Hospitality Trends Of 2017
With business-friendly regulations and ease of starting a business improving, there never has been a better time to enter into the hospitality Industry for an entrepreneur
Photo Credit : Subhabrata Das
Filling up the hotel has never been this easy, with technology enabling us to reach customers from the moment of booking to after checkout. Data has been the biggest driver and hotels that leverage it, can see their fortunes soar. Loyalty programs are one crucial feature, which hotels, especially Standalone Boutique hotels must utilize to make sure the guests return to the hotel and provide the armor needed to fight branded hotels. Another significant contributor to the success of the hotel is its online presence on Social Media. Mere presence online would not suffice if there is no constant interaction between the brand and its followers. What goes without saying is that Customer Service is the deciding factor regarding the success of the hotel irrespective of the aforementioned.
2017 saw the Hospitality Industry shake off the post demonetization slump in business, getting off to a good start and keep up the pace throughout the year, even during the GST implementation. The Hospitality Industry has seen an upturn in its fortunes with the occupancy and RevPAR* soaring, seeing levels seen during the boom period of 2006-07. The Hospitality Industry is a high employment generator, yet it does not get the same significance as other industries due to low pay and long hours. This is set to change with more FDI coming in the industry and companies entering India from lands of greater liberal laws are upending the system. The FDI in the Hospitality Industry is on a record-setting spree by bettering itself every year. The rationale behind the optimism in the industry is that the consumption story of Indians is still in its nascent stage and nobody wants to miss this trend.
Hotels with MICE# facility will see an uptick in their revenue in 2018 due to the insatiable needs of customers. Companies are spending more than before to reskill their Human Resources and in turn, use the conferencing facilities. With the increase in the discretionary income of the average household, the money spent to celebrate any occasion will only increase. The country is moving from a saving economy to a spending economy, especially amongst the younger generation.
This trend will continue as long as the economy is in good shape. With business-friendly regulations and ease of starting a business improving, there never has been a better time to enter into the hospitality Industry for an entrepreneur.
*Rev PAR- Revenue per available room
#MICE- Meetings, Incentives, Conferences, and Exhibitions
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