Sustainability for the future: brand, leadership and consumer sentiment – the perspectives that are shaping the travel and hospitality industry
This year the theme for Earth Day (22 April 2022) was ‘invest in our planet’, a mantra that is now widely visible in the travel and hospitality industry.
Sustainability is a core part of the industry’s recovery and essential to its future success. The three colliding forces of enhanced consumer awareness and action, legislation driving transparency, and investor pressures are forcing change. And it’s change that can’t come a moment too soon.
Here at PACE Dimensions, sustainability is an area we’re significantly invested in. Not only have we conducted research into how more responsible ways of doing business are paying their way and delivering strong returns, we’ve also partnered with the brands and businesses leading the way in this space.
Our vision for sustainability is about more than going green. We’re working with everyone -from investors to brands and real estate developers – to ensure that the travel and hospitality industry can navigate the future of embracing sustainability in all its forms. This means developing the right opportunities from the very concept of a hotel or travel brand, addressing consumer sentiment to tap into their potential spending trends, and ensuring that sustainability encompasses creating robust business plans that deliver strong returns and a positive impact to communities and economies for the long term.
These are just some of the key themes we explore in more detail in our blog alone:
- Brand value and the greener potential
In this expert comment piece, PACE Dimensions senior consultant Louise Burns explores how brand DNA intrinsically related to more sustainable practises delivers greater value and returns. In particular, Louise looks at the luxury sector where purpose has long been a core differentiator for many brands and sets out learnings for travel and hospitality businesses to embrace as they navigate embedding sustainability within their culture.
- How the travel and hospitality industry is coming together
Wolfgang Neumann, chair of the Sustainable Hospitality Alliance, talks us through the collaborative efforts and opportunities of the industry in this insightful executive interview. Powerfully articulating the need for actions rather than words, this article describes the “wake up call” the travel and hospitality industry is facing, and how responsible leaders are acting fast to better the balance between profit and values. Addressing social challenges as well as environmental ones is a key take out from this piece, which provides a thought-provoking overview of the complex and unique situation the travel and hospitality industry is in.
- Money talks: the consumer spending habits making sustainability a worthwhile investment
Our joint research in partnership with the BVA BDRC highlighted staggering trends for travel and hospitality brands to think seriously about. Key findings we explore include that nine in ten travellers would choose a sustainable hotel if the option existed, even when the price point for greener accommodation increased by five per cent. In this blog post we look at values-driven purchasing and how addressing sustainability is becoming as much of a standard expectation as a good nights sleep for travellers. In fact, our research goes as far as to tell us that many consumers would avoid a brand associated with poor environmental or social standards.
- The urgency for addressing greener ways of doing business
Our consultants are keynote speakers at world leading industry conferences and events, including around the theme of sustainability. In this blog post, PACE Dimensions’ managing director Tim Davis looks at the key drivers highlighting the need for the travel and hospitality industry to quickly addresses more sustainable ways of doing business. This includes looking at how important sustainability is to recovery from the Covid-19 pandemic, the legislative pressure bringing aggressive new standards, investment fund commitment to clear and transparent ESG (Environmental, Social and Governance) policies, informed and empowered consumers and much more.
- Our industry’s future leaders and attitudes to sustainability
Find out more about attitudes towards responsible business from the industry’s top future talent at the world leading hospitality university Hotelschool The Hague. In this executive interview, the university president board of directors Regine von Stieglitz, outlines the “sustainable revolution” gathering real momentum amongst the next generation of leaders in travel and hospitality. She explores how business models must no longer be based on financial success alone, and the reputational impact of not taking an environmental footprint seriously.
And coming later this year we’re excited to be working on the largest ever study into consumer attitudes towards sustainability, supported by BVA BDRC, and how that is shaping the future of the travel and hospitality industry. Watch this space.
Please contact Tim.Davis@pacedimensions.com to find out more.