Trend Spotting: Consumer Spending on Hotels is Booming
New data from the Bureau of Economic Analysis shows consumer spending on hotels and lodging is booming.
From 2011 to January 2017, consumer spending on lodging has increased 41.8%, outpacing other sectors. The food-and-beverage sector came in second, growing 31.2% for the same time period.
With the US economy nearly full-employment and consumer debt levels down, a potential uptick in wages would likely extend this boom trend for hotels well into 2018.
The cardinal rule still applies (Marketshare, Marketshare, Marketshare!) but – given the increases in F&B spend – savvy marketers should be keenly focused on less broad metrics as well, including F&B marketshare, RevPAS and ProPOR (Profit per Available Room).