Tourism Industry Neglects Potential Revenue Streams (Part-2)

If I had asked the public what they wanted, they would have said a faster horse.

— Henry Ford (1863 – 1947), Founder of Ford Motor Company

Importance of the Hospitality Industry

The hospitality and travel industries are pivotal to the global economy, with the hotel sector being a major contributor. However, recent stagnation in the hotel industry raises concerns about its long-term sustainability.

By 2030, the global population aged 60 or over will reach approximately 1.4 billion. The UNWTO projects that by 2025, retirees aged 60 and above will account for one in eight international trips. As the global population ages, accessible tourism must extend beyond accommodating disabilities to addressing broader access needs. Many older adults who experience age-related disabilities will benefit from universal accessibility. As Taleb Rifai, Secretary-General of the United Nations World Tourism Organization (UNWTO from 2010 to 2017), noted on World Tourism Day 2016, “With the world’s population aging, all of us will benefit sooner or later from universal accessibility in tourism.”

Accessible tourism is not merely about serving a minority group; it’s about ensuring inclusivity for everyone. Disabled individuals represent the largest global minority, one that anyone can join unexpectedly. Any tourism business aiming for long-term success must cater to this demographic, as retirees and individuals with disabilities are increasingly inclined to travel. Carlos Abade, President of Turismo de Portugal, emphasizes, “Tourist destinations must be inclusive, and this is one of the main challenges if we want sustainable tourist development for our countries.”

Introducing Innovation

The hospitality industry may be reluctant to become relevant today while keeping a keen eye on future opportunities; however, some methods can address the barriers to innovation. A plan of action would focus on integrating new technologies and improving guest experiences while maintaining profitability. To be successful, management must be willing to explore funding models, operational strategies, and new creative marketing approaches to design and implement a competitive advantage in a saturated market.

The first objective should focus on enhancing the guest experience using innovative technologies to improve customer service and engagement. Management must be willing to develop eco-friendly initiatives to attract environmentally conscious travelers. Working with staff, there should be reviews that lead to streamlining operations that reduce costs and improve service delivery.

Tech-savvy and eco-conscious travelers will be the focus of a new marketing campaign. With a growing demand for personalization, sustainability, and seamless digital experiences, management and staff will be encouraged to engage in continuing education and training to be tech-smart, creating a seamless digital experience.

To gain acceptance by investors it may be necessary to develop a pilot program with a low-risk investment demonstrating the ROI before full-scale implementation. To implement change, it may be beneficial to explore partnership opportunities with technology providers for shared investments or phased rollouts, which can help minimize upfront costs. Training opportunities for managers and staff will benefit both the vendor and the hotel. As the new systems, services, and protocols are introduced, customer feedback mechanisms should be available and implemented so that the offerings can be fine-tuned and ensure alignment with guest preferences.

At the beginning of the innovation process, management should be working closely with the legal staff to navigate compliance and regulatory challenges proactively. As innovation becomes embedded in daily operations, the marketing campaign must focus on positioning the hotel as a unique, experience-driven alternative in a crowded market.

To survive and succeed in a constantly changing business environment, it is important to develop flexible pricing models and promotional offers to be prepared for economic crises. The money spent to establish sustainable practices should be viewed as an investment rather than an expense and may include energy-efficient systems and waste reduction programs.

Planning for innovation will enhance the guest experience, increase operational efficiency, and promote sustainability. By collaborating and using targeted marketing, the hotel can differentiate itself in a competitive market while adapting to changing consumer preferences.

Addressing these challenges while capitalizing on the opportunities presented by an aging population and evolving consumer expectations is crucial for the future sustainability of the hotel industry.