Hospitality Students Predict The Future Of A $4.7 Trillion Industry
The global hospitality market reached nearly $4.7 trillion and was forecast to grow to $5.8 trillion in 2027. There has been a lot of disruption to this economic sector since the pandemic, that includes food, drink, accommodation, and leisure activities like golf and amusement parks.
Since my business career began in this sector, I have been curious about where this market is heading, so each year, I ask the senior class of The Fritz Knoebel School of Hospitality Management of the Daniels College of Business at the University of Denver to give me their perspective.
Dr. David Corsun, PhD, is the Director of this program that focuses on social impact and humane management practices. Over the last five years, my team and his have co-created an annual experiential retreat called the Fritz Leadership Symposium, which includes a two-day live retreat in the Fall culminating in the students presenting "vision pitches" for how their industry, lives and livelihoods will look in the future.
Part of the process of the retreat is generating ideas for the industry for ten years from now, and here is a summary of ideas on how the class of 2024 sees hospitality evolving in four categories by 2033:
- Planet - Focus on the circular economy, Eco-friendly technology, renewable energy sources, a vast reduction in the carbon footprint, Composting options within hospitality (hotels, hostels, events, etc.), Healthier foods that are affordable for the general population, Sustainability requirements are mandated through legislation; Food waste will go to produce power with biodigesters instead of going to landfills and More education for higher management on greener choices.
- Products and Services - Efficiency of humans and technology working equally, not a complete takeover, More automated products like self-checkout at coffee shops, More self-serve service in the luxury side of hospitality, Technology/AI will take labor-intensive jobs away, Remote hospitality services, like wellness retreats that are more affordable, More wellness-focused amenities and food, New & innovative restaurants with chefs who want to push the boundaries of cuisine, Mental health-focused services, and Personalization based on your internet footprint (with a waiver from business to look and use your data)
- Profit - Tipping culture will be replaced with livable wages, We will have to invest more in technology and tech education, Companies will have to balance profit with environmental and social goals, Be focused on investing in benefits that improve employee happiness, Companies will share profits with workers, Invest in staff mental health, Companies will invest in students more during undergrad so they succeed with the company post-grad, Automation will allow for more profit to be distributed to employees, and More focus on employee morale, purpose and wellbeing and a path to profit.
- People - More communication between managers and coworkers that builds trust, Teams full of people in different geological locations with the help of remote work, Develop culture by providing a "day in the life" for every department (cross training); people will not be so focused on working for tips, Help employees develop connections at work as a way to improve mental health, Have a therapist available to help everyone, More company retreats, All workplaces treat employees as people rather than a number or asset, More diversity in age, race, gender, sexual orientation, etc. in management, and Affordable housing.
