How the hospitality industry is emerging in the post-COVID-19 world
During the grand finale of the India MSME Summit 2022, Pranav Dangi, Manan Bajoria, and Ankush Kakkar discussed the opportunities lying ahead for the hospitality industry in the post-COVID-19 world.
The COVID-19 pandemic turned out to be a roller-coaster ride for the hospitality industry across the world. Back home, the situation did not differ much.
After staying inside, working from home, and dealing with a pandemic lasting several months, people were anxious to travel and explore. Vacations became workations, and people started taking shorter trips often.
Consequently, the Indian hospitality sector had to master the art of tackling uncertainties. It had to make a lot of pivots to survive the tough times.
During a panel discussion at the fourth edition of India MSME Summit 2022, Pranav Dangi (Founder and CEO, ), Manan Bajoria (VP, Product Marketing and Analytics, ), and Ankush Kakkar (Founder, ) discussed the opportunities lying ahead for the hospitality industry in the post-COVID-19 world.
Five key takeaways from the discussion:
Do not give up: The panellists spoke at length on the attitude of not giving up among hospitality business owners. They added that while the hospitality sector was completely shut with no customer visits on the travel websites and apps, the industry saw a revival with time and patience and is not moving back to the pre-COVID times.
There’s always a silver lining: Almost every quarter in the past two years, the hospitality industry witnessed uncertainties, and entrepreneurs pivoted to keep their businesses afloat. Panellists added that the pandemic opened several avenues to explore.
People want new experiences: COVID-19 changed people’s behaviour towards travel, and now, they need newer experiences. The speakers pointed out that gone are those days when travellers wanted to visit the most hyped tourist places. Instead, they are opening up to exploring newer places, even at the remotest corner.
International travel booming up: According to panellists, about 70 percent of the international hospitality industry has reached the pre-COVID-19 levels and will fully recover by the end of 2022. They added that while the domestic travel sector has recovered fully, the rising petrol prices are hindering the sector’s growth.
Understand the locals to grow in the hospitality business: On a concluding note, the speakers threw light on an important lesson — to survive and thrive in any location, any hospitality business must understand the locals and make them an important part of the journey.
Edited by Suman Singh