For the second year running, we surveyed a cross section of finance directors, HR directors and owner-managers in the hotel, bar and restaurant and tourism sectors to gauge their views on the events of the past 12 months and the challenges that lie ahead.
Key findings include:
- The economy continues to be a key factor affecting performance, with the industry concerned by potential rises in interest rates and an increase in inflation
- Pricing competition remains a significant challenge
- Rising operational costs brought about by the introduction of pensions auto enrolment and increases in the National Minimum Wage are placing a significant burden on the industry
- Only 27% of respondents were positively impacted by the Olympic Games
- 61% of respondents are in growth phase either through organic growth or external investment