The company has a global presence and offers diverse service. It is a known fact that tourism and hospitality industry alone have the capacity to propel the economy of the nation and put it on the path of continued development. As a matter of fact, there are plenty of nations around the world that thrive solely on its tourism and hospitality industry to fill its exchequer.
Research suggests that the upcoming year is slated to be brighter and better for the hospitality industry. The research also suggests a huge shift in the conventional trends for the year 2013. In no specific order, the hospitality industry is certain to experience the following major trends in the upcoming years:
Radical shift in the spending habits of the consumers
With the spending capacity of the customers dwindling fast, restaurants, budget hotels, economic accommodation facilities and mobile cafes are likely to see a huge increase in their income. Apart from this, economy hotels and budget restaurants, high-end luxury bet88.sarl hotels, top-tier night clubs, premium casinos and distinguished restaurants are also set to get a massive boost in their income, owing to the rise in concentration of wealth. All the business organisations that don’t take proactive measures to reposition themselves are likely to fail miserably.
Survival of the fittest
As the smaller players in the industry begin to go down, the major players would cash-in on the opportunity to widen their business and they are expected to go on an acquisition spree. Thus, the major conglomerates like InterGlobe are likely to enter into various mergers and acquisition deals and take smaller businesses under their wings. The cash rich hotels will overtake the cash strapped ones on a global scale. Some of the locally popular restaurants, bars and cafes are expected to take an ambitious leap and risk opening a second venture. Travel companies, tour operators and leisure businesses are also likely to engage in new acquisitions or opening new ventures.