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Here is the hospitality and tourism market outlook for 2019.
Café and coffee shops
The café and coffee shop industry has moderately grown in the last five years because of the country’s vibrant coffee culture. Its revenue could increase at an annualised 2.2% over the next five years to be worth $9.8 billion, including an expected growth of 1.3% this year. However, competitive pressures pull profitability down in spite of its positive revenue performance in the last five years.
The growing number of specialty coffee shops contribute to strong competition and low industry concentration. Studies also show a trend towards premium food as reflected in the changing of products offered in cafes. The high demand for coffee and affordability of the products will support growth. Consumers consider coffee an affordable luxury and demand remains resilient. Coffee shops and cafes have the potential to be successful based on the operators’ expertise and the effectivity of their cost and quality control.
Social trends have been changing and have driven revenue growth for restaurants in the last five years. People have become busier; their leisure time, diminishing. This has led to an increase of customers who turn to restaurants to eat. Restaurants offer leisure dining experiences and lesser time spent on food preparation.
The restaurant industry is anticipated to grow at an annualised 1.8% in the next five years to be worth $18.7 billion. Its revenue is expected to increase by 0.2% this year due to positive consumer sentiment and rising discretionary incomes. Revenue growth was fueled by demand for quality food and dining experiences but changing consumer behaviour may also force owners to restructure their restaurants. Important success factors in the restaurant industry are effective cost controls and access to multiskilled staff and niche markets.
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Pubs, Bars and Nightclubs
Alcohol consumption has declined in the last five years and it has constrained the industry’s revenue growth. Regulation has increased in gaming machines and nightclub operations, putting further pressure on the industry. There is also a rising competition between pubs with gaming machines and online gambling companies. Because of these, profitability has reduced in the last five years. However, there has been a recent shift towards premium, higher priced alcoholic beverages.
Revenue is at $17 billion with an expected annual growth of 1.3% in the next five years. Small bars enjoy strong growth in trendy inner-city areas and tourism growth is anticipated to support demand especially in tourist hotspots. Pubs, bars and nightclubs will benefit from proximity to key markets, a loyal customer base and membership of joint marketing/distribution operations.
Hotels and resorts
Strong increase in international arrival numbers and rising domestic business travel have boosted the industry’s revenue in the last five years. However, hotels and resorts still face strong competition from serviced apartments and other forms of accommodation. Industry revenue is anticipated to increase at an annualised 3.4% in the next five years to $12.6 billion. International arrival numbers particularly from China are expected to grow over the next five years as well. In the last five years, industry concentration has increased.
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