The hospitality industry is ever-evolving, constantly changing, and combating ups and downs throughout the year. In addition, the pandemic effectively stopped the hotel business for an extended period of time; as a result, the sector had to adjust to the work-from-home era that followed the COVID outbreak. While the growth in the revenue of the hotel industry has not been able to catch up to the pre-pandemic levels, it is still growing gradually and consistently. The sector has likewise modified itself to technological changes to keep up with modern times and the rest of the industry. This advancement has been one of the factors that has enabled dynamic pricing and revenue growth.
Even though weekend trips and destination holidays have become more popular now than ever before, with a lot of people venturing out on long weekends to relax, and destination weddings are back on the top of the list of many, there is still an atmosphere of uncertainty amongst a few. Here are some key trends that are slowly modernising the hotel industry and have been observed to alter people’s perceptions about vacationing again.
Staycations: Many hotels are engaging in the practise of offering staycations, particularly to the working class, enticing them with the advantage of a work from anywhere model and the scenery of the wilderness. The demand for staycations has turned into a catalyst for rapid revenue growth over short periods of time.
Going digital: Technological advancements like automation of the working system and going digital has gained popularity in the hospitality industry. Going over and above, a few hotels even provide virtual tours for potential customers to try and gain an understanding of their trip and the authenticity of the hotel’s aesthetics. Functionality and design are taken into consideration too.
Home delivery: One of the greatest guest demands till date has been for meals to be delivered right to their doorstep. Not just the local dishes are being tried out; people are also experimenting with several other meals, cuisines and locations. And neither is the industry avoiding this demand. This prompted them to partner with logistics and food delivery companies or set up their own shipping department. This has also led to more employment opportunities, which further drives revenue growth and increases the ROI.
Sustainable vacations: Many guests now give careful consideration to where they stay while on a vacation and how the hotels are run. They are focusing on environment-friendly modes of transportation, mindful food consumption and green, climate-safe spaces. Consumers are making many of their travel selections based on this important aspect, and many are even willing to pay more for sustainable housing. Average Annual Return has also gone up as a result of this.
Social Media and PR: The industry has understood and rightfully harnessed the potential and power of social media and PR. They are aware that today’s audience expects transparency and accountability from hotels on the conditions of how the staff works and how they are treated. And the ideal instrument for that is social media. Social media is also widely used to creatively attract prospective customers, engage with them, and answer their queries. Building a strong communications and social media team that takes care of the hotel's reputation, fosters customer loyalty, and acts quickly in a time of crisis has also become crucial for the development and success of the sector.
The hotel industry has battled a lot of hiccups during these trying times, but they have eventually triumphed as everything has returned to normal and customers are excited to step out of the house again. The need is just to keep up with these trends, progress and adapt to modern changes.