Over the next six months, top operational investment is bedding and linens, while the top technology investments are revenue management, contactless check-in, and Wi-Fi
NEW YORK, July 18, 2024 (GLOBE NEWSWIRE) — Questex’s Hotel Management, a trusted advisor of news, trends and analysis for the entire hospitality ecosystem, announces “HM’s Pulse of Procurement,” a biannual index report that takes a deep dive into procurement trends for the hospitality industry. This comprehensive report provides an in-depth look at current procurement practices, budgets, and future purchasing trends within the hospitality sector.
Tracking procurement trends is essential for success in the hospitality sector, and this report offers a fresh and timely perspective on how today’s leading hotel owners, operators, and procurement specialists are managing their procurement strategies. By understanding these trends, hotel professionals can make informed decisions that boost operational efficiency, cut costs, elevate guest experiences, and provide supplying companies with clear insight into the products and services that are actively being sourced.
The report surveyed 166 active owners, operators, investors, management companies, hotel brands, and procurement firms, with results to be continually tracked and updated every six months.
Key findings from the report include:
Procurement Budgets: An analysis of current procurement budgets across various types and sizes of hotels, providing a benchmark for industry spending.Near-Term Purchase Forecasts: Detailed forecasts of upcoming purchases, highlighting areas of increased investment and potential growth.Industry Trends: Identification of key trends impacting procurement, including supply chain challenges, technology innovation, and sourcing the right suppliers.
The top operational category for investment over the next six months is bedding and linens, while the top three technology categories for investment over the next six months are revenue management, contactless check-in, and Wi-Fi. Investment in these areas reflect a strategic decision that directly feeds into a hotel’s bottom line by impacting guest satisfaction, operational efficiency, and the overall success and reputation of the hotel.
“We are thrilled to unveil our latest report on hospitality procurement trends,” said Amy Vaxman, Vice President and Brand Leader at Questex. “This comprehensive analysis draws on data from industry leaders, revealing key insights and actionable strategies that hotel professionals can leverage to enhance their procurement processes. By equipping the hospitality community with these critical findings, we aim to empower businesses to make informed, strategic decisions that will drive growth and innovation in the industry.”
The report will be presented by Jennifer Glatt, Editor-in-Chief at Hotel Management and Content Director at Questex during a live webinar, “Exploring Key Hospitality Procurement Trends,” on August 13 at 2 p.m. EST. Registration for the webinar is now open and can be accessed here.
By leveraging this ongoing data, Hotel Management aims to continuously monitor and evaluate procurement practices, ensuring that the industry has access to the most current and relevant information. Following the webinar, Hotel Management readers can expect a deeper dive into findings from two special reports, “Midscale Market Report: What elements do guests expect from a midscale hotel?” slated for release August 21st and “How to Solve the Biggest Procurement Challenges” on September 10th.
The Index will re-open for submission in October. For information on participating in the report, please complete this form and select “Procurement Index Report” or for information on sponsoring the report, please contact Amy Vaxman at [email protected].
About Questex
Questex helps people live better and longer. Questex brings people together in the markets that help people live better: travel, hospitality and wellness; the industries that help people live longer: life science and healthcare; and the technologies that enable and fuel these new experiences. We live in the experience economy – connecting our ecosystem through live events, surrounded by data insights and digital communities. We deliver experience and real results. It happens here.
For media inquiries, please contact:
Alexandra Aldridge
Marketing Director, Questex
212-895-8284
[email protected]