POST COVID IMPACT, CHALLENGES, SILVER LINING TRENDS& STRATEGIES FOR HOSPITALITY & TOURISM INDUSTRY: FORAY INTO NEW NORMAL

Abstract

According to World Travel Tourism Council (WTTC), the tourism sector accounted for 10.3% of global GDP & supported the livelihoods of 330 Million people in 2019. As one of the fastest growing industries, it was responsible for creating one in four new jobs worldwide. However it all changed abruptly due to a sudden black swan event like covid-19 pandemic. The most severely impacted industries are Tourism & Hospitality. Despite Hospitality & Tourism proven resilience in response to other crisis, the current pandemic shall have long lasting effects.

With the backdrop of this, the objective of this research Paper is to highlight the survival & revival of Tourism & Hospitality. Survival would involve rationalising the impact on cost, formulating a strategy to open up services & managing the cash flow. The pandemic has changed the travel behaviour of a new age, next generation discerning traveller. Revival would need a long term strategy. This paradigm shift has compelled the industry to respond radically for strategizing risk management.Significant technological advances in digital technologies such as Artificial Intelligence (AI), Virtual Reality (VR), Robotics, Internet of Things (IOT), Cloud computing can help overcome the COVID-19 crisis. The paper aims to identify the concerns, challenges, impacts & strategies for survival as well as revival of the hospitality & tourism industry post pandemic & adapt to new normal