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Hrm, Trends

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Trends in the Resort Industry
The word "resort" means different things to different people. Some think of a small cottage operation on a lake while others think of a large hotel with extensive dining, recreation, meeting and entertainment facilities. Regardless of the exact definition, resorts are all in the business of hospitality and the creation of pleasurable and memorable experiences for their guests.
Business is getting tougher for resorts. Customers have become more sophisticated and demanding. With the availability of low air fares, the local resort now faces stiff competition from operations throughout the country. This edition of Lets Talk Business describes a few of the market trends facing the industry and possible opportunities and challenges facing tourist lodging operators in your community.
Changing Market Segments
As demographic, lifestyle and economic characteristics of the population change, so do market segments available to resorts today. Some of the segments that have become more important to resorts in recent years include: * Family vacation - travel is on the rise with kids helping decide where to go * Business travel with the family - increasingly becoming a way to combine work and family time * The group meeting market - perhaps the most important market segment in larger resort hotels. For most large resorts, between 45% and 70% of business now comes from group business * Older Americans - a key segment as they have more time and money. Even Disney has created packages for this segment.
The first three segments are influenced by the Babyboomers. They represent guests who are making more money than ever and are the most sophisticated travelers of any generation in history. They will be setting aside more time and money for travel in years to come.
According to a 1996 study commissioned by the Wisconsin Department…...

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