Young Business Travelers Expected to Spur Hotel Growth in 2012
A new travel survey conducted by Deloitte suggests that the hotel industry will rebound nicely in 2012 thanks to young business travelers increasingly performing more necessary work outside of their home offices.
This finding was part of the 2011 Business Travel Survey, an annual report put out by Deloitte to help the hospitality industry prepare for the year ahead. If this survey is any indication, the coming year will be defined by significant growth for hotels on account of the business traveler community.
Among other findings, the survey showed that more than 80 percent of all business travelers expect to travel at least as often in 2012 as they did in 2011. Much of this growth in centered around younger workers, who have finally been able to shrug off the effects of the most recent recession and begin their business careers in earnest; in fact, more than a quarter of all business travelers under the age of 44 expect to travel more often during the year ahead.
The growth of younger business travelers is thanks in part to a rebounding economy, which has helped businesses increase the amount of cash on their balance sheets. Real gross domestic product grew at a 1.8 percent annual rate in the third quarter of 2011, and most analysts expect that GDP growth in 2012 will be slightly higher at around two percent.
Business travel revenue was even stronger than the general economy in 2011 with growth of 7.6 percent, according to the Global Business Travel Association. In addition, growth is expected to increase another 4.6 percent in the coming year as these younger workers spend more time on the road while conducting business.
Deloitte also found that younger business travelers have very different attitudes and expectations about the hotels they frequent when compared to older travelers, and hotels will need to adjust accordingly if they are to succeed in the future.
When compared to older workers, young business travelers put heavy emphasis on convenience, sociability and sustainability. For instance, these travelers prefer expedited check-in, working in public areas of hotels and patronizing hotels that operating in an environmentally-sound manner.
In short, younger business travelers expect more from their hotels. As such, it is important that hotels choose only the best hotel management companies to run their operations; companies like the Hotel Managers Group have plenty of experience in satisfying the needs of both young and old business travelers.
The ultimate benefit from employing the best hotel management companies is loyal customers. Indeed, Deloitte found that younger business travelers are more loyal to hotels that treat them like valued customers. Thus there has never been a more important time to procure the services of hotel management companies like the Hotel Managers Group who will ensure that customers have the best experience imaginable.
A younger generation of business travelers does not imply naive expectations. In fact, hotels need to be quick on their feet to accommodate this new breed of executives. Interestingly, sociability is given a high priority; meaning, this generation prefers working in public areas versus being confined to individual rooms. VSi must consider this an opportunity for adaptation, as well.