When we last reported on the financial health of the hospitality sector in June this year, the position was far from positive. In particular, we noted that: The average financial health rating for the hospitality sector is only 31 out of 100, compared to the whole economy at 45. Over half of hospitality companies are at serious risk of insolvency
According to a 2024 Bismart report the global hospitality market is on track for remarkable expansion in the next three years, projected to reach $1,063 billion by 2028, a strong compound annual growth rate (CAGR) of 10.24% since 2022. This surge is being driven by a range of factors: increased travel demand, higher disposable incomes and a resurgence in both
Unfortunately, there is a maddening lack of meaningful sub-analysis of employment data for the hospitality sector, but there’s little doubt that the hotel industry has more than its fair share of the many problems with staffing across the economy as a whole and a significant part of the 100,000+ unfilled hospitality vacancies. Indeed, the issues have become sufficiently serious to
The embattled hospitality sector has another front to fight on. This week has seen media headlines about pub closures rapidly increasing by 51% in Q1 2024 compared to the same period in 2023. This follows hard on the heels of data from accountants, Price Bailey that the 514 restaurant closures in Q4 2023 were the highest quarterly figure their research
The UK hospitality industry faces many challenges, not least its steadily deteriorating finances as detailed in our recent sector report. Among the most intractable are ongoing and chronic staff shortages, which undoubtedly underly a significant proportion of the financial pain. The situation has reached such a pitch that the All-party Parliamentary Group for Hospitality and Tourism had announced it was
It’s impossible to overstate the importance of the service sector to the modern UK economy. According to research by the House of Commons Library, it represents 81% of UK economic output and provides 83% of our employment. The service sector includes retail, financial services, public sector activities, business administration, hospitality, leisure and cultural businesses. The S&P Global/CIPS Purchasing Managers’ Index
