With three blockbuster events unfolding in 2010, the Indian hospitality & tourism sector is the catchphrase for the world for this year. Marketers have to ensure that they milk this opportunity to unleash fast paced, sustainable growth
Interestingly, this hints that there is a huge scope of online car rentals and airport transfers also. Rajesh Puri, CEO, Meru Cabs agrees, “ We are currently in the process of up scaling our service to 1,200 as this is the year when we can not only utilise our resources to the maximum but also continue it for the long run.” Then there is also an increasing focus on trains, buses, et al. Also, the role of Web 2.0 media (Facebook, Twitter & Linkedin, et al) is being recognised in a big way. Research points out that recreational traveling in India still accounts to almost 58% as compared to business travel, which is just 42%. Thus, there remains a huge opportunity to target a wider base of travellers.
There is yet another field that is turning out to be cash cow – Medical tourism. According to a report by RNCOS, medical tourism is expected to drive revenues to the tune of worth $2.4 billion by 2012, with a growth rate of 27%. “We estimate that a foreign tourist visiting India during CWG will be happily willing to spend around Rs.10,000 to Rs.35,000 on an average for Ayurvedic expertise in various spa and herbal centers,” divulges an employee of a Delhi based ayurvedic facility. Besides this, there are many other small business (including tented accommodation, Home stays, Bed & Breakfast among many) which are mushrooming. Ramesh Ramanathan, MD, Mahindra Holidays and Resorts Ltd. (MHRIL), says, “We want our presence to be recorded in every market segment, especially with a large number of expected tourist influx.”
Peter J. Leitgeb, President & CEO, The Claridges Hotels & Resorts, adds a cautious note, “Although we are starting a new property this year summer but I think one should not over-do or bank too much on a certain year. I mean post the events, a major issue shall be to deal with those extra properties developed during the period as the inflow of tourists will not remain the same.” Add to this the fact that the development also ignores the issues of mammoth eviction and environmental damage linked to the construction. So it is advisable for players to retain healthy balance sheets and do ensure that they are growing their assets in a sustainable manner. That does not mean that they exercise too much of restraint either. It’s the right time to increase their customer base and realign their businesses for fast paced growth. For the opportunity that presents itself in 2010 is too compelling to miss.
Interestingly, this hints that there is a huge scope of online car rentals and airport transfers also. Rajesh Puri, CEO, Meru Cabs agrees, “ We are currently in the process of up scaling our service to 1,200 as this is the year when we can not only utilise our resources to the maximum but also continue it for the long run.” Then there is also an increasing focus on trains, buses, et al. Also, the role of Web 2.0 media (Facebook, Twitter & Linkedin, et al) is being recognised in a big way. Research points out that recreational traveling in India still accounts to almost 58% as compared to business travel, which is just 42%. Thus, there remains a huge opportunity to target a wider base of travellers.
There is yet another field that is turning out to be cash cow – Medical tourism. According to a report by RNCOS, medical tourism is expected to drive revenues to the tune of worth $2.4 billion by 2012, with a growth rate of 27%. “We estimate that a foreign tourist visiting India during CWG will be happily willing to spend around Rs.10,000 to Rs.35,000 on an average for Ayurvedic expertise in various spa and herbal centers,” divulges an employee of a Delhi based ayurvedic facility. Besides this, there are many other small business (including tented accommodation, Home stays, Bed & Breakfast among many) which are mushrooming. Ramesh Ramanathan, MD, Mahindra Holidays and Resorts Ltd. (MHRIL), says, “We want our presence to be recorded in every market segment, especially with a large number of expected tourist influx.”
Peter J. Leitgeb, President & CEO, The Claridges Hotels & Resorts, adds a cautious note, “Although we are starting a new property this year summer but I think one should not over-do or bank too much on a certain year. I mean post the events, a major issue shall be to deal with those extra properties developed during the period as the inflow of tourists will not remain the same.” Add to this the fact that the development also ignores the issues of mammoth eviction and environmental damage linked to the construction. So it is advisable for players to retain healthy balance sheets and do ensure that they are growing their assets in a sustainable manner. That does not mean that they exercise too much of restraint either. It’s the right time to increase their customer base and realign their businesses for fast paced growth. For the opportunity that presents itself in 2010 is too compelling to miss.
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Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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