EXPERTISE SECTORHospitality & Travel

The hospitality and travel businesses face difficulty amid the pandemic and are being forced to find new creative solutions

Hospitality and travel industries have been heavily influenced by globalization, digitalization, sustainability, and the coronavirus pandemic. The pandemic particularly hit these industries hard due to new health and travel-related rules and restrictions.

The hospitality industry is a broad category of fields within the service industry which consists of accommodation, food and drink service, theme parks, event planning, travel, and tourism. In countries like France, Switzerland, and the Benelux region, the hospitality industry can also be referred to as Horeca (abbreviation for Hotels/Restaurants/Cafes) although it is not an exact equivalent as the term hospitality is often used more broadly.

The pandemic has impacted the industry quite detrimentally with the restrictions and social distancing measures. Nevertheless, these industries will be expected to slowly bounce back when restrictions and lockdowns are lifted. Leisure travel, tourism, and accommodation will start to pick up traction but may require different approaches post-pandemic.

Restaurants

The restaurant industry is the industry of professionals covering restaurants, bars, fast-food chains, cafeterias, and other food service providers that allow customers to enter, order food, and eat on the premises. The industry can be categorized into two groups: The first group is the food service operations that prepare and serve food, and the second group is the supplementary food functions that produce and distribute food, equipment, and services. 

The chain restaurant market growth has been stagnant since 2016 with a decline in recent years due to the pandemic. However, the industry is expected to bounce back post-pandemic. The restaurant industry faces a challenge to cater to the shift in customer lifestyles. The change in customer lifestyle is predominantly a result of the digital economy and gig economy model of takeout delivery which provide convenience for customers. While dine-in experience will still be the main business model for restaurants, take-out deliveries can be an alternative option of the future.

Accommodation

The accommodation or lodging Industry includes hotels, hostels, resorts, rented villas, and many more. The digital transformation of the industry has opened new opportunities with many online booking channels and has created a new business model such as Airbnb. The lodging industry is one of the sectors that has been severely impacted by the coronavirus crisis. The opportunities from the crisis are very low compared to the intensity of business failure due to pandemic restrictions and health safety concerns. The accommodation industry will be highly dependent on public health governance over the virus spread and economic-policy intervention.

Travel Services

The travel industry is related to a person’s travel from one place to another either for pleasure, business, or other purposes. The travel services are highly linked to the transportation sector. Some of the travel services include travel agents, travel insurances and protections, medical trip plans, tour operators, online travel agencies, and tourism organizations. Technology in the business of the travel industry plays a significant role in increasing business operations efficiency and improving customer experience.

Key trends in hospitality and travel industry

Domestic Tourism
Unique & Personalized Experience
Contactless & Digital Services
Sustainable Impact
Innovative Technology
Reputation Management
Digital Competition

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