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The Hospitality industry has faced unprecedented challenges in the past few years, including a prolonged period of low occupancy, higher costs and staffing shortages. Other challenges include the focus on offering health and wellness focused accommodations and experiences. This report, an excerpt based on the larger TCS 2021 Global Leadership Study findings, explores ways in which the global hospitality community will build innovation and optimization approaches into its strategy to successfully navigate the future.
Executives who participated in the study (conducted in the first half of 2021) work at companies with average revenue of $13.9 billion. Among the 40 accommodations and food services companies surveyed, the average revenue was $8.3 billion; 90% were headquartered in North America, with the remaining companies split between the UK and Japan. Of these hoteliers, restaurant chains and other participants in this sector, survey respondents included a range of job roles: 40% strategy executives; 28% were division or business unit heads; 28% were heads or directors of operations; as well as a CEO and a COO.
Where accommodations and food services companies think their most formidable competition will emerge by 2025.