Travel in 2023 Isn’t Slowing: Will Economic Headwinds Threaten Hotel Profits?
Travel in 2023 will not be slowing down. This would normally be perceived as good news for hoteliers, but PwC’s Hospitality Directions report paints a more mixed picture for hotels; the report indicates that economic headwinds may threaten the pace of recovery in the industry, despite record highs for metrics like RevPAR this year.
According to James Ferrara, President of InteleTravel, Wall Street stock prices reflect a bullish outlook. Hotel demand is not slowing and the threat of recession is not negatively impacting consumer spending, with 77% of consumers indicating via a survey they would rather spend on travel, and 40% of respondents indicating they would spend on travel in 2023.
