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10 key hospitality trends for 2024

EHL study reveals trends that will reshape the industry this year

Published Jan 20, 2024 01:36 am

At A Glance

  • 'It's about balancing tech innovation with the undiminished human need for meaningful connection and authentic experiences, and how this will translate in this year's top developments.'
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TO GREENER SPACES Sustainable living remains a top priority as consumers factor in the environment with their purchases

EHL Hospitality Business School has released an insightful study conducted jointly by Dr. Jean-Philippe Weisskopf and Dr. Philippe Masset, revealing the transformative trends shaping the hospitality industry in 2024.

Normalizing WhatsApp for client communications, integrating AI into operations, diving into the hype world of mocktails, or changing strategies to properly manage property price fluctuations… 2024 will be awash with novel experiences and ways to face the shifting macroeconomic landscape.

“This study reflects the hospitality sector’s dynamic evolution and its role in our increasingly digital society,” says Dr. Weisskopf. “It’s about balancing tech innovation with the undiminished human need for meaningful connection and authentic experiences, and how this will translate in this year’s top developments.” 

The research identified 10 pivotal vectors of change, out of which leading trends will emerge.

 

  1. Workforce empowerment: Transforming challenges into opportunities
  2. Artificial Intelligence and technology: Choosing the best tech to revolutionize hospitality
  3. Culinary experiences: Putting experiences, authenticity and the senses first
  4. Bars and drinks redefined: Adding creativity and design to the drinks’ menu
  5. Fine dining: In need of reinvention but full of potential
  6. Fine wine prices: Navigating the fluctuating vineyard market
  7. Rising interest rates: The impact on hotel property values and transactions
  8. Green hospitality: Beyond sustainability to net positivity
  9. Data-driven decision-making: Data analytics for optimum personalization
  10. The power of social media: Crafting authentic narratives.

 

Over the past two years, the industry’s biggest challenge has not been attracting customers but rather finding and retaining staff. Other key finding are the hyper-personalization in hospitality, menaing relying on technology-based micro-segmentation to tailor each guest interaction to real-time needs and behaviors, the increasing popularity of ghost kitchens with statistics showing that they are projected to be a $157 billion market by 2030, and off-premise dining and digitalization. 

 

Also found is the need for today’s bars to offer unique drinks paired with a special, Instagrammable atmosphere to create an immersive experience for their customers as well as for hospitality groups to find more innovative and meaningful ways to implement, measure and communicate their sustainability practices. In the F&B industry, local sourcing has become standard in many outlets. 

 

“In today’s global hospitality landscape, it is difficult to confine ourselves to an annual update. Certainly, several general trends have been in place for years and continue to evolve, but by and large, this once cozy industry is constantly innovating and reinventing itself,” adds Dr. Masset. 

As a healthy expansion of the hospitality sector can be witnessed post-Covid, these trends can inform industry stakeholders of its significant transformation.

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