A strong economy, rising global consumer purchasing power, and digital innovation have fueled record growth in the travel and hospitality industry. What trends are likely to shape the year ahead?
In 2019 and beyond, the industry could see:
Increased competition in the international travel segment, with popular destinations like New York competing with a crop of rising stars such as Portugal and Vietnam
A growing need for infrastructure investment, with airports, parks and recreation, rail, ports, roads, and transit requiring some of the biggest improvements
Pressure to improve security, particularly at airports, while absorbing growing travel demand and creating a more seamless experience
Profit margins threatened by expenses, as increasing operating costs such as fuel, labor, and real estate put travel brands under immense pressure
Labor shortages, due to rapid industry growth and an evolving workforce
The possibility of softening demand if there is a broader economic slowdown.
This is an excerpt from the article posted in the WSJ 3/6/219. To read the full post with segment details visit their webpage.