The whole world is learning to adjust to the new normal of the post-pandemic era. But the two-year-long pandemic has left some permanent marks on the economy and businesses. The travel and hospitality industry was one of the worst sufferers during these two years and underwent many changes too. Though the hospitality industry is bouncing back, it will take a lot of time to reach its original state.
Local travel is bouncing back faster, but international travel is still lagging behind. According to UNWTO data, international travel is 62% behind the 2019 travel data. This has seriously impacted the industry, and many more are to come.
Beyond this, the travel industry is mostly divided among leisure and business travel; which one is bouncing back faster, and how have they changed? What does it mean for the travel real estate industry? Read this article to find out more details about it.
What are the post-pandemic travel trends?
According to market reports and data, there are many post-pandemic travel and hospital trends. Here are a few that you can take into account.
People are now mixing business and leisure travel. How? Workation and long-stay destinations and packages are becoming popular due to many big companies offering complete remote work options. That is why you need to imagine your hotel real estate in a way that you can offer dedicated workspaces and also offer leisure options under the same roof.
Health and wellness travel has become very important since the pandemic has made many people focus on their personal well-being. You can start building your hotels around natural places and promote health and wellness tours to boost business.
No-contact check-in and check-out experiences inside hotels have become a big concern to ensure health safety. You can use a software system or app to automate this process.
The present traveler cares about sustainability and wants to ensure that their travel partners (hotels and restaurants) are eco-friendly like them. Things like zero net energy properties, in-house waste management, or such things can become major crowd pullers. University of Central Florida’s research data says that more than 75% of people from the young generation are willing to take action to promote this sustainable hospitality trend. Even 51% of older generations are ready to join the bandwagon.
What are the challenges?
The change was sudden, and the demand for these changes was high; many hotels did not have the budget to make the necessary changes. Many hospitality industry folks lost their jobs, and many hotels had to permanently close shop due to a lack of business and file for bankruptcy. Ensuring proper sanitation, staff, and guest safety during the pandemic was another burden and needed an additional budget that most lacked.
Where does leisure travel stand?
In 2021 itself, more than 40% of Americans were planning for leisure travel during summer. According to current US Monthly Travel Data Reports, more than 48 million Americans traveled during the 4th of July week. That is a 4% rise from 2021 statistics but still down by 2% from 2019 pre-pandemic data. So, we know leisure travel is on the path to recovery, but it has yet to completely bounce back to its original state.
Where does business travel stand?
According to the US Monthly Travel Data Report, more than 89% of companies have allowed national business/corporate travel. The budgets are getting back, which is one positive news for the travel industry. But international business travel was another money puller; without that getting back in shape, it will be a tight journey ahead. According to the US Monthly Travel Data Report, more than 89% of companies have allowed national business/corporate travel.
How automated management can help deal with these trends?
No matter which side the travel and hospitality industry trends are going, leisure or business, you need to manage your assets better to stay in control. What can you do?
Automate back office management - this can include inventory tracking, financial accounts management, employee management, etc.
You can also digitize the customer experience. From self-check-in services to online payment options, a lot can be done to reduce contact with customers to follow all COVID protocols.
You can also digitize and automate the customer hotel viewing and room renting experience. You can start using VR services and tours of your hotel rooms to help customers live the room experience without actually stepping foot in it.
Asset management can also be automated. You can remotely update or renew your subscription of assets or automate scheduled maintenance work. Using the right technology selection, you or your property managers do not have to visit the property to manage it seamlessly.
Businesses also have to offer last-minute flexibility in bookings to get more customers. McKinsey data also said hospitality companies need to reimagine how they see business to ensure better business. Due to the pandemic, travel rules change quite often, and customers lose a lot of money. If you offer flexibility, your business will fly better.
Automated management with the latest software
Many software in the market can help you automate your hotel or restaurant management work. From online payment collection, asset management, and back office accounting to data analysis and financial management, a lot can happen with this software usage. Integrating the latest software like Yardi easily automates many of your management tasks.
But if you are new at using technology, it is always better to get outsourced help from a tech consultant help in this transition. You can also use CRM software like Zoho to personalize your customer relations and gain customer loyalty. Zoho offers services like e-mail marketing and other such features to cater to individual customer needs and market your business for optimal results.
Start your SaaS integration with Assetsoft
Dealing with and understanding new technology can be a daunting task that might not come easy to non-technical people. If you are someone looking to integrate the latest tech but do not know where to start, we are here to help you. From real estate asset management to restaurant and hotel management, the right software and technology selection can streamline a lot of your work. And we can help you with that.
Get in touch with our team to start the journey today!