The service and hospitality industry includes food & beverage, hotels & lodgings and other related industries. The foundation of service and hospitality industry is built on customer service and each segment offers either specialized or a bunch of different services combined as a package. For example, food and beverage industry deals with foods and drinks specifically, however, hotel industry involves a range of services from lodging facilities to food and drinks along with other leisure activities.
Food & beverage industry has observed a change in consumption patterns due to increasing disposable income and growing availability of food & drinks options for the customers. Major market players are providing enhanced customer experience through service differentiation in order to retain customer loyalty.
The boom in travel and tourism industry has been the major contributor towards the growth of the hotel industry. In addition, growing number of multinational companies leading to an increased number of business travellers are also boosting the hotel industry. Three star hotels hold the largest market share due to increasing demand for budgeted hotels. However, unstable political environment and natural disasters remain the major restraining factors for the industry.
Millennials comprise over one-third of hotel guests globally and they are the fastest growing customer segment for hospitality market. Millennials being more digitally savvy and demanding has led to a pressing need to understand the consumption and travel behaviour of these set of customers. In order to appease millennials, hospitality industry is improving their functional efficiency and leveraging internet and mobile technologies such as express check in, e-menu, online payment options, etc.
ASDReport.com provides an array of reports on general service & hospitality market. These reports provide market insights on several sub-markets of service and hospitality industry like, food & beverage, hotels and much more