Even as the world is becoming a smaller place, the hospitality industry is expanding by leaps and bounds. With the world population experiencing a major shift in its decision-making and buying power, it is not surprising that global travel is becoming an affordable option for most people. In fact, the world has witnessed a significant change in the manner in which individuals plan the various aspects of their travel and accommodation needs. In order to make the most of the countless opportunities in this realm, businesses and professionals operating in the hospitality sector need to consider the following key trends they need to look out for over the next five years.
Growing Influence of Millennials
Millennials are deeply influencing any travel decisions being made across the globe. Professionals within the hospitality industry need to understand that the buying habits of this young generation are driven by the fact that they value experiences more than material goods. This has helped in bringing about a significant change in the way in which common people perceive business as well as leisure travel. A larger percentage of millennials prefer extended business trips to ensure that they get a little more leisure time.
Growth in Expendable Income
Over the past several years, there has been a significant increase in the expendable income of people belonging to the middle-class across the globe. With this trend likely to continue in the near future, there is a great scope for the business growth of the hospitality industry, especially in unexplored areas. In fact, it is one of the major reasons that the best hospitality management colleges in India are expanding their reach into such areas across the country. This provides them with an opportunity to tap into the potential of vast local talent pools and offer them job options closer to home.
Rise in the Use Of Technology Solutions
With the number of mobile users growing by significant numbers, it is not surprising that technology has already come to play a key role in the hospitality sector. From the use of online hotel bookings to the use of apps for hassle-free check-ins and check-outs, the extensive use of technology is all set to ensure a seamless experience for customers. A new trend wherein smart technology is being used to help hotel guests control various aspects of their stay through their personal devices is also being implemented by some hotels on an experimental basis.
Focus On Enhanced and Personalized Services
In recent times, students enrolling for a Masters in Hospitality Management in India are being trained about the significance of offering personalized services to customers in a seamless manner. This is due to the fact that guests demand the best value for their money in the form of enhanced services delivered to them as per their specific tastes and preferences. In case the hospitality industry is unable to take this trend seriously, they are most likely to face serious setbacks in the coming years and suffer considerable business losses.
Extensive Use of Social Media
Social media is likely to play an important role within the hospitality industry in the coming years. There is a significant shift towards more ephemeral content, live streaming of videos and social media stories, which have been gaining momentum across various social media channels, Moreover, social listening is also expected to become a prevalent marketing practice that is likely to help the hospitality industry expand its reach. In fact, many operators within the industry are already using various social media channels to provide more personalized and effective services to both existing and prospective customers. This in itself can help in better lead generation for these operators besides making it possible for them to counter any online malice.
So, what are you waiting for? Come aboard the Hospitality bandwagon and drive your business towards success!