Are you ready for a new year? I know I am. As we are looking forward to 2017, let's review some of the key events and discussions in 2016 as published at MultiBriefs.com.
Impacts from the major events in 2016
There were several surprising, if not revolutionary, changes in 2016 that need our special attention as we enter 2017. Here are some examples:
Donald Trump will officially become the 45th president of the United States after the inauguration on Jan. 20. I do not believe his presidency or his comments about illegal immigrants will stop people from traveling to the U.S., but his foreign policies — such as tighter border controls and new regulations or procedures of handling visas for temporary visitors — might have a negative impact. Meanwhile, Trump's infrastructure plan may boost the travel and tourism industry, providing easier, faster and safer access to a destination.
A growing number of terrorist attacks in Europehave made (or soon will make) it more difficult to travel from one country to another in Europe. Those tragic events also put people in great concern of their safety when traveling inside of Europe.
Brexit is probably the most shocking news in 2016 for Europeans. This past weekend, Italian voters rejected a batch of reforms, and the resounding defeat has led to the resignation of Prime Minister Matteo Renzi. Now, there is a strong chance Italy will become the second country to separate from the European Union (EU). The collapse of EU would make it more difficult to travel in Europe. The positive spin of Brexit is that the value of the pound is at a historic low, making a trip to Britain a great bargain.
The U.S. dollar remained strong in 2016, and this trend will probably continue in 2017. We can expect a more diverse mix of international travelers visiting the U.S. as the number of visitors from Canada and Mexico drops. Meanwhile, more Americans are expected to travel overseas.
2016 has been an exciting year for many hoteliers. Marriott and Starwood completed a merger and became the biggest hotel chain in the world. Yet the competition is just going to get tougher. For example:
Electronic word of mouth (eWOM) and online reviews deserve continuous attention from businesses. I am going to share the results of my research on online reviews as soon as my papers become available on the journals' websites.
Above is a highlight of the key events of 2016, as reflected in my discussions over the year. Do you recall any big events in 2016 that I missed? How would they impact the future of hospitality and tourism business?