Head of Hospitality at Bank of Ireland Gerardo Larios Rizo provides an overview of the hospitality sector in Ireland.
The hospitality industry is a key component of the Irish economy contributing an estimated €7bn annually or around 2pc of GDP.
Additionally, the sector also contributes significantly to secondary businesses like food and drink suppliers as well as transport and other services. It is estimated that the sector employs over 250,000 people primarily outside Dublin city so the benefit is well spread.
The sector is characterised by an ever-changing landscape of trends and preferences that shape its cyclical nature; profits in the hospitality sector are driven by high volume relatively low value transactions so even a temporary disruption in demand can have a material impact.
Over the last decade our hotels bars and restaurants have adapted their products, services, premises and even pricing to reflect the ever changing demographics. In the 10 years prior to the pandemic EU visitors increased by 70pc, US visitors by 128pc while the UK our historical strongest market dropped by 8pc.
The green agenda has maintained its momentum despite the hardships of the pandemic, a number of green credentials and certifications are already available with more likely to surge over the next couple of years.