HOSPITALITY INDUSTRY – HOTEL BUSINESS CURRENT AND FUTURE TRENDS
Hospitality has long been synonymous with the hotel industry. Any changes in trends of hotel business have wide scale implications on an otherwise diverse industry. What might be an opportunity for a traveler can be a matter of survival for hotels? It will not be an oversimplification to suggest that the emerging concepts in hotel industry reveal an atmosphere of stiff competition. Here is a look at a few major issues:
Is Green better?
Amid growing concern over environment friendly services, a majority of travelers now prefer Green and Eco lodgings. Recent surveys by trade associations such as Partnership Travel Industry Association and online retailers like Yahoo revealed that nearly seventy percent of the tourists are willing to pay extra when it comes to environmental friendly lodgings. These surveys further revealed that these guests will pay anywhere from nine to ten percent premium on the already advertised prices.
What can be stated as a welcome relief for the educated traveler might pose real challenges for the hotel business. To better understand the scenario, it should be noted that hotels are presently facing severe shortages in occupancy rates which are at their lowest since 1971. Such a crisis and lack of funds can definitely hamper any efforts to install appliances that comply with the LEEDS standards (Leadership in Energy & Environmental Design). Some experts agree that a trade off may lead hotels into removing free amenities that include little bottles of shampoos, jams and free basket of fruits; all of which are the hallmark of these eco lodgings.
Where are the Workers gone?
The hotel industry gives employment at a very large proportion of part time workers, who after gaining substantial experience, leave for other lucrative jobs at restaurants and outdoors. Low wages in the hotel industry is one of the primary reasons for low retention rates.
Hotel industry Gurus are already...