High steaks: Wagyu beef market continues to grow
Wagyu beef is growing in popularity and there are few signs of it slowing. In 2021, the global Wagyu market was worth more than $11 billion. This was a banner year as Japan exported around 8,000 tons of the gourmet beef cut. Now, the global market is expected to grow by a compound annual growth rate of 6 percent–making it worth an estimated $16 billion by 2028. The food industry is being impacted by inflation, supply chain issues, and climate change, but Wagyu appears to be weathering the storm. From steak to high-priced burgers, the revered protein is becoming more commonly consumed. Here are the factors driving Wagyu’s popularity: The luxury hospitality sector Known for its tenderness and buttery, umami flavor, Wagyu has been a fine-dining favorite since the 2010s–when Japan lifted its export ban to the United States and European countries. Luxury establishments like restaurants and hotels are still fueling the Wagyu beef market today. While some lucky customers can find Wagyu in high-end grocery and specialty stores, the market is sustained by a business-to-business model–particularly with fine dining. A large majority, 85 percent, of Wagyu sales are B2B. As a testament to the importance of B2B commerce, it’s not uncommon for a Wagyu brand to partner with luxury
How to promote the orange economy in communities
Have you ever wondered how to promote creativity and entrepreneurship in a sector that can transform the reality of a region? The answer lies in the fascinating and promising orange economy, a concept that is revolutionizing the way we see and approach economic and social development. But what exactly is the orange economy or creative economy? It is the set of economic activities based on creativity, culture and knowledge. Creativity and entrepreneurship are fundamental pillars of the orange economy and play a vital role in the development of communities. This time, I would like to present some examples of innovative projects so that you can be inspired, harness talent and transform it into a source of economic, social and cultural development. Pietà Project (Peru): It is a high-quality ecological urban clothing project, which is made by men and women from prisons in Lima. Prisoners who are part of this project can receive a reduction in their sentence and a percentage for the sales of the brand. Trash to Art (Brazil): This project transforms recyclable materials into works of art and unique products. Citizens collect and recycle materials such as plastic, glass, and paper to create sculptures, jewelry, and other art objects that are later
The next steps in sustainable gastronomy
Sustainable gastronomy has for years been a topic of interest to chefs, restaurants and diners alike. The idea of cooking and eating fresh, local and environmentally friendly food has become a trend all over the world. But, what are the next steps in sustainable gastronomy? How can we keep moving towards a greener and healthier future? One of the emerging trends in gastronomy of this type is the use of little-known or traditional ingredients. Many chefs are turning to products that were once considered waste or simply not used in the kitchen, such as cauliflower husks, broccoli stems or fish bones. These ingredients can provide unique flavors and also reduce food waste. Agriculture is another important topic that is gaining attention in this way of cooking. It is about chefs looking to work with local farmers who employ responsible practices, such as organic farming or regenerative agriculture. Similarly, single-use plastics are being replaced by more sustainable options, such as biodegradable or reusable packaging. Finally, innovation in food technology is also opening up new opportunities. From the creation of plant-based meats to the fermentation of foods, these innovations can help reduce the carbon footprint of the food industry and offer new flavor and texture options
Investment in community tourism: a way to support the sustainable development of local communities
At present, community tourism has become an attractive form of investment for many investors. By investing in community-based tourism, investors not only have the opportunity to earn financial gain, but also to have a positive impact on society and the environment. This type of activity focuses on promoting the economic and social development of local communities through sustainable and responsible tourism, through the inclusion of local communities in the development of sustainable tourism activities and projects. One of the most common ways to invest in it is through the purchase of tourist properties. This includes the acquisition of hotels, guest houses, restaurants and other tourist establishments. In this sense, local communities are the main beneficiaries of the tourist activity, since they are given the opportunity to develop and offer unique tourist products, such as nature tours, craft workshops, traditional foods, among others, which allow the visitor to experience the local culture in an authentic and genuine way. In conclusion, community tourism is a tourism alternative that seeks to promote sustainable and responsible development of local communities, while providing an authentic and enriching experience to travelers. In this way, a conscious travel style is encouraged that supports both local communities and the preservation of the
Straight up: Spirit sales rise over beer
Americans love beer. In 2021, 187 million barrels of beer were consumed, making it a $100 billion market. So it might be shocking to learn that for the first time, distilled spirits surpassed beer in sales in 2022–with spirit sales at 42.1 percent of the alcoholic beverage market share and beer at 41.9 percent. While this news marks a new turn in the beverage industry, it may not be surprising to those who’ve followed consumer trends in the last decade. Distilled spirits have steadily grown in popularity, gaining market share for 13 years until becoming America’s beverage of choice in 2022. Not only is this great for the country’s liquor companies and retailers, but it’s also welcomed news for the hospitality industry. On-premise spirit sales are still 5 percent below where they were pre-pandemic. However sales are trending upward–a good, albeit slow, sign of recovery for the hospitality industry. How spirits surpassed beer Americans spending more on drinks while they dine out isn’t the only trend driving sales. The market also got a boost from the current cocktail wave sweeping the nation, such as the espresso martini revival. High-end spirits also helped grow the market. Premium sales accounted for more than 60 percent of the sector’s revenue last year, according to the
Round trip: Is business travel back?
Last year, I wrote about the airline industry revamping the business class experience. From new seating to destination-inspired menus, all signs pointed to the sector betting on work travel for its COVID-19 pandemic recovery. While it looks like their bet has paid off, travel and hospitality insiders should keep an eye on possible turbulence ahead. Business travel rebounds When travel restrictions and remote work grounded business travel, many wondered if it would ever return to previous levels. Last year, business travel was almost two-thirds of where it was before the pandemic. This year, 32 percent of people plan to travel for work, compared to the 16 percent who planned to travel last year. Even the majority of remote workers plan on traveling for their jobs this year. So, what’s driving the business travel revival? Surprisingly, smaller businesses reported more travel plans this year than larger companies. In a Morgan Stanley survey, two-thirds of companies with less than $1 billion in annual revenue expected to increase their travel budget this year. On the other hand, less than half of billion-dollar-plus businesses are expected to. Younger workers are also fueling business travel growth, as millennial and Gen Z employees are more likely to travel for work within the year. A murky forecast While business travel is
How are investors currently diversifying?
One of the most recurring principles in investment is the relevance of diversification. In essence, it is about following the classic strategy of not concentrating all the resources in one place. In financial terms, diversification implies investing in a variety of assets, which means investing in different options to spread investment risk among various industries, companies, countries, among others. In the investment world, diversification has always been a key method of minimizing risk and maximizing profit. But how do they do it? One of the ways that investors are diversifying is through investing in exchange-traded funds (ETFs). ETFs are similar to mutual funds, but they trade on the exchange like stocks, which means that investors can buy and sell parts of a diversified basket of assets throughout the day. ETFs offer a wide range of investment options, from stocks and bonds to commodities and currencies, allowing investors to build diversified and customized portfolios. Another way is through investing in real estate. This mutual fund is a popular form of diversification because it offers a steady stream of income and long-term capital appreciation. Investors can invest in real estate directly, through property purchases, or indirectly, through real estate investment funds. Also, they allocate their assets
Luxe Influx: The high-end travel resurgence
Travel is back despite years of pandemic-related hardships, and neither inflation nor still-recovering economies seem to be slowing it down. Just last year, air travel soared to 70 percent of its pre-pandemic levels worldwide. Hospitality was also booming across the globe, as hotel occupancy averaged almost 70 percent last summer–a 5 percent increase from summer 2019. While tourism is booming overall, high-end travel is standing out as the current sector to watch. In 2021, the market was worth $638.2 billion globally. By 2031, it’s projected to hit $1,650.5 billion. This year, luxury travelers are expected to spend 72 percent more on airfare, experiences, and accommodations than they did before the COVID-19 era. Specifically, these travelers plan to spend an average of $5,000 per person on their next luxury vacation. Factors driving luxury travel While the pandemic threw a wrench in the tourism industry, it might ironically be one of the keys to its current resurgence. Many tourists are making up for years of lockdowns, restrictions, and social distancing by booking their dream vacations–and they are willing to shell out big bucks to make that dream come true. In fact, almost half of the participants in a recent survey specifically cited lost time during the pandemic as their reasoning behind plans to spend more
Luxury hotel fever: Which are the main countries that are investing in this category of accommodation?
In recent years, the hotel industry has experienced a boom in the construction of luxury hotels around the world. And although it is often assumed that these properties belong to local investors, the reality is that various countries that invest in this type of hotel also come into play. According to a study by the World Travel and Tourism Council published by HostelTur, China is one of the leading countries in luxury hotel investment. With an ever-growing middle class, domestic tourism has increased significantly in recent years, and as a result, the hotel market has boomed, attracting the attention of local and foreign investors alike. Another country that has seen an increase in investment in luxury hotels is the United States. In cities like New York, Miami, and Los Angeles, new upscale hotels are being built at a rapid pace. Many of these projects are initiatives by foreign investors seeking to capitalize on the growing market for superior tourism in that country. On the other hand, in Europe, Spain also stands out as a country that has seen a large increase in hotel investment in recent years. Thanks to its warm climate and its beautiful beaches, this territory has become a popular tourist
Consumers no longer dishing out on food and drink
Over the past year, the Consumer Price Index has risen 6 percent, with the highest peak at 9.1 percent in June last year–the biggest increase since November 1981. Consumers are feeling the brunt of inflation prices, and it is particularly impacting eating out and drinking habits. According to a recent Morning Consult report, more than half of Americans say they’re changing the ways they eat and drink due to inflation. Restaurants continue to take a hit Restaurants face myriad challenges from supply chain shortages, double-digit food inflation, wage increases and higher operating costs, to name a few. And it is no surprise that to keep their doors open, they are raising prices for consumers. But, as consumers look to save their pennies in the current economy, restaurants appear to be the first to get cut. According to the same Morning Consult report, all generations and income levels are equally likely to eat out less to reduce spending over other behaviors. This trend doesn’t just stop at dining in. Americans are also ordering less takeout and fewer restaurant deliveries. This also holds for previously to-go-loving millennials. In 2021, 49 percent of this generation reported dining out at least once a week. In 2023, that number dropped to 40 percent. The