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Top 10 Trends Reshaping

Hospitality in 2019
Where is hospitality heading in 2019? Top 10 Trends that are still reshaping
the hotel industry.

The hospitality industry has been undergoing tremendous changes and disruptions over
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the last two decades.What key trends have been steadily reshaping the industry and
where is hospitality heading in the near future? A study conducted among EHL faculty in
the fall of 2018 provides insights on past and new challenges (as well as opportunities) Coworking
in Hotels -
hospitality players need to take into consideration. (https://hospitalityinsights.ehl.edu/coworking-
A Match
Made in in-hotels)
Heaven?

The TEN trends that have reshaped (and are still reshaping) the industry
Sustainability
#1 - Virtual communities in Luxury
Hotels: The (https://hospitalityinsights.ehl.edu/sustainability-
Inspira Santa luxury-hotel-inspira-santa-marta-lisbon)
Social networks and in particular TripAdvisor have had a profound impact on customers. Marta,
This has led to more transparency and, overall, to an improved quality of the services Lisbon
provided by hospitality companies.
Space
#2 - Sharing economy Tourism: An
(https://hospitalityinsights.ehl.edu/space-
Opportunity
in travel-opportunities-hospitality-industry)
Airbnb represents a major disruption in the hotel industry, making the competitive Hospitality?
landscape tougher than ever. This is further reinforced by the fact that lodging properties
listed on Airbnb do not necessarily have to comply with the same rules and regulations Digital
than traditional hotels. Detox :
(https://hospitalityinsights.ehl.edu/digital-
Five Hotels
to detox- ve-hotels-to-disconnect)
#3 - Online Travel Agents (OTAs)
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Food
 They have had at least three major impacts on the hospitality industry. Halls Are
the New
First, they have altered distribution channels and consequently taken value away from Food (https://hospitalityinsights.ehl.edu/food-
Courts halls-trends)
hoteliers.
(With an
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Second, the notoriety of brands owned by Booking Holdings and Expedia are such that
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these companies have almost replaced hotel brands.
Fast-
Third, they have built solid relations with travelers. Now, hoteliers have to pay to get Food
access to these customers, thereby leading to a thinner pro t margin for the former. Giants
Are (https://hospitalityinsights.ehl.edu/fast-
#4 - Digitalized guest experiences Tackling food-giants-alcohol-business)
the
Alcohol
Apps, in particular, are increasingly important in the way hoteliers manage the services Business
they provide to their customers and can now control many aspects of the guest cycle and
experience. Adventure
Tourism:
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Catering
#5 - Booming global tourism Learn to
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the about the programs
Thrill- tourism-thrill-seeker-traveler)
Low cost carriers enable more people to travel the world at a reasonable price. Moreover, Seeker
Traveler Explore (https://hospitalityinsights.ehl.edu/cs/c/?cta_g
several emerging markets have seen their GDP increase at a rapid pace, thereby enabling trends&redirect_url=APef
their citizens to travel the world. Customers from South Korea, China, India, and others, 77702ba8169c&hsutk=d34a24ba30b29ed8b588c81203cc88e0&utm_referrer=h
now constitute a large body of potential travelers. Their demand, of course, has a big
impact on the o er.
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#6 - Experience economy Become a blog contributor

Customers request extreme personalization, unique experiences, and so on. This could Contact us
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very well lead to the death of the travel agent and the rise of the independent traveler.
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#7 - Asset management practices hospitality trends and expert opinions.

The asset-light approach has become prevalent in the industry. The separation between Subscribe now
the management of operations and real-estate assets now allows hospitality companies to
focus on their core business, thus improving e ciencies.

It however induces additional complexity and potential agency problems, explaining the
emergence of new  types of jobs, such as asset managers.

#8 - Professionalization

As stated above, new job pro les have emerged following the increasing complexity of the
hospitality industry. In parallel, the need for quantitative competencies (for forecasting,
budgeting, etc.) has also increased.

#9 - Generations Y and Z

These new generations have di erent requirements and needs compared to older
generations. A respondent said “Older generations think about hotels and car rentals.
Younger generations think about Airbnb and Uber.”

#10 - Sustainability

People are becoming increasingly sensitive to environmental and social issues. A

respondent said that this “has to be considered in branding, but beware of green-washers:
consumers are now well-aware that window-dressing exists, and they will not buy it.”

Today – hospitality industry 2.0

What does the future of hospitality hold? Overall, our faculty suggests the need for
hoteliers to properly embrace the above mentioned trends and understand what's at
stakes. Six dimensions came out from our survey:

#1 - Standardization can no longer be the norm.

It is becoming critical to personalize and tailor the services to the needs and preferences
of the travelers.

#2 - To create value, focus on niche markets.

More customization and specialization may enable increased value creation for hospitality
companies. But be careful, as a respondent said, as this requires to genuinely think about
the value proposition of your o er and not “simply branding and rebranding”.

#3 - Exploit technology as an accelerator for business.

Technology will be at the core of the hotel experience both in room, before and after the
trip. This will lead to the development of new concepts and more innovation in the
industry and contribute to the emergence of an ever more individualized o er.

#4 - Social responsibility is a moral and an economic obligation.

The impact of global warming can today be considered a major risk for both corporations
which may lose in revenues and pro ts and society as a whole. It is thus critical for
governments but even more so for corporations to become more sustainable: “not just
green, but real sustainable business models”.

#5 - Develop more responsive and resilient business models.

“Tourism, despite ever growing ows of travelers, will become riskier and more prone to crises”
as the number of travelers steadily continues to grow. This will be accompanied by
increased regulation as a response to a disproportional increase in tourist ows in some
places (e.g. Venice or Barcelona).

#6 - Manage talents actively.

The days of long-lasting employee retention as well as passive, hierarchical management

styles are de nitely gone. “Attracting, developing and keeping the right talent into and within
the hospitality industry continues to remain a core challenge.”

Tomorrow – The hospitality industry 3.0?

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 While, as seen above, the consensus revolves around the need for the industry to evolve
in order to better adapt to the current environment, some respondents were more
‘extreme’ and suggested that hotel rooms, as we know them today, “will become a thing of
the past”.

These respondents refer to the impact of the sharing economy and the tendency of
today’s customers to avoid traditional hotels. They believe that adjustments in the o er,
like the ones listed above, are not su cient and that the industry has to truly reinvent
itself.

This standpoint is reinforced by the increasing importance of technology in the hospitality

industry and the power that technology rms are acquiring. A respondent elaborates:

Major technology rms will replace most hotel brands, because they can o er technology
solutions and create markets to attract customers. The traditional hospitality industry will
evolve into niche markets (serving speci c types of customers), or extremely luxury sector (so
they can a ord to pay their sta reasonable salary). Those who can't identify their niche will Hotel strategy online courses
become the money machines for technology companies. Some brands big enough may survive, Learn more about the programs
but their business will get tougher.

Explore (https://hospitalityinsights.ehl.edu/cs/c/?cta_g
While respondents are more or less alarmist as to the future of the industry, all trends&redirect_url=APef
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nevertheless agree that it has to evolve and reinvent itself in order to exploit the
opportunities and cope with the challenges it faces. The only question remaining is
up to which extent this transformation will have to take place.

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Topics: Trends (https://hospitalityinsights.ehl.edu/topic/trends)

About the author

Philippe Masset, PhD, is an Assistant Professor at EHL where he teaches
courses in nance. His research areas are empirical nance, alternative
investments, wine economics, hospitality nancial management and hotel
real-estate investments. He has been a visiting professor at the University
of Bordeaux and he is member of several academic associations including
the American Association of Wine Economists (AAWE) and Bordeaux Wine
Economics (BWE). He is also a founding member of the Alliance for
Research on Wine & Hospitality Management.

He has published several papers in international journals such as

Emerging Market Review, European Financial Management, Journal of
Alternative Investments, and in the Handbook of Financial Econometrics
and Statistics and got substantial coverage in the media (e.g., Bloomberg,
Reuters, Radio Télévision Suisse, Bilan, The Times, The Daily Telegraph,
China Daily, La Repubblica). He has taught courses in nance (Financial
Management, Corporate Finance, Investments, Real-Estate Finance, Risk
Management, Wine Economics & Finance) at several academic institutions.

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(https://hospitalityinsights.ehl.edu/author/dr-(https://www.ehl.edu/en/dr-
philippe-masset) masset-philippe)

About the author

Jean-Philippe Weisskopf is an Assistant Professor of Finance at the Ecole
hôtelière de Lausanne (EHL) and Visiting Professor at the University of
Fribourg (CH). He holds a PhD from the University of Fribourg (CH) and has
had working experience in Private Banking in Switzerland. His research
interests focus on empirical corporate nance, family owned businesses,
wine economics and asset-light strategies of hospitality companies.Jean-
Philippe is a founding member of the Alliance for Research on Wine &
Hospitality Management and Bordeaux Wine Economics. He has published
in top-ranked peer-reviewed nance journals such as the Journal of
Banking & Finance or Journal of Corporate Finance.He is also the author of
a large number of publications on wine economics in the Journal of Wine
Economics, Economic Modelling or Emerging Markets Review. He has
contributed to book chapters and conference proceedings and was
named researcher of the year 2016 at EHL.

(http://#)
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jean-philippe-weisskopf) weisskopf-jean-philippe)

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