A new year means a new start. Get off to the right start, as this week on the Htet Tayza Blog I take the time to point out five hospitality trends you need to watch out for in 2015.
Hospitality Needs to Keep Up With Trends
As co-owner of the Escape Gastro Bar, I have come to learn one universal truth that continues to characterise the global hospitality industry. It’s forever changing.
A sector devoted to giving people what they want, hospitality is often subject to trends which reshape the way it operates in the modern world. If a hospitality business wants to survive, it needs to be aware of upcoming trends. Only then can it react to them and ensure it continues to provide first class service to it’s all-important customer base.
What’s Hot with the Hospitality Industry in 2015?
With a new start on the horizon, make sure you keep the following five trends in mind throughout 2015…
- More Millennials: Data suggests that within 10 years, the millennial generation will be at its peak earning power. In other words, millennials are beginning to travel and they are set to visit hospitality businesses around the world in droves through 2015. Assure yourself a long-term customer base by learning how to cater to millennials.
- More Chinese Visitors: A burgeoning economy, an expanding middle class and more flexible visa rules mean that more Chinese visitors are set to flock to the world’s hospitality sector than ever in 2015. Learn how to capitalise on this growing market, and you’ll have a sure-fire customer base for decades to come.
- Health and Wellness to Drive Customer Decisions: 2014 saw the continuation of the rise of the conscientious customer. Customers now bases their decisions as much on health as on their bank balance. 2015 will also witness the continuation of a trend that looks as though it’s here to stay. Find a way to assure that your hospitality venture provides health benefits to its customers if you want to grow your profit margins in 2015.
- Mobile Platforms Become More Popular: The rise of smartphone technology has effected every industry, as it makes customer communication easier than ever. Hospitality has been no exception, and the trend is almost certainly set to become even more prominent in 2015. Considering the fact that according to the 2014 Expedia Mobile Index, 76% of travellers suggested that their smartphone is very important/critical to their travel plans, you need to do everything you can to enhance and diversify your business’ mobile plank if you want to ensure a profitable 2015.
- An Expansion Beyond TripAdvisor: Throughout 2014 hospitality businesses the world over learned to fear TripAdvisor. Yet 2015 will see online travel review sites expand beyond TripAdvisor, with platforms such as Facebook and Yelp becoming increasingly important to consumers. In other words, brush up on your customer service for a bank balance friendly 2015.
Looking at the End of 2015 from Its Start
You don’t know how the hospitality sector will look at the end of 2015 whilst you are looking to that end from the beginning of the year. Nevertheless, by looking at the trends that are set to characterise the industry long-term, you can ensure your hospitality venture has the best chance of proving more profitable than ever by the time you enter 2016.
Htet Tayza, Escape Gastro Bar.