By Jascha Kaykas-Wolff, CEO of Visiting Media

Let’s get right to the point. The hospitality industry, especially on the event planning side, is facing some potentially serious economic headwinds right now. Those who pay attention and start preparing now will be best positioned to not just weather the storm but come out stronger.

Earlier this year, we were looking at a different story. Nearly half of travel buyers expected more business trips in 2025, with 57% planning to increase their travel spending. Fast forward to today, and Skift Research has slashed its global travel growth forecast from 6-9% down to a sobering 2-5%.

This isn’t abstract economic theory—it’s playing out in real-time. European summer bookings to the U.S. have already fallen 25% compared to this time last year, travel from Canada to the U.S. is already down 12%, and a recent Skift survey revealed that, “Nearly half (46%) of respondents across five countries surveyed say they are less likely to visit the U.S.” because of ongoing economic and travel policies.

And as AmTrav’s Craig Fichtelberg recently pointed out, “The economic uncertainty in the financial markets is definitely making it difficult for customers to commit to firm travel budgets for 2025. Corporate demand currently does not have a clear direction, and may not, as the uncertainty could exist for a while.”

Here’s the reality check

When economic uncertainty rises, travel budgets are among the first to get slashed. It’s an easy line item for CFOs to target. And in the current U.S. political climate, it’s increasingly likely that even if corporate travel budgets remain intact, events may be directed to outside of the U.S. when available.

Yet another round of global corporate travel uncertainty is the last thing the industry needs as it continues to recover from the effects of COVID. Sales teams are already being asked to do far more with far less in order to win crucial bookings, and a reduced pool of events will only heighten the pressure.

So what do we do? Wait for the economic winds to shift? Hope for the best?

Absolutely not.

Immersive content helps you do more with less

At Visiting Media, we’ve been obsessed with a simple question: How can we give potential guests – both business and leisure – the confidence to book when they can’t physically visit a property?

The answer is both powerful and practical: immersive digital experiences that transport your potential buyer into your space, allowing them to logically evaluate a space and emotionally connect with your property from anywhere in the world.

Immersive content isn’t a nice-to-have, it’s business critical. The data shows prospects are 130% more likely to book after engaging with immersive content. That’s not a minor improvement; it’s a crucial advantage in a contracting market.

The hidden gap in most property sales strategies

Too many hospitality businesses treat immersive content as a nice-to-have feature, buried deep in their sales process. The stats challenge that assumption, showing a staggering 17x increase in ROI when virtual tours are integrated throughout the entire buyer’s journey, not just at the bottom of the funnel.

Think about what this means. When travel decisions are scrutinized more carefully—when every dollar spent requires additional justification—immersive content doesn’t just influence decisions, it transforms how people make them.

Virtual tours address the critical questions that arise during uncertain times:

• Is this location safe and convenient?
• Does the property deliver genuine value for our money?
• Will this venue meet our specific needs?

The Real Risk isn’t the recession – it’s inaction

The properties that come out ahead in this economic turbulence won’t be the ones with the biggest marketing budgets or the most recognizable brands. They’ll be the ones that adapt — connecting with potential guests when in-person visits drop off.

This isn’t about surviving a downturn. It’s about gaining ground by solving the right problems now. When fewer people are traveling, every opportunity to convert becomes exponentially more valuable.

Hospitality businesses that invest in immersive content today aren’t just bracing for impact — they’re building the digital foundation that will fuel their growth no matter what the market does.

The question isn’t whether you can afford to invest in immersive experiences. It’s whether you can afford not to.

Jascha Kaykas-Wolff

CEO at Visiting Media