Hospitality Will Match India's Robust Growth
/The World Travel & Tourism Council (WTTC) pegs India at no. 3 out of 185 countries of the world in terms of the travel and tourism industry’s total contribution to GDP during 2018. Demand largely depends on business travelers but tourist traffic is also on the rise because of a plethora of distinct leisure experiences that India has to offer like adventure, wellness, spiritual and eco-tourism.
The rising middle-class and increasing disposable incomes continue to support the growth of domestic and outbound tourism.
Competition is fierce in metros and Tier-I cities, while supply is slowly growing in Tier-II and Tier-III cities
Challenges and Disruptors
Shortage of supply in the budget and mid-market segment
Technology, digital innovation, and automation
The satisfaction of a guest and being part of their individual universe
Smart Everything
Adoption of smart technology - from operations to guest experience to marketing
Remote check-in/check-out processes, mobile room keys, and smart room service systems are all enhancing guest conveniences.
It is used to reduce operational costs and exploit new sources of revenue
They capture real-time data to track and optimize energy consumption
.The Decade Ahead
The hospitality industry will be a key revenue and employment generator
Supply will emerge in Tier-II, III and IV markets
Tier III-IV markets would become more sensitive to branded hotels there will be an increase in leisure getaways
In key metros and Tier-I cities, mixed-use development projects comprising hospitality, commercial, residential and retail components would become more popular
The Fortune List
The rising number of business travelers and millennials emphasizing work-life balance, there is a huge scope in the mid-scale segment
Its emphasis will be on strengthening the brand by expanding its portfolio with the right partners in the right markets
