Additionally, an -increase in disposable income- is the key driver for buyer respondents, whereas supplier respondents consider the -development of IT infrastructure- the most important driver.
Respondents consider -environmentally-friendly initiatives- the foremost emerging trend in the global hotel industry, and growing interest in sustainable travel among tourists is considered a key driver for hotels to acquire green certifications. Consequently, hotels are increasing their commitment to reducing their environmental impact, promoting sustainable business practices and offering green products and services.
Overall, 62% of luxury hotel operators expect to increase their expenditure on technology over the next 12 months, of which 35% expect an -increase of 3-10%.- In addition, 38% of respondents from other hotels also anticipate an increase in technology expenditure over the next 12 months. Additionally, the survey reveals that -Wi-Fi technology,- -online reservations,- and -high-speed internet access- are the leading technological facilities being provided to customers by luxury hotels. Correspondingly, -flat-screen televisions,- -Wi-Fi technology,- and -online reservation- are the key technological facilities customers expect to see in luxury hotels.
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Cindy Frei
MarketResearch.com
240.747.3014
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