Briefing: Global business in the face of uncertainty

According to a report from Markit and CIPS, the UK services economy rebounded in August with The Business Activity Index up to 52.9 in August, from 47.4 in July. But we live in a global world and work in an international industry so global forecasts and upsets are always in mind. Markit and CIPS also state that Eurozone economic growth is at a 20-month low in September. FocusEconomics panelists see GDP in China rising 6.6% this year with a slow down to 6.3% next year. This is still positive but reflects a change from recent years.

This week our hospitality experts discuss market uncertainty and global business:

The month-on-month gain in the UK business activity index, at 5.5 points, was the largest observed over the 20-year survey history, following a record drop of 4.9 points in July. This goes to show how changeable today’s economy is.

Markit’s Eurozone PMI® Composite Output Index suggests that the economy is losing, rather than gaining, momentum  as the average index reading over the third quarter (52.9) is below that of quarter two (53.1).

According to FocusEconomics there is suggestion that things are looking in Russia up as GDP fell just 0.6% annually in Q2, the smallest decrease since Q1 2015.

As our experts discuss above long term confidence is difficult with so many factors possibly affecting business. But all business that embrace the international perspective are more expectant of these changes and better equipped to perform in all weathers.

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Video clips produced by ybc.tv for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: Social needs influence consumer behaviour

A recent poll of American leisure travellers by Choice Hotels found that almost one in 10 respondents’ summer travels were motivated by the opportunity to brag to friends and family on social media. This is great evidence of how social behaviours, influenced by current technology, have affected how people make purchasing decisions. Another finding was that 42% of travellers like to stay in a hotel during the summer because they don’t have to clean the bathroom!

Four experts discuss how new consumer demands have changed hospitality.

Statistics from Google show that mobile continues to have a huge role in the travel experience with 60% of people now searching for destination information on a mobile and two thirds of watch time for top travel videos on YouTube happening on mobile. Consumers also continue to rely on their mobiles once they are on holiday. Google says that there was a 30% increase in smartphone searched from hotel properties in the last year.

Choice Hotels’ poll labels 8% of respondents as Social Travelers – for these people the holiday is all about showing of on social media. But a larger percentage, 26% of respondents are classified as Experience Travelers, who prioritise the experience and activities while travelling.

Choice also found that 57% of American travellers save up all their hotel loyalty points towards that all important Instagramable summer vacation.

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do see here. It’s free.

Video clips produced by ybc.tv for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: the potential for European growth

With the slow recovery from the global economic crisis in Europe and the growth in markets in the Middle East and Asia, it is likely that European countries and cities will struggle for some time.

What Europe does have on its side is maturity and some don’t believe the doom and gloom sentiment. The secure markets of London and Paris will always remain but picking further opportunities will be a bit more of a challenge.

Experts this week discuss the difficult task for the European continent and what needs to be done to get back to pre-2007 stability. Comments this week include from:

  • Rob Seabrook, Head of Hotel Transactions for Savills on the uncertainty seen in Europe
  • Nick van Marken, Partner & Global Head for Travel, Hospitality & Leisure for Deloitte on reasons to be optimistic about Europe
  • Patrick Sanville, Director of Hotels for BNP Paribas Real Estate on the continued growth of London and Paris
  • And Thomas Page, UK Head of Hotels & Leisure for CMS on provincial rates struggling in Europe
 


If you’ve been sent to this page but you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do so here. It’s free.

Video clips produced by ybc.hpgcms.wpengine.com for the Hospitality Channel, including interviews from industry conferences such as the most recent IHIF conference as well as specific Hospitality Channel shoots.

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