The challenging economic landscape, intensified by ongoing global conflicts complicated life for 62% of hospitality providers in 2023. This was confirmed by the new Nomisma Tourism Observatory, conducted on behalf of Unicredit, which examined the primary obstacles facing the sector, and delved into the strategic responses adopted by Italy’s key hospitality industry players to tackle these challenges.
Operations were particularly affected by rising energy costs (37%) and the general hike in prices caused by inflation (15%). For four out of ten properties rising interest rates and the shrinking domestic demand impacted negatively on the operational complexity experienced over the last year. Staffing issues were also relevant with 14% finding it difficult to hire resources, an increase of six percentage points over 2022.
Environmental sustainability has become a fundamental strategic driver for enhance attractiveness and responding to the new demands of the market. With nearly 80% of operators sharing this conviction and taking steps in this direction, 72% of those interviewed have invested in separate waste collection, water purification, and the reduction of waste and pollutants, 70% have taken action to reduce food waste, 66% to save water and 51% energy.
One in four operators chose to focus on renovating and modernizing their facilities, while 23% expressed interest in investing in renewable energy production facilities. Some 10% expressed a desire to invest in new equipment and 8% in digital marketing activities and tools. Only 18% do not plan to make investments in the near future. Against this, 41% expect an increase in list prices due, on the one hand, to higher operating costs, and on the other to the revision and/or the expansion of the services offered to customers.
"The observatory reveals the myriad challenges and the opportunities confronting operators in Italy, - explains Unicredit's deputy head for Italy, Remo Taricani. - Global and cross-sectoral concerns, such as the digital transition and sustainability, wield a tangible influence and can significantly determine the success or failure of an endeavour.
Massimiliano Sarti
Journalist
