Market Trends

🏨 In the week of November 17-23, 2024, the U.S. hotel industry witnessed an occupancy increase of 20.7% to 59.7%, ADR rose by 8.6% to $150.49, and RevPAR grew by 31.1% to $89.80, year-over-year, partly due to a calendar shift of Thanksgiving. Seattle led with a 62.9% occupancy increase, while Chicago saw the largest ADR and RevPAR increases, 43.8% ($181.36) and 113.7% ($127.91) respectively. Only Oahu experienced a RevPAR decline of 22.7% to $176.10.

🥘 Chef Jay Kumar of Lore in Brooklyn, N.Y., creates classic dosas made from a fermented rice and lentil batter with fenugreek, offering a vegan, gluten-free, high-protein meal. Dosas, with a 15% increase on appetizer menus, are on nearly 1% of menus. Lore serves masala dosas and uttapam with a Swiss-inspired mushroom ragout. Tapori, opening in Washington D.C. in January, will feature dosas with innovative fillings like spiced potato and cheese, and curried crab. Dosas are now popular in both South and North India and in Pakistan.

💸 Kantar’s Brand Inclusion Index 2024 reveals that nearly 80% of people globally, especially Gen Z, Millennials, LGBTQ+, and those with disabilities, consider a brand’s diversity and inclusion efforts when making purchases. High-growth, underserved populations prioritize these values even more, with 89% in emerging economies versus 71% in developed markets. By 2050, 1 in 4 individuals will be African, highlighting the need for brands to adapt to a diversifying customer base in 2025. - Valeria Piaggio & Ndeye Diagne.

🏖 Over the past year, the tourism industry embraced changes like combating overtourism, integrating technology, shorter getaways, and lifestyle shifts for extended travel. Travel trends predicted for 2024 have become common, despite economic challenges and artificial intelligence advancements. The industry continues to adapt to societal trends and environmental concerns.

💸 Debunking common misconceptions about Revenue Management Systems (RMS), key facts reveal that: 1) perceived high costs are offset by increased revenue and efficiency, 2) modern RMS offer advanced features like real-time pricing and integration with Property Management Systems, 3) implementation is quick with user-friendly interfaces, 4) RMS benefits small properties by optimizing pricing, 5) they require minimal expert oversight, 6) travelers accept dynamic pricing, 7) training is minimal and support is available, 8) RMS reduces staff workload. RMS empowers all property sizes in a competitive market.

✈ During 2023, 276 million passengers transited through UK's airports; only 64% of flights were on time within a 15-minute window, versus 79.8% in the top 10 North American airports. The UK Civil Aviation Authority (CAA) highlights travel disruptions, including extreme weather, strikes, and technical outages. Airline workers often face verbal or physical abuse, with only 43% of passengers getting clear communication during disruptions. Airlines' outdated IT systems hinder efficient information sharing and amplify disruption impacts, suggesting a need for modernized, unified systems for better customer communication and disruption management.