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Current Scenario - Hotels and Restaurant Industry
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Monday, 18 January, 2016, 08 : 00 AM [IST]
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Jai Chug
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fiogf49gjkf0d fiogf49gjkf0d The Indian hotel industry is largely dominated by an unorganised sector contributing to 70% of the business and the remaining 30% is garnered from the organised sector. The Indian hotel industry is an oligopoly, with a few key players grappling for control, aiming to occupy the major chunk of business. Though, we do see now many international companies entering into the India market in different ways like joint ventures with Indian partners or by entering into management contracts or franchisee-based arrangements.
Indian hospitality industry is optimistic about its future growth as it expects further increase in demand and rates despite new supplies entering the markets. In comparison with the past trends, demand for hotel rooms is expected to improve in the future as economic growth gathers momentum and many companies increase their spending on travel. Discretionary spending is expected to enhance, especially on leisure travels as a result of a healthy salary increase in the corporate world and rise in individual spending power. The Indian hospitality industry is gearing up to cater to such high demands and expectations. The leading domestic players and international players are planning large-scale investments in the Indian hospitality sector to tap the huge potential in the Indian market.
Millennials
Millennials in the present times have become an increasingly growing customer segment within the hospitality industry. Exploration, interaction and experience are the key focus areas of millennials who are willing to pay more for a greater, enhanced and rich experience. Many of them are seeking for an overall gourmet experience; tailormade and customised as per their needs for a reasonable price and this has led to all new lobby designs, restaurant layouts in the hotel sector. Lobby bars and hotel restaurants are now blending into a combination of work, play and eat/drink spaces designed, keeping this new base of millennial customer in mind. They are looking for a unique and novel experiences and this has and will continue to command change within the market.
Moreover, this customer segment is interested in utilising technology to do things that many others have become accustomed to doing manually, such as checking in at hotels, paying their restaurant and bar bills and looking up places to eat, shop, play and so on. In addition to wanting and using technology to their benefit and ease, millennials have no problems speaking up. In situation wherein their seeking is not handled to their liking/ expectations, they will turn to Twitter, Facebook, Yelp or TripAdvisor to voice their complaints, write comments, which has a very damaging impact on the image of the hotel concerned.
Use of innovative technology such as digital bookings and reservations, mobile check-ins and seamless connectivity across platforms and devices are not a thing of future anymore, but they have become the present these days. In present times, software like the mobile apps is being used as everything from a digital concierge to accessing big data; all done in real-time. Geo-location has made it very easy to sell guests something that is literally right in front of them.
A segment with great potential; the MICE promotions are also slowly gaining popularity in the country. Hotels are providing conveniences that enable travellers to create an experience that is tailormade to individual tastes and interests. There are customised offerings in terms of cuisine, space, technology, and multi-specialty restaurants offering world-class cuisine from breakfast to dinner, spacious banquets and conference rooms, state-of-the-art conferencing facilities. Theme dinners that are much in trend now are also organised with world-class cuisine, offering a variety of range including Continental, Oriental, Chinese and even local Indian food.
The restaurant industry in the country continues to grow at a faster pace. Studies have shown that the future growth will be driven by consumer demand and enterprising food service operators. The Indian consumer essentially remains diverse in choice and dynamic in nature, demanding newer, better, and innovative F&B options spanning variety, delightful taste, superior quality, and better value every day. It is this consumer that drives the growth of the business more than anything else and it is in exceeding the expectations of this vibrant consumer that food service operators will find their true calling. The industry dimensions are changing quickly to suit to the needs of this young group of consumers. We now see newer restaurants and chains coming in the country; catering to the diverse tastes of these individuals, while older ones are going ahead with a revamp of menu and designs that appeal to well-travelled and well-exposed set of customer target group.
Food and travel go hand in hand and as Indians are travelling the world over, they are being exposed to new culinary experiences every time they travel. Once they are home, they like to share their memories of travel with friends and family, food becomes a great topic of discussion.
The millennials are curious and experimental about their food and hence national cuisines are also becoming global cuisines.
The millennials are the generation who are using restaurants a lot and slowly and gradually kitchens are disappearing from the homes of these millennial couples. As they venture out in restaurants day in and day out they are becoming more experimental with food and love to try international cuisines, compared to the traditional Indian food which uses a lot of spices, is rich in texture, considered rich in fats and thus makes it difficult to consume every day. These millennials have shed the bias held by their older generations of consuming food from foreign franchisee food outlets.
India, the country once very cautious of its traditional food habits is now witnessing a change in the food preferences of its new generation who is more experimental towards an array of cuisines from world over. In the recent past, dynamic changes have occurred in the traditional setup of Indian household owing to the fast-growing economy, a shift to modern technologies, globalisation, and constant travels across the world, evolving tastes, and increased demands for “fast” and processed foods throughout our country.
Also, apart from fast food, international cuisines such as Chinese, Mexican, Thai, Italian and Middle-Eastern have gained immense popularity among the young generation of India, the adventurous diners, chefs, food editors and cookbook writers. With evolution of food habits in the country and taste palates going global, a huge number of international food outlets have now started setting up their base in India, tier 1 and tier 2 cities.
The interest in international cuisines is enhancing but simultaneously we also have a large number of consumers who continue to prefer Indian style dishes. Global restaurant chains have now begun tailoring their menu to suit the Indian palate. A large number of international outlets have started customising recipes to cater to the local taste, yet retaining their uniqueness.
With the Indian palates now going global, there is a surge in the food industry to cater to the needs of the evolving consumer, sufficing the demands with a varied menu, international buffet, hosting exclusive food tasting events, ensuring the authenticity of cuisine flavours, in all rendering a pristine food tasting experience.
(The author is director of operations, Jaipur Marriott Hotel)
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