He is conversationally fluent in German and has gained international experience by working for two years for Deloitte Switzerland. With more than 30 years of professional services experience, Paul also serves as a lead client service partner for a select number of Deloittes most strategic global technology clients. Update Profile, Interests and Subscriptions. during Black Friday-Cyber Monday (BFCM). In addition to a higher average
Learn about Deloittes offerings, people, and culture as a global provider of audit, assurance, consulting, financial advisory, risk advisory, tax, and related services. There is a distinct difference between a hotel customer who has enrolled in a loyalty program and a customer who makes regular, truly loyal use of the brand because of it. Please see www.deloitte.com/about to learn more. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. Copy a customized link that shows your highlighted text. Follow your ambitions! Despite these headwinds, concern over climate change continues to be a top priority for CxOs and theirorganizations. US Chief Well-being Officer | Deloitte Services LP, Go straight to smart. Eighty-two percent would be more likely to take a job with a company that is advancing human sustainability, and 73% would accept a pay cut to do so. has been removed, An Article Titled As workforce well-being dips, leaders ask: What will it take to move the needle? To explore this, we asked respondents for their perspective on the concept of well-being economies. Countries who are building these economies are abandoning the idea that gross domestic product is a good indicator of progress and are instead reframing their economic policies to deliver quality of life for citizens in harmony with the environment. 19 India has the second largest population in the world, estimated at 1.2 billion. Video:2023 Deloitte CxO Sustainability Report Video. However, managers may be finding it difficult to support their staff due to factors outside of their control. experiences is also expected to drop, with fewer travelers planning to partake across most paid activities this year. With fewer Americans traveling, demand will be weaker across most travel segments, but hotels can expect a bigger hit than airlines. Whether they are making up for lost time, spending down savings, or placing higher priority on experiences and memory-making, Americans continue to find reasons to prioritize travel. Deloitte Insights and our research centers deliver proprietary research designed to help organizations turn their aspirations into action. Whats more, a majority of C-suite respondents say that a focus on human sustainability and well-being may define their next career move or even the country where they live. As a result, only 42% of managers say they feel completely empowered and capable of helping their company achieve its well-being commitments. Upasana Naik is a senior analyst at Deloittes Consumer Industry Center. However, the C-suite indicated a much different perspective: More than three out of four executives inaccurately believe that their workforces well-being improved, illustrating that leaders dont have a firm grasp on how their teams are really doing. The poor state of employees mental and physical well-being should be especially concerning for leaders. See Terms of Use for more information. With fewer Americans traveling, demand will be weaker across most travel segments, but hotels can expect a bigger hit than airlines. Many CxOs (61%) said climate change will have a high/very high impact on their organizations strategy and operations over the next three years. If you would like to help improve Deloitte.com further, please complete a 3-minute survey, To tell us what you think, pleaseupdate your settings to accept analytics and performance cookies. This could signal healthy demand for more mass-market travel products, such as major attractions and limited-service hotels. See Terms of Use for more information. Most companies undertaking restructuring initiatives seek revenue improvements of 10%, 20%, or more. 35% are open about their own well-being with their staff. Today, maintaining customer loyalty requires excellence across multiple channels and points of delivery. continued to improve through 2012, recovery in the Certain services may not be available to attest clients under the rules and regulations of public accounting. Deloitte Insights, 2022 Deloitte holiday survey, April 2023. To meet the evolving demands of customers and to thrive in a digital age, we help hotels and hospitality organizations to transform their front- and back-office operations through: Strategy: Rethinking business strategies and operating models for the digital age - for example, developing integrated digital platforms to provide seamless customer . Thanksgiving will be
PwC Hospitality Directions US is a near-term outlook for the US lodging sector, commonly used by industry decision-makers and stakeholders to better understand the impact of policy and other macro-environmental factors on the sector's operating performance. The authors would like to thank Stephen Rogers, Marcello Gasdia, Srinivasarao Oguri, and Rithu Thomas for their contributions to this article. 2023. Lookingto stay on top of the latest news and trends? Older Americans are more likely to cite potential travel disruption and health as reasons to avoid travel. And although only 10% of holiday trips are planned for early January, nearly half
Non-gift purchases are taking a back seat as shoppers prioritize social experiences and buying
At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. Around half (51%) say it would be beneficial if they could align their efforts with the United Nations Sustainable Development Goals or Environmental, Social, and Governance standards, and 45% would welcome an executive training program focused on human sustainability. To stay logged in, change your functional cookie settings. Financial worries are the top travel deterrent across age groups, but the
All travel segments look to benefit from this strong travel intent (figure 2). As a member firm of Deloitte Touche Tohmatsu Limited, a network of member firms, we are proud to be part of the largest global professional services network, serving our clients in the markets that are most important to them. Please enable JavaScript to view the site. 87990cbe856818d5eddac44c7b1cdeb8. Joinhost Tanya Ott as she interviews influential voices discussing the businesstrends and challenges that matter most to your business today. He is responsible for harnessing Deloittes cutting-edge industry insights and unmatched depth and breadth of consulting, risk, and financial advisory and tax capabilities to help THS clients solve their most complex business issues. The survey of 1,400 U.S.-based senior corporate and private equity firm executives relays their expectations for dealmaking activity this year and their experiences with . Joinhost Tanya Ott as she interviews influential voices discussing the businesstrends and challenges that matter most to your business today. Here are just a few examples of our impact in travel and tourism and the hospitality industry. As organizations look ahead to the remainder of 2023 and beyond, one thing is certain: Workforce well-being will remain firmly on the agenda of the C-suiteand for good reason. All respondents passed a double opt-in process and completed an average of 300 profiling data points prior to taking part in this survey. The experience economy endures: 2023 Deloitte summer travel survey has been saved, The experience economy endures: 2023 Deloitte summer travel survey has been removed, An Article Titled The experience economy endures: 2023 Deloitte summer travel survey already exists in Saved items. Although personal luxury goods companies are the most profitable, the post-pandemic rebound of the hospitality sector made it . The survey also found that while many leaders are taking accountability for workforce well-being, workers simply arent seeing their efforts. And among those who plan to spend more than in 2022, nearly three in 10 say they are making up for missed travel (28%) or taking a bucket-list trip (32%). A smaller subset of 1,957 respondents, who plan to stay in paid lodging, rather than only with friends and relatives, completed the longest version of the survey. Hospitality Drove M&A Deals in Luxury Sector in 2022, Deloitte Says. seasons biggest drag on travel demand, and one in five Americans staying home cite worries about travel disruption. If youd like to discuss any of the trends or insights youve read in our 2023 travel industry outlook and how your organization can thrive in the coming year, get in touch. As a result, shoppers expect to visit fewer instore and online retailers, shrinking the shopping window to 5.8
Please see About Deloitte to learn more. The travel and hospitality industry is increasingly operating through prolonged periods of uncertainty and . Stayinformed on the issues impacting your business with Deloitte's live webcast series. Paul specializes in leadership development, crisis management, digital enterprise transformation, business continuity, change management, and identifying the resources within our organization to help clients address their most complex issues and professional service needs. Deloitte provides industry-leading audit, consulting, tax, and advisory services to many of the world's most admired brands, including 80 percent of the Fortune 500. With experience across a range of sectors-including hotels and resorts, restaurants and foodservice, aviation and transportation, gaming and . Deloittes secondWell-Being at Work Surveyuncovered that many employees are still struggling with unacceptably low levels of well-being. Our 2023 industry outlook examines the latest travel and hospitality trends to help your organization recalibrate its business strategy for the year ahead. Defining for the success of individual companies, industries, and above all, for the future of our planet. Despite these benefits and leaders being on-board with a more transparent approach, its clear that their organizations havent caught up yet. Although last years survey respondents reported a high level of motivation to improve their well-being, its clear that theyve struggled to make progress. To make progress on accountability, 76% of the C-suite agree that workforce well-being should be measured and monitored and 83% say it should be discussed at the board level. To stay logged in, change your functional cookie settings. DTTL (also referred to as Deloitte Global) and each of its member firms are legally separate and independent entities. But if companies are, in fact, making these commitments, most employees arent aware of it. Our insights can help you navigate changing consumer behavior and key market trends such as the future of work, digital supply chain, and sustainability. Older Americans, who had been showing more enthusiasm for travel after a prolonged pandemic-driven hesitance, are once again shying away. 30% model healthy behaviors. After two years of concerning workforce well-being statistics, organizations are at a turning point. In addition, 77% say their company has joined a coalition/community (59%) or signed a pledge (39%) related to workforce well-being. Over the last year, global executives have faced a number of challenges, including economic uncertainty, geopolitical conflict, supply chain disruptions, and talent shortages, among others. Of those, 2,262 qualified as travelers. Bryan Terry is a managing director withDeloitte Consulting LLP and serves as the firms Global Aviation leader. His focus includes leading rewards engagements, such as rewards and wellbeing design, optimization, and delivery, with a focus on worker engagement and the employee experience. To thrive in the year ahead,travel, hospitality and airline leaders should consider these new and complicated realities. In fact, only economic outlook ranked slightly higher. Stayinformed on the issues impacting your business with Deloitte's live webcast series. Deloitte Insights and our research centers deliver proprietary research designed to helporganizations turn their aspirations into action. flight cancellations have more deciding to stay home. DTTL and each of its member firms are legally separate and independent entities. See Terms of Use for more information. With MyDeloitte you'll nevermiss out on the information you need to lead. 37% make sure employees use their paid time-off/take time off. Learn how Deloitte Open Talent centers the ongoing needs of contractors and highlights the best projects available across all our businesses. Participation in in-destination
48% ensure that people's workloads are reasonable. The authors would like to thank Anh Nguyen Phillips for her support in helping to shape the survey and report. $18.90 Hourly. Private equity organizations have embraced that even morealmost four out of five now pull transformation activity ahead of transactions. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. Deloitte's new economic analysis shows how green hydrogen can play a paramount role to achieve net-zero targets by 2050. Lookingto stay on top of the latest news and trends? Read more about 2018 Travel, Hospitality & Leisure Industry Outlook. If we have selected the wrong experience for you, please change it above. The possibility of disruption in the form of delayed or canceled flights was cited by just 6% of nontravelers, a huge drop compared to 18% over the winter holiday season.1. already exists in Saved items. Webcast Help
For personalized content and settings, go to you My Deloitte Dashboard. IBISWorld goes the extra mile . Colleen Bordeaux cofounded and leads Deloittes Workforce Experience by Design practice, which marries the deep workforce transformation capabilities of Deloittes Human Capital Consulting group with the applied innovation and human-centered design capabilities of Customer & Marketing. Jen Fisher is the chief well-being officer in the United States at Deloitte Services LP and drives the strategy and innovation around work-life, health, and wellness to empower Deloittes people to be well so they can perform at their best in both their professional and personal lives. Consumers have room to be choosy, and providers must adapt to meet with their changing demands and sensibilities. Most companies would do well to embrace this trend in any environment, but in todays volatile and uncertain context, theres little argument against getting your organization lean and agile. Finally, the survey uncovered a bigger shift thats taking place as the concept of workforce well-being grows beyond an organizations current employees and prioritizes human sustainability (defined as the long-term, collective well-being of individuals, organizations, climate, and society). DTTL (also referred to as "Deloitte Global") does not provide services to clients. Organizations that are embracing this concept are helping their employees become healthier, more skilled, and more connected to a sense of purpose and belonging, and theyre also supporting the suppliers and communities where they operate. See something interesting? Financial considerations are this seasons biggest drag on travel demand, and one in five Americans staying home cite worries about travel disruption. Robotic Process Automation (RPA), cognitive and artificial intelligence have the potential to make business processes smarter and more efficient. So, will travel ever return to prepandemic levels? For example, around half always or often feel exhausted (52%) or stressed (49%), and others report feeling overwhelmed (43%), irritable (34%), lonely (33%), depressed (32%), and even angry (27%). Vice chairman and US leader Retail & Distribution, Vice chair and US Retail & Consumer Products leader, Research leader, retail, wholesale, and distribution, Vice chair and US Transportation, Hospitality & Services attest leader, Vice chair and US Transportation, Hospitality & Services nonattest leader, Research leader, transportation, hospitality, and services, Senior analyst, transportation, hospitality, and services, 2022 DELOITTE HOLIDAY SURVEY has been saved, 2022 DELOITTE HOLIDAY SURVEY has been removed, An Article Titled 2022 DELOITTE HOLIDAY SURVEY already exists in Saved items. Meet the contributors to the Deloitte Consumer Insights 2022. In total, 3,150 people were surveyed: 1,050 C-suite leaders, 1,050 managers, and 1,050 employees. Examples of ESG metrics for the hospitality industry include: Climate change mitigation: Scope 1 and Scope 2 greenhouse gas (GHG) emissions. Matt Soderberg is a principal and leader of the Finance Operations Improvement practice of Deloitte Consulting LLP. Please enable JavaScript to view the site. The latest hospitality market insights are based on the in-depth analysis of our extensive data sets, surveys of investors, operators and lenders and up-to-date market intelligence from our team members on-the-ground in all major European markets. Use the map to browse report collections by country. Leaders also agree that they should be held directly accountable for the health of their people. Americans taking leisure vacations, while the number planning to visit friends and relatives is similar to 2021. Using more sustainable materials (e.g., recycled materials, lower-emitting products), Increasing the efficiency of energy use (e.g., energy efficiency in buildings), Using energy-efficient or climate-friendly machinery, technologies, and equipment, Training employees on climate change actions and impacts, Developing new climate-friendly products or services, Requiring suppliers and business partners to meet specific sustainability criteria, Updating/relocating facilities to make them more resistant to climate impacts, Tying senior leaders compensation to environmental sustainability performance, Incorporating climate considerations into lobbying/political donations.
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