In 2023, the travel market in the United Kingdom experienced significant growth, with gross bookings increasing 19%, driven by robust expansion in online bookings, mobile transactions and key sectors like airlines and car rentals.
The impact of the increase in the National Living Wage (NLW) on labour costs in 2024 is forecast to hit UK hotels, particularly in the regions. This will put the spotlight once again on the need for top line growth and smarter cost control to maintain or improve profitability.
Forward-looking data suggests stable growth in UK hotel top-line performance will build on a 15% rise in RevPAR in 2023, helping to offset rising operating costs.
Read on for a snapshot of the key hospitality market insights from the Christie & Co annual Business Outlook 2024 Report.
While continued optimism in the strength of the UK staycation and business travel is driving record levels of hotel development, we expect this to be met by waning demand. The PwC UK Hotels Forecast 2023-2024 shows this increase in supply comes as the post-Covid 'revenge travel' bounce fades, inflationary pressures reduce and the UK economy sits firmly in the doldrums.
New ONS figures show that visits increased 112% year-on-year, generating £30 billion in revenue, but remain 9% down on 2019 levels.
The third quarter of 2023 has yielded captivating revelations regarding restaurant reservations, shedding light on booking patterns, preferences, and the influence of digitalization. The landscape of dining out is evolving rapidly, with technology leading the way in facilitating online reservations, simplifying the process for both patrons and restaurant owners.
ABTA’s latest Holiday Habits report, published today (31 October), shows strong demand for – and confidence in taking – overseas holidays, despite ongoing pressure from the cost-of-living squeeze.
More than 44,000 net outlets have been lost since 2003, equivalent to just over six closures every day for the last two decades.
According to the latest UKHospitality Quarterly Sales Tracker, turnover was up 6.7% in the last year to £137 billion but, compared to 2019, remains almost 20% behind in real terms, when accounting for inflation.