WEDNESDAY, 12 AUG 2020

 

CONNECT

Facebook Linked In Twitter
Compliance_29/01-24/09_728x90px
GloriaJeans_266x90px
IMH LTD

Biden Chooses Running Mate

Turkey's Actions Jeopardize Stability And Security In The Eastern Mediterranean Says Christodoulides

IMH LTD

OPINION

Hospitality Industry Global Trends and Developments

Hospitality Industry Global Trends and Developments

Number of international travellers continues to grow and the global industry is changing faster than ever before. According to UNWTO's long-term forecast report “Tourism Towards 2030”, the tourist international arrivals will reach 1,8bln by 2030. The 10 global trends and developments in the hospitality industry which every industry player should be aware of, are outlined below:

Airbnb: With listings in over 190 countries and 65,000 cities, Airbnb forms a growing market share with high price competition that hotels need to face. Why travellers choose Airbnb over a hotel? Beside lower cost, Airbnb establishments also offer experiences as most of the properties are immersed in neighborhood and townhomes. Staying in an Airbnb makes you feel like you’re living as a local.  
 
Activities and guest experiences: Activities and experiences are growing in importance for travellers and affect their decision making. Hotels are increasingly making necessary arrangements to accommodate such needs. The 2017 fastest growing experience category per Trip Advisor relates to Historical and Heritage tours followed by Sunset cruises. 
 
Growing importance of cultural tourism: According to the UNWTO survey 40% of the travelers classify themselves as “cultural travelers”. A suggestion would be to involve guests in cultural-related activities so as to relate with the country e.g. cooking local food using local products or participate in the production of local crafts or other traditional activities. 
 
Influx of International Visitors: Visitors from a growing number of different origins/countries mean different expectations and demands thus creating additional challenges in the form of tailored experiences. We have to understand deeply our visitors and service them in a variety of languages, responding to their different cultures.
 
Emphasis on health and well-being: Hotels all over the world are tapping into the enthusiastic health-conscious market, as many new trends and demands emerge. There is potential in the growth of the sector by attracting people who want to stay focused on their well-being while travelling, but are having a tough time doing so. 
 
The increasing role of sustainability practices and the impact of Climate Change: Sustainability is becoming increasingly synonymous with best practices and tourists are becoming sustainability-sensitive. Eco-friendly practices are becoming the new trend. Impact of climate change is becoming more and more evident. The Climate Change Adaptation Strategy developed aims to provide mitigation measures addressing the impacts. Each destination should adapt these measures and directly relate them to its specific realities. 
 
The impact of millennials: Millennials as a customer group have different and overall higher expectations. They expect personalised interactions. They are very familiar with the use of social media, active in them and early adopters of technology. 
 
Technological advancements in Artificial Intelligence (AI) and Robotic Process Automation (RPA): As in most industries, AI & RPA is changing the way the value chain works. Significant opportunities are available in key areas like advertising, front desk services and general management. 
 
Changes in marketing practices: Marketing practices are also moving to be more digital and personalised. The practice is to sell a story not just a room and promote the destination not just the hotel. In addition, there is an imperative need for real time replies to social media comments both positive and negative. 
 
Marketing and promoting the tourist destination: At destination level, it is not a single person’s responsibility. A collaborative approach with all stakeholders along the tourism service provision value chain is required. In tourism destination management, stakeholders work together to create a common vision and a holistic strategy for the destination. The Environmental, Social and Economic impact as well as Safety and Security, are all integral parts of the quality of tourism service provision, and are important strategic elements.
 
New ways of competition, changing customer expectations, social trends and technological advancements, drive global trends and developments. Industry players need to react on trends and developments timely and reconsider their operating model in terms of cost optimisation, corporate strategy, process optimisation and customer expectations.

 

Ioanna Ioannou
Senior Manager
Assurance
Member of the Hospitality & Leisure Team
PwC Cyprus

 

MORE ON OPINION

Unexplained Wealth Orders “From A to B & Back Again”

On 8 April 2020, the National Crime Agency (NCA) had an Unexplained Wealth Order (UWO) ...

FROM AROUND GOLDNEWS

   

Biden Chooses Running Mate

Democratic presidential candidate Joe Biden has named Kamala Harris as his running mate - the first black woman and South Asian American in the role. ...
   

Elias Neocleous & Co LLC Advised Greenmont On the Largest Series-A Startup Funding In Spain

During the second quarter of 2020, Elias Neocleous & Co LLC assisted Greenmont, a Cyprus-authorized alternative investment fund, on the Cyprus law aspects ...
   

Total Government Employment For July Increases Slightly, Solely Attributed To Casual Staff

According to a press release by the Cyprus Statistical Service, in July 2020, total government employment increased by 573 persons (1,1%) in comparison to the ...
   

Building Permits In Cyprus Record Drop In First Five Months Of 2020

Building permits issued in the first five months of this year in Cyprus recorded a drop compared with the same period of last year, data released by the Cyprus ...
   

New Shipping Lanes

Sunil Kapoor, Director at FML Ship Management, talks about their trials and tribulations during the pandemic, the measures taken to ensure business continuity ...
   

Total Government Employment Up In July Due To Temporary Staff Increase

Total government employment was up in July this year on an annual and a monthly basis mainly due an increase in temporary staff in the sector of education. ...
   

Turkey's Actions Jeopardize Stability And Security In The Eastern Mediterranean Says Christodoulides

Cyprus Foreign Minister Nikos Christodoulides has told the CNA that the illegal seismic surveys of Turkey within a maritime area for which an illegal ...
   

Arrivals Significantly Drop in June, Compared To Last Year

Following data released by Cystat, the arrivals of travellers in June 2020 reached 21.939 compared to 661.970 in June 2019, recording a decrease of 96,7%. The ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Compliance_29/06-24/09_300x250px
GloriaJeans_300x250px

IMH LTD