INDIA’S IMMINENT HOSPITALITY BOOM
Indian tourism, aided by a steep growth in the hospitality industry is going to get bigger in the coming years. According to a latest report by Google and The Boston Consulting Group, the Indian travel market would grow at 11-11.5 per cent to $48 billion by 2020. The report hints at a positive future for the hospitality sector, predicted to grow to $13 billion by 2020 with budget and midscale hotels making up 52 per cent of the market. In fact, the budget segment boom is already in full swing as mid-market chains are opening properties not only in the metros, but also in the Tier-II and Tier-III cities. Another reason for this growth and development is increasing demand, add with the rise in disposable income. With more Indians moving towards higher income segments, annual average leisure hotel spend per household is expected to increase by 7 per cent to $18 by 2020, compared to $13 in 2015. This rise would further augment, owing to increased foreign tourist arrival numbers into the country, especially with the new e-visa policies and improved air connectivity in and out of India. To sustain this growth, there are properties coming up around the country, with even global brands making their presence felt. Indians have a flair for good stay options, not just in the country, but they are actively picking up the perfect accommodation when outside the country. While many are aware of the popular brands, others are exploring local boutique properties to experience their own kind of luxury and comfort on international shores, which proves that the hospitality sector really needs to up its ante when it comes to catering to the Indian consumer.