EHL Hospitality Business School unveils a groundbreaking study, conducted by Dr. Jean-Philippe Weisskopf and Dr. Philippe Masset, spotlighting the transformative trends defining the hospitality landscape in 2024.
2024 promises a wave of innovation and adaptation in the hospitality sector, from the integration of AI into operations to the redefinition of culinary experiences and the strategic management of property price fluctuations. These trends reflect the industry's dynamic evolution amidst an increasingly digital society, emphasizing the balance between technological advancements and the enduring importance of human connection and authentic experiences.
The study identifies 10 key vectors of change, including workforce empowerment, AI and technology integration, and the rise of green hospitality. These trends are expected to shape the industry's trajectory and drive innovation throughout the year.
1. Workforce empowerment: Transforming challenges into opportunities;
2. Artificial intelligence and technology: Choosing the best tech to revolutionize hospitality;
3. Culinary experiences: Putting experiences, authenticity and the senses first;
4. Bars and drinks redefined: Adding creativity and design to the drinks’ menu;
5. Fine dining: In need of reinvention but full of potential;
6. Fine wine prices: Navigating the fluctuating vineyard market;
7. Rising interest rates: The impact on hotel property values and transactions;
8. Green hospitality: Beyond sustainability to net positivity;
9. Data-driven decision-making: Data analytics for optimum personalization;
10. The power of social media: Crafting authentic narratives.
Dr. Masset underscores the continuous evolution of the hospitality sector, noting its resilience and capacity for reinvention. With the post-COVID expansion of the industry, these trends serve as vital insights for industry stakeholders navigating the changing landscape.