An Air of Optimism for the Hospitality and Leisure Sector in 2023

With the passing of Blue Monday and the January payslip within reaching distance for many, there is an air of optimism for those engaged in the hospitality and leisure sector in 2023.

It would be ignorant not to acknowledge the ongoing challenges faced by businesses operating in the H&L sector, such as consumers reigning in spending due to the cost of living crisis, staff shortages, and supply chain disruption. However, current forecasts predict inflation will fall back to 3.6% by the end of 2023, which could ease some pressure.

Below we discuss some of the trends and opportunities that allow hospitality and leisure businesses to remain optimistic in 2023, despite the ongoing challenges in the economic climate.

Unsociable hours and low pay have been named as the main reason behind huge numbers of staff leaving jobs in the hospitality and leisure sector following the Covid pandemic. Many businesses report that staff retention could be the difference between staying open and shutting up shop in 2023.

Retaining staff is valuable as it allows the business to keep trading. In order to increase retention rates, many businesses now offer four-day working weeks that staff can opt-in to but still retain their weekly hours and wage, profit-sharing schemes and more flexible working hours with increased salaries.