The hospitality industry is one compatible industry that takes shape as per the customer requirements. For the past two decades it's observed that the industry has gone through remarkable changes making us question where it is heading to in the future. There are few insights given by EHL faculty about the probable challenges or opportunities and we are reiterating on what these trends that have reshaped or will be reshaping the hospitality industry. Read the following
Social networking has got in a huge advantage to the hospitality industry especially TripAdvisor, which has created an immense impact on the customers. The site has provided transparent information on many aspects which led to improved services from the hospitality companies.
Online Travel Agents have actually hampered the growth of the hospitality industry by tying up with travel agents and other travel channels replacing the brand names of the hotel brands. The scenarios have changed where the hoteliers pay the travel agents to get access to the customers.
Hoteliers have now turned to applications and other online sources to facilitate the customers. As the technology has expanded its wings even in the hospitality industry the hotel managements imbibed this new procedure to reach the customer pool adding better experience for the guests.
There are low-cost carriers across the globe giving accessibility for the travelers to travel at a lower price. And with the increasing GDP for many nations, the market for travel has broadened indirectly impacting the hospitality industry for better.
The earlier hospitality industry was involved in asset management as well. Now that there is a separate department managing the assets and hospitality industry has got its share to totally concentrate on their strengths and serve the best.
Although asset management has moved to another sector, there are job titles adding up to the hospitality industry. The requirement for more workforce is creating the chance of new job profiles simultaneously increasing the need for quantitative competencies.
The requirements of the generations have taken a transformation. Earlier the older generations looked only for hotels and car rentals, and the current generation is also looking for similar things but through mediums like Airbnb and Uber.
Younger generations have become more and more aware of global warming and other hazards. Being sensitive to these sensitive situations like cut down on plastic, and other concepts are expected.
The current state of the hospitality industry
As per the market gurus, the above-mentioned trends have to embrace tightly by the hospitality industry and gauge what and how they can be implemented. And after reading thoroughly through the trends, their opinions have been put forth in the following manner:
What does the future hold?
As you have seen through the years the hospitality industry has been redesigning, modifying, and being compatible with the changes brought in by the markets. Technology concepts or the payment channels or the travel mediators, every change is gracefully accepted and imbibed as part of its routine. Going further too, the hospitality industry is resilient to the ideas of its customers.
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