Hospitality keeping Pace
India continues to be a high growth potential for hospitality major. With international travel opening up and airlines increasing capacities as well as evaluating the possibility of adding supplementary flights, there has been an ever-increasing demand in travel for both, long and short haul movements. With summer approaching we expect this demand to rise even further and are optimistic about a subsequent increase in hospitality bookings. While, demand for travel and hospitality was affected by the pandemic, we’ve been optimistic about recovery. There’s certainly been a lot of pent-up demand, and people want to travel again. There is also an increasingly growing phenomenon of 'impulse travel' with guests booking trips in a much shorter window than the past years with the average booking time being less than a month. Domestic travel is set to soar. Weddings and events have been quick to pick up pace. Local destinations for weddings are a growing preference in India, and the limitations on hosting these events abroad has also added to the uptick. This sector has particularly seen tremendous traction, and the Hotel brands in India have witnessed a steady increase in queries and bookings for weddings all year long in 2021, and this first quarter of 2022.
The rise in the travel and tourism industry and changing patterns in the standard of living have led to progressive growth in the luxury hotel market trends. Some forward thinking hotel brands have up their game by leveraging advance technologies such as AI, ML, IoT and near-field communication, mobile payment and data analytics to increase online reservations, improve the return on advertising spend, better understand guest preferences and build stronger customer relationships.