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The hospitality industry is booming. In 2018, the industry had a direct contribution of $2.6 trillion to the global GDP according to the World Travel & Tourism Council. By 2023, that number is expected to rise to $3.9 trillion.

However, as the hospitality industry continues to grow, so do the challenges it faces.

Here are five of the biggest challenges facing the hospitality industry in 2023:

1. Sustainability

As awareness of environmental issues continues to grow, so does the pressure on businesses to operate in a more sustainable way. Hotels are particularly vulnerable to criticism in this area due to their high energy and water consumption. In order to stay ahead of the curve, hoteliers need to start thinking about ways to make their operations more sustainable. One way to do this is by investing in energy-efficient technologies such as LED lighting and solar panels.

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2. Staffing

Finding and retaining good staff is a challenge that all businesses face but it is especially difficult in the hospitality industry. This is because the turnover rate in hospitality is relatively high due to the nature of the work – long hours, low pay, and unsociable shifts can all lead to high staff turnover. To combat this, hoteliers need to focus on creating a positive working environment for their employees and providing opportunities for career development.

3. Technology

The rapid pace of technological change presents both opportunities and challenges for the hospitality industry. On the one hand, new technologies can help hoteliers improve their operations and provide a better experience for guests. On the other hand, technology can also lead to disruptions such as Airbnb which has had a major impact on the hotel industry over the past few years. To stay ahead of the curve, hoteliers need to be proactive about adopting new technologies and keeping up with industry trends.

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4. Competition

The hotel industry is becoming increasingly competitive as more businesses enter the market. In order to stand out from the crowd, hoteliers need to focus on providing unique experiences that cannot be replicated by their competitors. This could involve investing in unique amenities or partnering with local businesses to offer guests something different during their stay.

5. Regulation

The hospitality industry is subject to a lot of regulation due mainly to its close association with food safety and security. As regulations become stricter, it becomes more difficult for hoteliers to comply without incurring significant costs. To stay compliant, hoteliers need to keep up-to-date with changes in legislation and ensure that their operations are compliant with all relevant regulations.

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