As usual the Hotel and Hospitality industry is buzzing with continuous activities, prospects are in plenty and the time to achieve them is ticking away fast. As far as this industry is concerned; it is the game where the toughest and the fittest survive. This has been the trend since decades now; the hotel industry is one unique segment which rarely slowdowns due to factors like slide in national and international economies. The industry is sure to book handsome profits as it is connected to the subsidiary businesses such as travel and tourism. The major touring destinations around the globe play vital role in bringing in fat revenues to the industry and keep the constant growth continued.
Let us comprehend the success and expansion of the global hotel industry in a logically manner and try to understand what’s in store in 2014. A few pointers will assist us to do this activity in a better way.
The sector-Hotel and Service industry will carry on with its expansion:
If you thought 2013 was amazing for the industry, get ready to get further amazed this 2014. According to the World Travel & Tourism Council (WTTC) report, the global hotel industry is ought to go through a significant growth and expansion period in the next decade, thus benefiting the international economy. The hotel industry along with the travel and tourism sector consists of 8.7% jobs of the total job market. It is estimated that these sectors will have more than 337 million jobs by the end of 2014. A growth of 4.4% is predicted in the industry during the period 2012-2023.
Talent acquisition and retention would play a major role:
The act of expansion and growth will bring in a problem like high turnovers. It would be a tough task for the managers to pick the suited and the best amongst the available and moreover, to retain the high quality employees. There might be a pessimistic effect on the customer services and relationship part if the employees’ strength keeps on getting replaced earning a liability for the hotel brand.
Using the Social presence to the fullest:
With the invention of Internet everything is going social now-a-days. The hotel sector is no exception to this trend, the hotel brands need to build and maintain an online reputation on the social media portals. Regular feedbacks on such online platforms and other interactions result in better outcomes; such activities also help in maintaining a connection with loyal customers.
According to a recent report, brands are mentioned 3.3 billion times in around 2.4 billion discussions in a single day that is just in 24 hours in the United State of America. This must give all of us an idea about how important the online presence factor has been.
Focus on sustainable development, Eco-friendly is the way:
The methods of carrying out any business have changed big time in the last decade or so. Environment and the aspects related to it need to be taken good care of; the hotel industry plays a huge role in doing the same. Working in a sustainable manner has become a norm more than a request today. Moreover, carrying on the business in this style is much economical and profitable to both customers as well as the global luxury hoteliers.
In a study carried out by a leading travel portal, the percentages clearly swung towards sustainable development as 62% of the customers wanted their hotels to be environment friendly. 84% of them felt that the comfort levels and the quality services need not suffer a dent due to this. Whereas, 17% were willing to pay premium prices in order to keep the business eco-friendly.
Countries like France, Austria, Germany, Japan and United State of America are top destinations from the travel and tourism industry. Logically, hotel brands targeting these locations will surely acquire unpredictable returns on their investments.