New hospitality businesses thrive while older ones struggle to survive
A recent study reveals that only 36% of hospitality businesses founded five years ago were still active in 2023. Conversely, 80.2% of newly established hospitality businesses in Germany from the previous year continued operations in 2023. The findings highlight the stark contrast in survival rates between newer and more established hospitality businesses. Despite the challenging economic climate, newly founded companies in 2022 demonstrated resilience, with a significant majority remaining active in 2023. The study also noted that searches did not yield information about a hotel company established in 2022, suggesting it may have ceased operations or was not widely known. The hospitality sector's survival rates vary significantly based on the age of the businesses. While newer companies show promise, the overall survival rate remains low for older establishments. Further research is needed to understand the factors contributing to these trends.
