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Development in demand for UK lodge lodging is anticipated to stall in 2024, with the ache more likely to be shared equally throughout London and the areas, in accordance with PwC’s UK Lodge’s forecast for 2024.
Whereas continued optimism within the power of the UK staycation and enterprise journey is driving document ranges of lodge growth, PwC mentioned it expects this to be met by waning demand.
The PwC UK Accommodations Forecast 2023-2024 reveals this enhance in provide comes because the post-Covid ‘revenge journey’ bounce fades, inflationary pressures scale back and the UK financial system sits firmly within the doldrums.
London has seen the most important enhance in provide for the reason that lead as much as the London 2012 Olympics, significantly of luxurious high-end rooms.
In the meantime, new provide within the areas is sort of twice the historic common degree of 1% of recent provide. This huge provide enhance throughout the UK prompts the danger of oversupply, in some places, within the quick time period – given the forecast slowdown in demand ranges within the areas for 2024.
Simon Hampton, Actual Belongings chief, PwC UK: “We count on the surge in new growth to come back to fruition simply as demand wanes – with shopper spending down and stress on companies to curb their budgets in step with ESG targets. However not like in earlier years, the outlook for slowing progress in demand in 2024 shall be felt proper throughout the UK.”
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