Market Trends

📋 Over 25% of FCM Meetings & Events' customers spend half their travel budgets on MICE. A six-week online survey by Flight Centre Corporate involving decision-makers and travel managers indicated 23% of EMEA clients allocate over 50% of their budget to MICE, while another 8% allocate 25-50%. FCM is investing $20 million globally in the sector, with expansion plans for South Africa and Dubai by early 2025. The firm aims to leverage its 365+ workforce for exponential growth and global consistency with local adaptation.

🏨 STAAH hosts a Weekly Hotel Industry Quiz aimed at hoteliers to test knowledge and stay updated with industry trends. The quiz covers various topics including luxury hotel brands and hotel software. Participants are encouraged to share the quiz and look forward to new quizzes each week.

🏨 Hyatt Hotels Corp. reports over 25% growth in select service pipeline in the Americas, comprising more than 50% of their total pipeline. Caption by Hyatt brand has opened two hotels in Asia Pacific and plans U.S. openings in 2025. Hyatt Studios, within 18 months, boasts over 4,000 pipeline rooms, 250 deals, and projected openings for 2025 and 2026. Hyatt House and Hyatt Place brands are undergoing guest and owner feedback-driven upgrades to enhance profitability and operational efficiency.

🌍 A study by Expedia indicates the Asian middle class, expected to constitute two-thirds of the global middle class by 2030, is prioritizing travel despite inflation, with plans to spend 23% of their income on travel in the next 12 months. Mass-affluent Asians are planning on average four destinations over 10 days for their next trip, with Indians opting for longer trips at 14 days. Digital tools are heavily utilized for travel planning with 83% having installed a travel app. High-end accommodations and premium amenities are highly sought after, with 93% planning luxury experiences. Concerns about local customs and language barriers are also influencing travel decisions, with 34% willing to spend more to mitigate these issues. Luxury and loyalty programs are key, as 86% of travelers belong to one, highlighting the potential for targeted marketing by tourism boards.

🏩 Charlie MacGregor, founder of The Social Hub, discussed hybrid hospitality on Oct. 9, 2024. The concept involves blending various groups and using space flexibly. Benefits include creating vibrant areas, maximizing revenue, and promoting a fun, safe environment. The model enhances business agility and robustness. MacGregor detailed what hybrid hospitality is (01:30), the environment it creates (03:07), connecting workers through co-working spaces (04:32), and business agility (09:25).

🏢 Vision Hospitality Group's Mitch Patel is optimistic about development, expecting 2-2.5% demand growth next 5-7 years, outpacing predicted 1% supply increase. Construction costs have stabilized, encouraging development, according to Julie Richter of Concord Hospitality. Starwood's Ben Rosenbaum indicates market limitations, with RevPAR not supporting new development costs. Business travel recovery has improved but might not reach pre-COVID levels, with Dave Pollin of The Buccini/Pollin Group estimating 85% recovery. Extended-stay market received a lift between 2020-2022, but recent months saw a 2-3% RevPAR decrease in the economy segment. Despite this, long-term demand for the new extended-stay supply is expected to be sufficient.

🎭 In Jeddah, Art Jameel announces Hayy Jameel’s new autumn 2024 programme, featuring a group exhibition "We Saw an Endless Cycle" from November 27, 2024, to April 19, 2025, and a solo exhibition, "Moving Mountains," until October 26, 2024. Hayy Cinema hosts Horror Week (October 23 - November 3, 2024) and the "My Heritage Documentary Competition" (October 24 - 31, 2024). Hayy Markets is on November 22-23, and Hayy Matsuri, a cultural Japanese festival, is planned for January 2025.

📌 Dezeen Awards 2024 shortlists interior design projects from Keiji Ashizawa, India Mahdavi, Mesura, and Unknown Works among 49 studios spanning UAE, Sweden, Hong Kong, Canada, and Portugal. Japan leads with eight nominations, followed by the UK's five, and four each from the USA, Spain, and Australia. The winners will be announced at the Dezeen Awards party on November 26, 2024, in London. Renowned designers and architects like Bobby Berk, Patricia Urquiola, and Brigette Romanek are part of the jury. Partnerships with Bentley highlight a shared commitment to design excellence and sustainability.

🌺 Hibiscus, also known as 'jamaica,' is trending on U.S. restaurant menus, featured in 10.2% of them—a 30% rise in four years, according to Datassential. This flowering plant, recognized for its vibrant hue and tart flavor, is rich in antioxidants and vitamin C. Popular in teas, cocktails, syrups, and desserts, hibiscus is most common in independent and fine-dining restaurants, aligning with the demand for global flavors and floral notes.

📊 To win a B2B deal, companies must position against three options: sticking with the current solution, choosing a new solution, or doing nothing. Demonstrating differentiated value, reducing the pain of change, increasing customer’s confidence, and decreasing deal risk are strategies to combat these options. Companies should help buyers understand trade-offs, manage stakeholder objections, and offer direct recommendations. Breaking deals into smaller phases and offering guarantees or proof of concept can reduce perceived risk. ????