Global Overview of the Hotels and Restaurants Industry

September 2022

This briefing examines how the hotels and restaurants industry performs globally and in the largest countries in terms of hotels and restaurants output. The report also provides data for production, market size, imports, exports, industry costs, industry profitability and number of companies. The industry and market overview provide benchmarks against other countries globally.

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Key Findings

Technology

Stricter safety protocols and workforce shortage are driving investment in technology and process automation. Variety of robot application is extensive, ranging from food preparation to customer service. Process automation helps to reduce the amount of repetitive and time-consuming tasks for employees, resulting in decreasing operating costs and increased efficiency.

Stricter safety protocols

Since the beginning of the pandemic hospitality companies need to comply with stricter safety protocols, requiring longer employees’ working hours and investments into infrastructure, such as proper ventilation and water treatment. As stricter safety guidelines are expected to stay in place post-pandemic, hotel and restaurant operators are set to further see increased operating costs.

Sustainability

Rising sustainability concerns among consumers continue to impact the hospitality industry, with diners increasingly opting for vegetarian and vegan meal options, and travellers choosing shorter distance travel to reduce environmental impact. As a result, hotels and restaurants will need to adapt to changing consumer preferences to sustain growth.

Rise of new types of travel

The number of business trips plummeted due to the pandemic and companies’ attempts to reduce CO2 emissions. Nevertheless, “workations” are expected to rise in popularity over the forecast period. Travellers on “workations” typically desire a home-like experience, and hotels will have to find ways to improve the customer experience through offering a comfortable work environment.

 

Scope
Examining four trends shaping the hotels and restaurants industry
Key trends impacting the industry in 2022
Hotels and restaurants the last industry to recover
Hotels and restaurants turnover to fully recover only in 2023
China and the US to dominate global industry as consumer expenditure continues to grow
Cost discipline to prevail as profits remain under pressure
Investments into tourism sector drive market growth in the Middle East
Rising labour and energy prices pressure hotels and restaurants industry
Energy prices are set to follow a downward trajectory from mid-2022
Chinese hotel operators continue to dominate
Number of companies increased in 2021 due to recovering consumer demand
Industry concentration to slightly increase amid rising costs
Asia Pacific and Western Europe to drive industry’s turnover growth
Most of the countries are set to witness prolonged recovery from COVID-19
Key future trends shaping the global industry
US: Fiscal stimulus and increased consumer spending lead to swift recovery from COVID-19
US: Elevated spending and government support to add to industry’s expansion
China: Growth is set to slow down due to prevailing COVID-19 containment measures
China: Developing consumer market is driving growth, yet COVID-19 remains an issue
Japan: Real terms turnover is not expected to reach pre-pandemic levels over 2021-2026
Japan: Ageing population and subdued tourism recovery to hamper demand growth
Italy: Turnover growth to remain subdued due to slow tourism recovery
Italy: Deteriorating consumer confidence restricts demand for hotels and restaurants
UK: Real terms turnover is not expected to recover over the forecast period
UK: Prolonged recovery due to rising operating costs and labour shortages
France: Subdued hotel sector growth to impede industry recovery
France: Subdued recovery outlook due to worker shortages and elevated inflation
South Korea: Relatively modest COVID-19 impact results in faster recovery
South Korea: Rising tourism inflows provide solid ground for future growth
India: Heavy pandemic impact is set to restrict real terms turnover recovery over 2021-2026
India: Rising incomes foster demand for hospitality, yet labour shortages cloud the outlook
Spain: Subdued tourism inflows to delay industry’s recovery
Spain: Government support to foster tourism flows, yet workforce shortages pose a threat
Germany: Collapse in business arrivals to constrain industry’s recovery
Germany: Rising operating costs continue to pressure the industry
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