Rakesh Sarna Shares Some Major Trends That Are Changing the Hospitality Industry

The hospitality industry has faced a number of challenges in recent years according to leading hospitality expert Rakesh Sarna. These growing pains include rising costs, new entrants, and technological changes. Companies that are in the travel and vacation industries have to introduce new methods of attracting and keeping customers. These efforts are essential for old-fashioned hotel and travel companies to survive and thrive in the 21st century.

Experience-based vacations

More and more people are travelling to areas for new experiences that they would not be able to access at home. Rakesh Sarna notes that many of these experiences are localized for a particular area. There is less focus on tourist hotspots which can be replicated in several different areas around the globe. Instead, individuals want authentic experiences based on culture or natural formations. They want to visit a particular place, eat the food offered there, and go on a hike to a waterfall or historic town. Companies have to craft travel and hotel packages that meet these needs. They have to realize that their customers want something new and are willing to turn to new companies in order to meet their travel needs.

Airbnb

Airbnb is another major shift in the hospitality industry. This company allows people to rent out their spare houses and bedrooms to travelers in an area. These bedrooms are often rented out for much less than hotels offer their rooms. Airbnb can be found in parts of cities and rural areas that many hotels have not been able to reach in recent years. As a result, it has been a popular option for many young people and people who want to travel on a budget. Entire families have joined the trend and rent on both Airbnb and similar websites such as VRBO. 

This trend has led to companies and cities shaping their markets and laws in order to better accommodate people staying in the homes of others. It has also led to a significant shift in the ways that hotels market to individuals. More and more hotels are emphasizing service and atmosphere instead of simply offering the lowest prices possible. They are trying to show that hotel rooms offer a more pleasant experience than simply living in a person’s spare bedroom for a short period of time.

Technology

The hospitality industry has had to shift significantly in response to major technological advancements over the past ten years. They have had to conform to new activities and experiences that individuals can secure with new technology. There are virtual reality bars and golf courses that simply did not exist fifteen years ago. In addition, there has been a massive change in the way that travelers’ book and plan vacations. 

Many individuals book every aspect of their trip online. They can secure hotels, flights and restaurant reservations online. As a result, companies have to have an online presence. They need to be able to communicate with and reach their customers through the internet. If not, they will be quickly left behind by more advanced firms.

Conclusion

Hotels, travel, and other similar companies have to stay in contact with their customers and keep up-to-date with the newest trends in their industry. They have to continue competing with new companies that pop up and offer an alternative approach. Finally, they have to understand young travelers and what they need and want out of vacations and other forms of travel. This understanding can help customers continue to sustain the industry for decades to come.