2020 will leave its mark in history — as a year that altered lives and businesses, and reshaped the travel and hospitality landscape forever. The pandemic posed an unprecedented challenge and created a new, altered reality. Of all industries, travel was the worst hit. The first quarter of FY21 was a washout, as travel for both work and leisure came to a complete halt. With technology enabling remote working and several companies actively fostering work-from-home ethos, things were looking quite bleak for the hospitality industry.
As one of the fastest-growing sectors in the Indian economy, tourism contributes 9.2 per cent of the country’s GDP, and generates 43 million jobs, which constitutes 8 per cent of India’s overall employment. Tourism, therefore, is a very powerful instrument of income and employment generation with a multiplier effect that accelerates sustainable human development. It is integral to a nation’s prosperity and development.
It was, therefore, crucial for the travel and tourism industry to adapt to the ‘new normal’ and keep moving forward. A few patterns started emerging rapidly. Big brands like ours were going to be looked at through a lens of amplified trust for safety standards. Domestic and regional travel revived faster. Road travel was preferred over train and air travel in the initial period. Staycations at hotels and resorts in large cities worked well. And hoteliers began to explore alternative and new sources of revenues such as cloud kitchens, home deliveries, food apps and laundry services, to name a few.
Cashing In
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