The Indian hotel industry is among the sectors that have been impacted the earliest by the outbreak of the Covid-19 pandemic on account of its inextricable linkage with travel and tourism, especially foreign travel and tourism, which evidently bore the first brunt of the global crisis.
Likewise, it may be among the last sectors to recover, considering that due to its nature, travel and tourism is a discretionary activity. Additionally, with corporate entities all over the world getting acclimatised to interacting internally or externally in a zero-cost work-from-home mode, the resumption of business traffic, even in the event of the pandemic abating, is expected to be tardy.
India's hospitality and tourism sector suffered three-quarters of economic wipeout estimated to be up to `15 lakh crore, and the industry is desperately looking forward to government support to survive and recover in 2021.
This was the worst three quarters ever for the tourism industry over a century and this is expected to play out till another two quarters till vaccine is deployed across all source and destination markets, Federation of Associations in Indian Tourism and Hospitality (FAITH) Chairman Nakul Anand told PTI.
The Indian hospitality industry along with tourism has been one of the key segments driving the growth of the services sector in the Indian economy. According to the World Travel & Tourism Council (WTTC), the Indian travel and tourism sector contributed about US$ 194 billion during CY2019 contributed about US$ 194 billion during CY2019 contributing around 6.8% of the country’s GDP. Out of the 185 economies, India stood 10th in terms of the size of travel and tourism spends during 2019.
This story is from the January 2021 edition of Ambrosia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 2021 edition of Ambrosia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
E-commerce In Alcohol Is The New Route To Market Strategy
Post Covid e-commerce could help the industry out of a crisis. But in the new normal the growth rate may not be high. A report.
Processes for alcohol-free beer production: A review
Carlos MULLER1 Luis Eduardo NEVES1 Luciana GOMES1 Munique GUIMARÃES1 Grace GHESTI1 * http://orcid.org/0000-0003-1043-5748
The US and China offer resilience and opportunity for drinks groups
Strong performances in China and the US have shielded multinational drinks companies from the fallout of Covid-19 in recent months. IWSR examines the reasons why.
Increasing demand for nostalgic flavours in drinks
Nostalgic flavours such as peanut butter, lemonade and chocolate have become increasingly popular during the pandemic. IWSR looks at how the trend is manifesting in different beverage categories.
‘80% of the International Awards won by Indian wines are from Karnataka'
The Wine market in India is still in its infancy but is growing at a much faster rate as compared to any other category/ segment. Grover Zampa, the second biggest manufacturer of Wines in India has been on a spending spree acquiring wineries in India to increase their presence in the market. In an interview with Ambrosia, Ravi Vishwanathan, Chairman, Grover Zampa Vineyards speaks about his investments, the Indian market and the possibilities for the future. Excerpts:
Trends in alcohol consumption in Europe continue their positive course
Over recent months, we have seen very welcome findings on drinking behaviours released by leading health authorities across Europe, particularly with regards to the decline in underage drinking. This contrasts sharply with misleading coverage which often suggests that overall consumption is dangerously on the increase, in particular since the pandemic started, writes spirits Europe Director General Ulrich Adam.
Pernod Ricard and Brown Forman Merger Speculation
As speculation mounts about the strategic merger between Pernod Ricard & Brown & Forman, we look at the far reaching consequences of the deal.
Glasgow Whisky announces distillery purchase to expand global business
The company is expanding its wings with an environmentally sustainable and energy efficient distillery
Excise revenues save the day for Maharashtra and Karnataka
The pandemic has not much changed consumption levels of liquor in Maharashtra, though the excise department may fall short of the excise revenue target of ₹19,225 crores for 2020-21. Home delivery of liquor in Maharashtra has done exceedingly well as it has earned almost equal revenue for the State as compared to last year.
Bacardi adds flavour to Indian market
Over the past few years, Bacardi has further strengthened its position in India as a premium brand. Known for its diverse brand portfolio, Bacardi aims at bringing superior quality spirits to the market. Zeenah Vilcassim, Marketing Director, Bacardi India, unveils her strategy for the Indian market.
