UK Hotel operations are among the most profitable in Europe, and hotel companies are feeling optimistic regarding the industry’s buoyancy, according to TripAdvisor, a company that provides an online travel community for collating user-generated travel information.
The latest update of the TripAdvisor Industry Index survey has revealed that economic optimism is prevalent in the UK hospitality industry, with 27 percent of around 2,500 respondents from the UK prepared to state their faith in economic growth. This can be compared to the TripAdvisor Industry Index survey statistics released in December 2011, when only around 19 percent of the respondents had stated their belief in an economic upswing.
With 79 percent of respondents having described their current operations as beneficial or very profitable in the last six months, this makes the UK hotel industry the third most profitable hospitality industry in Europe, with only Turkey and Germany outperforming it.
When asked if Britain’s time on the world stage this summer, would have any lasting effect on business, with London’s hosting of the 2012 Olympic and Paralympic games following on the heels of the Queen’s Diamond Jubilee, over half of respondents (58 percent) stated it would have no effect. A third of respondents (35 percent) were more positive, saying there would be either a short-term or long-term improved effect.
Even if the 2012 London games fail to have a positive impact on the UK hotel industry, the Eurozone crisis is likely to have a more serious impact, as around 87 percent of respondents expect the crisis to impact on their bottom lines in next six months.