Future and Outlook on Hospitality Industry Research Paper

Future and Outlook on Hospitality Industry - Research Paper Example The author of the essay "Future and Outlook on Hospitality Industry" begins with that according to reports â€Å"Hotels 2020: Beyond segmentation†, customers would like to either have the biggest share of having the say or take full control over what services they expect to received and what they wish to pay for. Six hundred and ten tourists were surveyed as a section of the research and it shows that 92 % think that by the year 2020 hotel customers anticipate their stay to be adopted around a list of choices they create at the time of booking and before they set in. The survey looked at the way all the features of the hotel knowledge might be modified in the future. Things like letting the customers decide which communication method is preferable for them (media, email, phone text or mail), and having take charge of the kinds of communications sent to them, to give choices on their in-check process, in-room technology or pricing mold. The survey also shows that by 2020, over eighty percent of the clients will be able to decide on the size of the room they want to stay in, the bed size, business machines and other facilities for purposes of bookings and payments. The chief executive of Fast Future Research and the report writer pointed out that, the desire for hotel customers to have the say and control over their experience, is creating big changes. The study foresees appearance of â€Å"whole service model† that shifts away from the normal hotel packages to a service option menu, where clients choose their specific needs. The world has been hit by the present financial depression. With not much flexible income, the industries have been affected (Kraft & Mantrala 320). According to the experts, there is good news for the year 2011. The scenery is developing rapidly as new machinery increase the need for hotels to become more societal and viral in their advertising efforts. The demand from customers is causi ng hotels to make intensive efforts on being environmental friendly. Alternatively, there are other sections in the industry that you could go for as a customer. Cruise industry is one of them. It is one that I would advice you to pick, if you were not for the hotel or restaurant type of hospitality industry. Anyway, I will come to this segment later as I would like to outline a few pros and cons of the hotel industry to you (Kraft & Mantrala 96). Let us look at what the professionals of the industry and projecting on performance in 2011. The projections by Smith Travel Research (STR), and everything shows that there will be a drastic change in the improvement. The researchers trail supply, require data for the businesses, and offer expensive market share analysis for all main international hotel chain and brands. Over 5 million hotels rooms are represented by STR and they are known to be the world is leading sources of historical hotel presentation trends. Hotels in the US are expe cted to experience increase in three main performance measurements, which are: Occupancy: 1.8% increase to 58.5% Average Daily Rate (ADR): 4.2% increase to US$ 102.21. RevPAR: 6.1% increase to US$ 50.78 A small increase of (0.7%) in supply will be experienced in the industry while a 2.5% increase will occur generally in demand. This news will thrill the hotel owners since it will be a great relief for them and the hospitality professionals. The experts detected the increase in 2009, and have been seeing it improve in 2010. Which should go on in 2011 and 2012? Mark Lamnno, CEO of STR said the tough fundamentals that hotels went through in 2010 will end up in a faster turnaround than predicted, he also said that while this force ended up in quickly improving occupancies last year, we sought to find rebounding rates to help in RwvPar growth in 2011 and 2012. By the time we are in the middle of 2011, we may not have experienced fast and hastening room rates and by the time reach 2012, w e will now anticipate the growth of room rates to equal or exceed the boom years of 2006 and 2007. According to the findings, I have in this research, I feel