Globally, in the hospitality markets in which there has been an improvement in transactions, soft brands are picking up slowly and at the same time the changing relationship between owners and operators with a stronger alignment on profit metrics rather than only revenue markers and the importance shifts to the focus on flow through and profit contribution.
The prediction of the recovery is difficult since the course of recovery will be different for different segments and markets and submarkets. Since corporate travel is dependent on commercial business activity its pace of recovery is far more uncertain It is expected that the recovery is to take place first in the organised sector while consumer sentiment reflects a preference for brands, and it has seen more interest in the development and re-branding of the upscale category which is expected faster recovery than the luxury segment. The wedding group market which has seen high before will slow down but the chances for micro trips will dominate in the coming days. the smaller group travel has a better chance to resume.
The unexplored destinations have always been the attraction and will continue to show a steady increase in 2021. Even though the Traveller & guest preferences have changed significantly in the last year, with hygiene, cleanliness, safety, and privacy becoming their top priorities. Travellers will prefer independent, contained, and smaller spaces, for their travel.
In this new normal Technology adoption for hotels will be at a much faster pace than the pre covid days by the sector.
The COVID period was a chance for the industry players to think and act creatively upon their products and innovations. The industry should be now built upon all those product categories that were experimented with during the pandemic between 2020 and 2021. When it comes to resilience, the industry will always find ways to be innovative and it always adapts.
The Industry is taking all the possible steps to get out of these present challenges and overcome the crisis and it is equally important to remember customers remain the key to this process. This is an extremely crucial period for brands to continuously upskill themselves and be ready to meet the demands of the industry and to match the pace of the changes taking place around.
The adaptation of the changes and keeping them forward and moving hand in hand towards progress is the right way for the industry to come out of this dark period.
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