Reinventing Products, Offerings To Cater To Changing Preferences
Business Today|February 07, 2021
New culinary experiences and dining options, staycations and gourmet food delivery offer exclusivity
Reinventing Products, Offerings To Cater To Changing Preferences

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

Denne historien er fra February 07, 2021-utgaven av Business Today.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra February 07, 2021-utgaven av Business Today.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS TODAYSe alt
The EV Craze
Business Today India

The EV Craze

The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly

time-read
5 mins  |
November 10, 2024
The Storage Boom
Business Today India

The Storage Boom

Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?

time-read
8 mins  |
November 10, 2024
India Beckons
Business Today India

India Beckons

Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before

time-read
4 mins  |
November 10, 2024
The Pearls of The Sea
Business Today India

The Pearls of The Sea

Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it

time-read
4 mins  |
November 10, 2024
66.Brand persona should define the core"
Business Today India

66.Brand persona should define the core"

I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.

time-read
1 min  |
November 10, 2024
Unwind in Style
Business Today India

Unwind in Style

Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury

time-read
3 mins  |
November 10, 2024
A Lifelong Affair with Inspiration
Business Today India

A Lifelong Affair with Inspiration

In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art

time-read
3 mins  |
November 10, 2024
Make it Bubbly
Business Today India

Make it Bubbly

Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles

time-read
4 mins  |
November 10, 2024
Palatial Splendour
Business Today India

Palatial Splendour

Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers

time-read
7 mins  |
November 10, 2024
Of Beaches and Cream
Business Today India

Of Beaches and Cream

GianChand Single Malt Whisky

time-read
1 min  |
November 10, 2024