With the UK’s hospitality and tourism sectors continuing to evolve, the pandemic and cost-of-living crisis have played a big role.
For example, whilst looking for an alternative to holiday destinations abroad, many people are opting for a break in their own country.
This trend of staycations has allowed local businesses to benefit from increased tourism as well as giving individuals and families a chance to explore what the UK has to offer.
Looking to convert your second home?
A recent survey led by Airbnb revealed that more than a third of current UK Hosts chose to become Hosts to help battle the cost-of-living crisis.
Transforming your second home into an attractive and profitable holiday rental is a great investment, providing a chance to make your money go further.
This can be an affordable way to generate additional income and offset some of the financial burdens associated with owning a home.
How does this affect hospitality?
The hospitality industry has faced a variety of obstacles in recent years, including staff shortages, rising food and energy costs, and increased taxes.
Now that the pandemic has shifted the way people travel and consume services, businesses are encountering additional problems as they attempt to recover.
However, profits are set to grow by 30 per cent, according to a recent UK Hospitality Challenges report. It is anticipated that the majority of this will come from restaurants, pubs, and bars.
Additionally, those visiting holiday lets are likely to spend their time and money on local businesses, giving the hospitality industry a boost.
If you run a hospitality or tourism business, making changes to how you operate and manage costs, as well as adapting to new customer demands, is vital.
With careful planning and innovative strategies, the UK’s hospitality and tourism sectors can continue to grow stronger than ever before.
Need advice on matters related to the above? Contact us today.
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