Hospitality, travel, and tourism industries have been heavily influenced by globalization, digitalization, sustainability, and the coronavirus pandemic. The pandemic particularly hit these industries hard due to rules and restrictions.
The hospitality industry is a broad category of fields within the service industry which consists of accomodation, 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/Restaurant/Cafe) although it is not directly equivalent because 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 methods post-pandemic.
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 pandemic. However, the industry is expected to bounce back post-pandemic. Restaurant industry faces a challenge to cater to the shift in customer lifestyle. The change in customer lifestyle predominantly because of the digital presence 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 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. Lodging industry is one of the sectors that is 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 highly dependent on public health control over the virus spread and economic-policy intervention.
The travel industry is related to a person’s travel from one place to another either for pleasure, business, or other purposes. The travel service is 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 travel industry plays a significant part to increase business operations efficiency and improve customer experience.
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