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By Christopher Durso, Vice President of Content Development, Hospitality Sales & Marketing Association International (HSMAI)
A recession is coming, but senior-level hospitality sales, marketing, and revenue optimization professionals are concerned that their organizations aren’t doing enough to prepare for it. Its impact will be closer to the post-9/11 economic aftershock than the Great Recession. And one response will be to more actively pursue group business.
Those are some of the findings from live polling conducted at HSMAI’s Fall Curate 2019 event in Palm Beach, Florida, on Oct. 15. Leading a session called “Yesterday and Tomorrow,” which combined an economic outlook with a panel discussion on how to respond to and recover from a downturn, MMGY Global President Katie Briscoe posed a series of questions to Curate attendees, who are thought leaders in hospitality sales, marketing, and revenue optimization.
Here are their responses, from the likelihood of recession and which travel sector would be hardest hit, to the importance of customer data and the impact on luxury, midmarket, and economy brands:
