Mastering the journey: Key priorities for the Leisure, Travel, and Tourism Industry in 2024
As we enter the new year, the leisure, travel, and tourism (LTT) face both uncertainties and opportunities. In this article, we discuss three pivotal pillars that will shape success in the sector for the foreseeable future.
Pillar 1: Safeguarding margins through smart pricing strategies
In 2024, the industry will encounter a significant challenge as labor costs continue to rise, for instance, due to the activation of renegotiated collective bargaining agreements (CAO). For example, in the Netherlands, the hospitality-CAO announced an 8 to 10% increase in salaries, and the rail-CAO anticipates a 6.25% rise for their members.
The high increase in labor costs demand businesses across the sector to implement intelligent and effective pricing strategies, especially given that the last two years have also seen significant increases in pay. Across the industry, the implementation of well-considered price increases…
