The Next Five Year –Is Industry Future Ready
Hospitality Industry has immensely affected due to the pandemic. Industry is now bouncing back and coming back on track. Lets see is our industry future ready; inputs from different industry experts on upcoming five years. Rishi
Hospitality Industry has immensely affected due to the pandemic. Industry is now bouncing back and coming back on track. Lets see is our industry future ready; inputs from different industry experts on upcoming five years.
General Manager, Indore Marriott Hotel.
With a high GDP growth trajectory of 8.2%, India is the fastest growing economies in the world. This clearly denotes that India as a market will be bringing in a lot of opportunities for all kinds of sectors in the coming years. Marriott International is one of the largest hospitality chains in the industry and with having so many brands, hotels are now opening up in different parts of India to keep up with the growing demand. It also helps us to cross train people within various classifications of brands under the Marriott portfolio. In the next 5 years, there will be ample growth opportunities for hospitality professionals in India.
Marriott International is continuously developing technological platforms and innovating offerings to make it easier for the consumers. Marriott’s strategy for 2022 is ‘Growing Forward’ and with the world’s best loyalty program Marriott Bonvoy, we were able to successfully increase the density of Marriott Bonvoy members over the years by using data driven knowledge of valuable guests and customers.
General Manager, Four Points by Sheraton, New Delhi Airport Highway
Adjusting to the new normal and undergoing the major shift as per the expectations and requirements, we are getting future-ready. The industry is becoming future-ready by following some behavioral changes, ensuring the health and safety measures for their guests, and adjusting to the new normal.
It is also exploring various opportunities that can enable restaurants, hotels, casinos, and other hospitality organizations to embrace the new normal, recover, and thrive once more. Industry partners are focusing more on designing the hotels in a way to keep some space for recreation. The biggest trends coming in for the hospitality industry are sustainability, new lodging options, and recreation. New investors are keeping some space for recreational activities, health and wellness, in-house exercise and sports, fresh and organic food, etc. for a holistic guest experience, keeping in mind the needs and requirements of the travelers.
The industry experts are expanding on how they engage with millennial attendees on different levels by removing single-use plastics from their hotels, minimizing water wastage, and local food is getting prime focus. Digitization, sustainability, and green destinations is gaining the interest of the travelers during the pandemic. Cleanliness, sanitizing, reduction of non-essential things, respect for social distancing and capacities are all key aspects to consider. Bouncing back to pre-pandemic levels will take time to recover.
Keeping in view the future prospects, financers, developers and investors are bringing changes in industry as per demand and enhancing value-added products will help in staying ahead in the hospitality business. Covid-19 has brought about a diverse change in the hotel industry by boosting creativity and innovation. Those who are capable of adapting to new concepts and business plans as per the new normal will anticipate a bright future.
Founder & CEO, Signum Hotels & Resorts
The world is undergoing a major shift in decision-making and buying power, and it’s changing the hospitality industry. The only way to see continued success is to prepare for these inevitable changes.
The hospitality, travel and tourism sectors have been hit hard but we can’t ignore the impact on society. Consumer behaviour and eventually consumer spending have been, and will continue to be altered and business plans need to adapt to these new circumstances.
We must all now adapt to new rules, standards and values which have and will continue to influence our social behaviour, and hence our spending behaviour. Consumers will pay more attention to the different security, hygiene and health procedures that establishments are implementing. In order to gain the confidence of consumers, firms will need to be both transparent and reliable.
Online webinars and meetings as well as usage of platforms for teleworking are now fundamental components of our working habits. Home delivery services, contactless payments, medical appointments through videoconference, online purchasing all point towards an accelerated era of digitalization.
The sanitary crisis has forced many businesses to implement telework as part of their new procedures. In most cases remote working has been efficient and productive both for the employee and the employer. On the positive side, employees believe some of the benefits of teleworking include, but are not limited to, reduced stress; work-life balance optimization; flexible time schedules; and commuting time savings. Employers have also noticed better productivity, reduced costs associated with physical offices, decreased staff absenteeism and better use of technologies. As teleworking has proven to be successful it looks like many organizations will maintain this concept as a definite or hybrid alternative for workers.
Before the pandemic, sustainability was already a key topic addressed by individuals, companies and worldwide organizations such as the United Nations. Consumer behaviour will be more orientated towards reduced and conscious consumption and minimal waste. Sustainable products, responsible brands, eco-friendly policies, ecological products and environmental concerns will gain greater interest in the future.
We are not yet tech ready we must encourage lots of SAAS products to come into hospitality.
Hospitality industry has suffered a lot due to lack of govt initiatives and multiple tax structure in multiple forms. These complex tax structure globally makes running the business unviable and we need minimum taxes for business to flourish.
Chef , La Magia
Food is not just about eating out anymore. It’s an entire experience that people want to cherish even after the meal. People look forward to a more Soul Satisfying Meal in a soothing environment.People are also well-traveled and know their cuisine so they do expect a more curated experience. Something that is unique and experiential.