The ecosystem of the hospitality industry is very dynamic and delicate, it is highly prone to a considerable negative and even positive impact due to the slightest change of forces in its environment. As we are aware, in the recent few years the global and domestic hospitality industry have had to endure unprecedented global events and tremendous changes. These have transformed the hospitality industry and its environment quite drastically.
- The Pandemic Effect – Undoubtedly the biggest crisis in human history, the pandemic brought the whole hospitality industry to a complete stop for a while. Businesses went into losses, some hotels had to shut down and talents lost their jobs. It took some time for the hospitality industry to realise a way around and to find ways to survive, but not without damage.
- The Pandemic, Alternate Perspective – On one side the pandemic had a huge adverse impact on the hospitality industry, but at the same time, there was a silver lining. On the flip side, the crisis motivated innovation, technological advancement, upgradation of hygiene standards, upscaling of functions, focus on efficiency and ease, flexibility, and empathy. The hospitality industry went through a mini evolution in a very short period which has been for the benefit of the industry.
- Global Socio-Economic and Political Scenario Effect – Just a few years ago, the global socio-economic conditions were very encouraging, pumping a lot of cross-border tourism for leisure, medical, religious and other reasons. But now when we see the hospitality industry business both globally and more importantly domestically, the scenario has reduced foreign travel in almost all categories. Uncertainties in the global social economic and political scenario have especially impacted the leisure of foreign travel. There have been efforts from the government to open new avenues and to bring a positive turnaround which is expected to support the industry.
- Technology Infusion – The recent events and changes have stimulated a giant leap in technology in the hospitality industry. The industry was moving in this direction but, what could have taken 5 to 10 years has happened in just two years. There has been a huge infusion of innovative technology which has brought about a good impact benefiting both the industry and the guests.
- The G20 Impact – The G20 Summit presidency has provided a much-needed exceptional opportunity to the Indian hospitality industry. It has given a boost to international tourism which is translating into an increase in demand for accommodation, F and B, and other hospitality services.
- Returning to the Roots – Due to recent global events the hospitality industry has gone through a serious phase of re-analysing all practices and concepts. An indirect impact has brought out an interesting trend where there is an increased focus on curating earthy and regional experiences for guests. Hospitality brands are betting big on offering experiences that showcase their cultural heritage to the world.
- Sustainability is not a Buzzword Anymore – In light of the pandemic and climate change, hospitality brands are truly embracing sustainable practices and actively reducing their carbon footprint. It is a delight to see that they are becoming more empathetic towards their ecosystem and responsible citizens of society.
The Indian hospitality industry, brands, and personnel have adapted pretty well to the transformations and are sustaining their pioneering position in the global market.
