A strong year for the service industry

Halfway through the year, we can definitely say that service industry, in its globality, has been facing a few challenges with high costs and labour shortages. 

A concerned population with restrained consumer budgets and lower spending intent on non-essential expenses (holidays, meals out…) continue to add further pressure on our sector of activity.

The hospitality industry’s priorities are slowly and carefully moving toward a focus on managing financial demands and talent management.

However, average wages for hospitality workers rose 53% in 10 years, the highest of any sector.

According to EY, [...] “the hospitality industry still defies expectations and posts strong numbers”.

There is real optimism in the hospitality, catering travel and tourism sector: 

• Companies, and especially hotels, are prioritising their customer experience.
• Travel demands are at their highest. As an example, TUI is projecting strong revenue and higher profit for this year thanks to a surge in summer bookings.
• Business travel: “digital nomads” are on the rise with more hybrid work around the globe.
• Investments on infrastructures keep increasing. 

The industry is experiencing a boomerang effect, and this is a great sign!  

2023 is predicted to be a good year for the service industry worldwide.