Creating Moments that Defy Expectations
The hospitality industry — including travel, tourism, food and beverage — accounts for a growing opportunity for print providers. According to the “2018 Travel and Hospitality Industry Outlook” by Deloitte, gross bookings in the global travel industry reached $1.6 trillion in 2017, making it one of the largest and fastest growing sectors in the world. Factoring in all of the indirect economic contributions, travel and tourism now accounts for roughly 10.2% of the global GDP.
A healthy U.S. economy coupled with a strong corporate travel demand and a shift to travel experiences are feeding the influx of dollars in this market. Spending in the U.S. hospitality industry hit a record $353 billion in 2017 and with 5% growth forecast for 2018, the market is on target to hit $370 billion by year’s end.
But what are travelers looking for?
Travelers are looking for engagement and immersive experiences. Brands want to create moments that travelers will remember and share. Just look at what’s happening in the restaurant industry. According to the Bureau of Labor statistics, there are more than 620,000 places to eat and drink in the United States and the number of restaurants is growing at about twice the rate of the population. Additionally, Americans are spending a growing share of their food budget on eating out — 44 cents per dollar. Successful brands need to do much more than simply offer good food at a reasonable price. They need to deliver a differentiated customer experience.
The same thing can be said of hotels. Brands who fail to innovate, risk losing market share. Forward-thinking hotel brands are already reimagining a hotel’s design aesthetics, innovation around food and beverage and reimagining communal spaces.
But hotel rooms and restaurants are not the only thing travelers are looking for. Travel — whether it’s for business or pleasure — is becoming all about the experience. Today’s biggest travel and hospitality brands can benefit from thinking outside the box and finding ways to be more relevant to their customers across their travel journeys — and making sure they know all of the activities and experiences available to them along the way.
This issue of Wide-Format Impressions dives into the growing opportunities available to print providers in the hospitality markets. Whether you are working with a food and beverage brand or a high-end hotel or even a travel and tourism bureau, there are countless ways you can provide value to your partners in the hospitality space. Interior décor, soft goods and soft signage as well as immersive OOH experiences and personalized travel collateral are just some of the ways print continues to be relevant to this market.
This industry is poised to deliver untold opportunities to print service providers. But the question remains: are you ready to deliver?
Denise Gustavson is the Editorial Director and Special Projects Editor for the Printing & Packaging Group, which includes Printing Impressions, packagePRINTING, In-plant Graphics and Wide-Format Impressions magazines, among other brands. She is also the Editor-in-Chief of Wide-Format Impressions.