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John Jimenez, VP of eCommerce, Noble, HSMAI Marketing Advisory Board Member
We’ve all seen the headlines over the past month, with many major tech companies laying off an average of 10% of their workforce. HSMAI’s Marketing Advisory Board discussed what the layoffs could mean for the hospitality industry. While it may be too soon to say definitively, below are the top trends we’re noticing and planning for.
Three Main Trends:
1. ADR has remained strong throughout the year and into the holiday season, cyber sales went better than last year, and small to mid-size business is still robust with the sustained draw for in-person meetings. Overall, the headwinds haven’t materialized – yet.
2. Focus on marketing to more financially resilient customers. There are growing concerns about the impact on the leisure travel market, as indicators show perceived affordability and quality have declined, exacerbated by the layoffs and high airfares.
3. The labor market for hiring talent is improving compared to 6-12 months ago. Will the big tech layoffs mean more talent will be available for hospitality?