COVID-19 pandemic and other challenges, such as the current economic slowdown, have taught investors the importance of being flexible, including preparing for emergencies. When the pandemic hit the globe in 2020, one of the most affected niches was the hospitality industry, but it is now rising from the ashes, and the future looks promising. In this post, we take a closer look at this fast-growing hospitality industry to answer the big questions, “what are the emerging trends?”
The Latest Trends Defining the Future of the Hospitality Industry
For a hotel, art centre, or other facilities in the hospitality industry to thrive, it must develop a personality that links both current and potential guests searching for a unique experience. This personality should be demonstrated via all aspects of your hospitality business, including staff, products on offer, website, social media, and offline operations.
Below are some of the latest trends that you should know and focus on for your business to thrive:
- Adoption and Use of Smart Technology
When you integrate technology, such as the Internet of Things, into the hospitality industry, it provides a high level of convenience, a sense of luxury, and efficiency. It allows you to showcase your unique services and even interact with guests to establish what they want. When the guests become part of your community, your business is assured of a steady flow of guests.
- Sustainable Hotels
As society becomes more conscious about the environment, the attitudes of guests are shifting towards sustainability. Therefore, hotels are also shifting towards eco-friendly designs, energy saving, and better waste management to win their guests. This concept of sustainability is expected to become even more emphatic in the future as individual countries, international standards organisations, and local authorities adopt policies to enforce eco-friendly operations.
- Unique Brand Experience
Some hospitality facilities are now differentiating themselves by doing things in a unique way. They use different building designs and layouts for their properties. One example of these facilities is the New World Development in Hong Kong, which offers a new class of innovative cultural environment that speaks to the next generation.
New World Development combines traditional art viewing with a shopping mall experience, and people in Hong Kong are enjoying the experience.
Success in the hospitality industry requires investors to look ahead and innovatively develop products that will elevate their brands ahead of competitors. Other trends shaping the industry include online travel agents and a sharing economy.
According to Adrian Cheng, the founder of K11 brand, which features an Art Mall, Atelier, and serviced apartments, the focus is empowering culture and creativity that support social innovation.
You have to continuously re-invent your operations and offer new and better products for the sustainable growth of your facility in the hospitality industry.