What could be the reason behind this astounding revenue growth in the Indian hospitality sector? Many believe that it is due to the rise in foreign tourist arrivals. India has been making efforts to improve its image as a tourist destination and these efforts are paying off. In addition, Indians themselves are also traveling more within their country, thanks to an increase in income levels and improving infrastructure. Whatever the reason may be, one thing is for sure – there is a lot of money to be made in the Indian hospitality sector! Are you thinking of starting or expanding your business in this sector? Stay tuned!
In this blog, we will be sharing the information you need to know about this rapidly growing industry and how IIHM will help you to get success in Hospitality Sector.
In Q2 (April to June) 2022, the Indian hospitality industry experienced significant growth, which was mostly fueled by demand for weddings and other special occasions as well as a remarkable turnaround in business travel. In Q2 2021, the nation was dealing with the second wave of the pandemic, which had a big effect on how well the hospitality industry performed. As a result, Revenue Per Available Room (RevPAR) increased exponentially in Q2 2022 over Q2 2021 by 339.3% year-over-year (YoY). According to JLL’s Hotel Momentum India (HMI) Q2, 2022, the industry also had a remarkable 44.6% gain in RevPAR at a pan-Indian level compared to Q1 2022, when the industry was still recovering from the third wave of the pandemic.
Meetings, incentives, conferences, exhibitions (MICE), weddings, and business travel were the main drivers of the sector’s demand during Q2 2022. Additionally, corporate off-sites, team meetings, training, and soon all contributed to a revival in the market for MICE in the business sector.
Domestic leisure remained a significant market at this time, fueled by travelers’ pent-up demand after going without a summer vacation for the previous two years.
On the strength of domestic leisure during long weekends and festivals, the upcoming two quarters are anticipated to stay active. Business travel will keep expanding and be the key demand generator for the industry. While demand for social events like weddings will remain a key driver. With numerous business meetings and large format conferences scheduled, MICE demand is anticipated to increase in the upcoming months.
In total, 47 hotels with 4,010 keys were signed in the second quarter of 2022. Compared to Q22021, there was a substantial increase in hotel signings of 90.9%. In terms of inventory volume, domestic operators outnumbered foreign operators 52:48 in signings.
Due to the low base seen during the second wave of the pandemic last year and the spectacular performance of the sector this year, all six main markets experienced an exponential rise in RevPAR levels in Q2 2022 as compared to Q2 2021.Bengaluru, with a growth of 660.1% over Q2 2021, took the lead in RevPAR increase in Q2 2022, followed by Hyderabad and Goa with y-o-y growths of 564.5% and 326%, respectively.
The second quarter of 2022 will see a resurgence in investor interest and shareholder profitability in the hotel industry thanks to exponential growth across all performance parameters in both business and leisure destinations. Summer vacations gave the overall demand, which continued to increase together with business travel and corporate off-sites, a further boost, reviving trust in the industry. According to Jaideep Dang, Managing Director, Hotels & Hospitality Group, South Asia, JLL, “We expect this momentum to continue over the next few quarters on the basis of long weekends, festivals, weddings, events, and business travel equally contributing to this growth story.”
How IIHM will help you to get success in Hospitality Sector
Hospitality is one of the most important industries in the world. It is a sector that employs millions of people and generates billions of dollars in revenue each year. The hospitality industry is also one of the most competitive, with new businesses opening up all the time. To be successful in this sector, you need to have the right skills and qualifications. That’s where IIHM comes in. IIHM is a leading hospitality management school that offers a range of programs to help you get ahead in this rapidly growing industry. From certification courses to professional development programs, IIHM has the resources you need to succeed in the hospitality sector.
The International Institute of Hotel Management (IIHM) is one of the leading hospitality education providers in the world. The institute offers a wide range of programs that cater to every need of the hospitality industry. From diploma and certificate programs to undergraduate and postgraduate programs, IIHM has something for everyone. One of the main reasons for the institute’s success is its industry-oriented approach. Every program at IIHM is designed to give students the skills and knowledge that they need to succeed in the hospitality industry. In addition, IIHM has a strong network of industry partners that provides students with ample opportunities for internships and placements. As a result, students who graduate from IIHM are highly sought-after by employers. If you are looking for top-quality hospitality education, IIHM is the institute for you.
The IIHM eCHAT is an online test that assesses a student’s English, Logical Reasoning, and Quantitative skills. The test is designed to help students who wish to study at the Indian Institutes of Hospitality Management (IIHMs) to gauge their readiness for the programs offered by the institute. The test is divided into three sections, and each section has a different weightage in the final score. The English section tests a student’s grammar, vocabulary, and reading skills. The Logical Reasoning section assesses a student’s ability to identify patterns and solve problems. The Quantitative section tests a student’s mathematical skills. IIHM eCHAT is a computer-based test, and it is offered in both English and Hindi.
Register for the Exam here:- https://echat.elink.in/
The Indian hospitality sector is booming a lot and it is expected to grow even more in the coming years. IIHM has been contributing to this growth by providing quality education and training to students. We hope to continue our work and contribute even more to the development of the hospitality industry in India. Are you looking for a career in hotel management? If so, please consider studying at IIHM. We offer world-class education and training that will help you succeed in this exciting industry.
Visit our website: https://www.iihm.ac.in/kolkata-campus/