Market Trends

📊 Anaheim-Santa Ana, Calif., leads the top 25 markets in 2024 with a 17.5% year-over-year growth in event planning, followed by Atlanta with 13.7% growth. Louisville, Ky. dominates secondary markets with 59.1% growth, while Memphis, Tenn. follows at 48.9%. Anaheim-Santa Ana's healthcare events contribute a 7.1% share, with significant events from Edwards LifeScience, LLC, and Kaiser Permanente. Average event space used in the top 25 markets is 3,764 sq. ft. with a group size of 131, while Louisville averages 9,014 sq. ft. and a group size of 195.

🏕 Marriott International, the world's largest hotel company, has announced deals with Postcard Cabins and Trailborn for an outdoor-centric accommodations collection set to launch next year. Postcard Cabins, known for its tiny cabins within two hours of major cities, has over 1,200 cabins across 29 U.S. properties. Trailborn offers bespoke hotels near outdoor destinations, with 559 rooms across five locations and more in development. Both brands will integrate into Marriott Bonvoy in 2025, expanding Marriott's portfolio following the outdoor travel trend heightened by the pandemic. Marriott's move follows Hilton's partnership with AutoCamp in February 2024 and Hyatt's collaboration with Under Canvas in July. Marriott's CFO, Leeny Oberg, emphasizes the company's commitment to nature-immersive travel.

🏕 The report analyzes travel tech funding, including companies founded over the past 30 years and tracks funding from the start of 2014 to 3Q24. In mid-2024, Phocuswright enhanced data collection, nearly doubling the company count from prior reports. The 2023 edition expanded the founding date range due to well-established companies raising significant funds. To maintain focus, firms with over $4 billion funding or only peripherally involved in travel, like Uber and Airbnb, were omitted, excluding $117.3 billion raised by 35 such entities. Publicly disclosed venture capital, private equity, crowdfunding, and debt were considered, while IPOs and post-IPO investments were not.

📱 In a survey of 2,000 UK consumers by Epsilon, 20% are inspired by travel agents and operators, equalling TripAdvisor's influence. Friends and family lead at 46%. Other sources include consumer magazines (17%), TV ads (14%), apps (12%), online forums (11%), and social influencers (11%). Last-minute bookings account for 24%, months in advance for 38%, with variability for 43%. Price is a key factor for 39% seeking deals. Only 7% book holidays in January, challenging beliefs about peak booking times.

🏨 A new survey indicates that 91% of hoteliers report increased costs post-Autumn Budget, with 60% seeing a rise over 20%. More than a third of BWH Hotels' members anticipate costs climbing by £100,000+, some fear £750,000 hikes. Cost drivers include employer's National Insurance and the National Living and Minimum Wage, leading 83% to cut staff hours, 77% to raise prices, and many to delay maintenance. The industry calls for VAT reduction and business reform, with 79% of hoteliers supporting a VAT cut in hospitality.

🍴 Bret Thorn, Senior Food & Beverage Editor at Nation's Restaurant News since 1999 and Restaurant Hospitality since 2016, has a BA in history from Tufts University (1990). He wrote for The New York Sun (2005-2008), worked in Thailand (1992-1997), and covered Tiananmen Square protests for ABC News in 1989. Thorn won the Jesse H. Neal Award (2006), was president of IFEC (2005), inducted into Disciples d’Escoffier (2014), and authored entries in the Oxford Encyclopedia (2012) and Oxford Companion (2015). He resides in Brooklyn, N.Y.

🥞 Au Bon Pain and other fast-casual restaurants are incorporating overnight oats into their menus. This no-cook breakfast has gained popularity, especially among Gen Z, with 55% of the population aware of it and 28% having tried it. Market research by Datassential indicates a 32% growth in the past four years and projects a 140% increase in the next four years, showcasing the demand for healthy options.