Increase in travel and tourism sector affects hospitality industry in a positive manner. According to Mohit Makhija, Senior Director of Crissil Ratings, "Leisure travel had gained traction post the Delta wave last fiscal, while business travel has started picking up steadily after a much milder Omicron wave in January 2022." Augmentation in travel & tourism has boosted the demand in the MICE (Meetings, Incentives, Conventions and Events) segment of the hospitality industry.
According to Crissil Ratings Report there would be an improvement in international travel in the second half of this fiscal which, in turn, will strengthen hospitality industry's performance. According to Makhija, occupancy which was 68 per cent in 2020 would rise to 73 per cent this fiscal. The average room rate (ARR), due to the demand and supply equation, is expected to increase 8-10 per cent.
The report further adds that revenue will increase 23 per cent over the pre-pandemic level, riding on a strong recovery in business travel and continued traction in leisure travel.
Vishal Lonkar, General Manager- Business Development, Renest Hotels & Resort is of the opinion that the hotel industry would gain its sheen in 2023 and everything, from occupancy to ARR will improve mainly due to the domestic leisure travel. The international tourists business as well as leisure will also further rise.
According to India Brand Equity Foundation (IBEF), the Tourism and Hospitality Industry in India is growing at a robust rate. The travel market is projected to reach $125 billion by FY 2027 from an estimated $75 billion in 2020. The influx of international tourists in India is projected to reach 30.5 million by 2028. This is a reflection of the booming growth and potential of the hospitality sector in India, which is now rising, after the lull created by the pandemic.
Employment Potential
This story is from the May - June 2023 edition of Hotel Business Review.
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This story is from the May - June 2023 edition of Hotel Business Review.
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