As we look back on the second quarter of 2024, the landscape of our industry is characterised by a dynamic interplay of challenges and opportunities. In this swiftly evolving environment, the requirement for precise and timely insights to guide pivotal business decisions has become increasingly paramount. With that, we introduce the Q2 2024 Hospitality Industry Insights trends Report.
Understanding the Metrics: A Glimpse into Industry Performance
The Industry Performance metrics in this report are based on the median aggregator and not the average. Average and median play a similar role in understanding the central tendency of a set of numbers. The average has the disadvantage of being influenced by single values, which are much higher or lower than the rest of the values. That’s why the median is a better midpoint measure for cases where a small number of outliers could drastically skew the average.
Wages costs increasing
Food sales continue to outperform beverage
Gaming performance is sporadic
The hospitality Industry is not new to monthly performance swings. Our paper looks into the insights gained from these shifts, shining light on underlying tendencies that may otherwise go overlooked. With this information, organisations can make informed decisions, modify tactics, and stay ahead of the competition.