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76% of hospitality leaders are optimistic about the future of the UK hotel market over the next five years, up five percentage points from last year. This was revealed by Deloitte’s European Hotel Industry Survey 2021.
Its other findings include:
- Increasing staff costs (59%) and a shortage of skilled labour (54%) are identified as the biggest risks facing the UK hotel industry over the same period;
- Almost half (49%) of respondents are now prioritising cashflow, and hiring and re-staffing over the next 12 months; and 64% agree that attracting more staff into the sector is key for hospitality businesses to thrive in the next three years;
- Despite the headwinds, nearly half (48%) of respondents anticipate 2019 performance levels to return in 2023.
Andreas Scriven, head of hospitality and leisure at Deloitte said: “After a turbulent 20 months, the hospitality industry is facing fresh challenges in recruitment as the race for talent continues to hit the sector. The hospitality industry is more than twice as likely as others to experience recruitment challenges, so it is unsurprising to see this identified as the biggest threat to the sector’s recovery. Like so many industries reliant on skilled workers, hoteliers are looking for more ways to attract and retain talent. Some have even turned to ‘Golden Hello’ financial incentives, demonstrating just how unusual the current climate is.”
Deloitte’s research also found that nearly half (49%) of respondents believe that their consumers are willing to pay more for sustainable products and services.
Scriven, said: “Looking ahead, the hospitality industry will be looking at its post-pandemic offerings. Environmental awareness amongst consumers has significantly heightened over this period, and sustainable goods and services have become a key selling point. Hospitality leaders will not only need to continue providing great experiences, but also more climate-friendly offerings to attract the more ‘conscious consumer’. For the consumer, price remains a key factor in decision-making, and so hospitality leaders will have to carefully balance this with their own carbon-reducing ambitions.”
As investors look for new opportunities across Europe, Amsterdam remains the most attractive European city for investment for the sixth consecutive year.
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