Hospitality Trends
Russia's hotel industry is facing a severe labor shortage, which is affecting service quality and straining existing employees.
European business travel expenditure is projected to hit USD 391.1 billion (360.4 billion euros) in 2024, marking a 10.4% rise from 2023.
After analyzing publicly available data from five large hotel companies, we found that while growth in several key metrics slowed in 2023, loyalty members' overall contribution to occupancy increased, though marginal contribution per member contracted.
The latest performance indicators show that the Greek tourism sector is on track for another record year. YTD August 2024/23 data from the Bank of Greece indicates a 10% increase in international arrivals and a 2% rise in international travel receipts.
The Challenge's findings suggest that while progress is being made, a significant acceleration in climate action is required to convert commitments into real impact.
The U.S. hotel sector enjoyed significant gains, with RevPAR growing by 9.3% year over year, primarily due to equal improvements in occupancy and average daily rate (ADR).
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