We all are aware of the contribution of the Hotel Sector, Travel industry, and Tourism to the GDP of a country. But after COVID, the hospitality sector experienced a significant drop.
However, after the G20 summit of 2023 held in India, some big changes seem to have occurred after the summit.
The primary focus of G20 has been governance of the global economy and support in various sectors, such as the Hotel Sector in India.
Let’s see what are the Effects of G20 in the hotel sector.
Since India is holding the presidency of G20, it provides some exceptional opportunities in various sectors in many ways.
Let’s have a look at how G20 affects the hotel sector:
The exposure and media coverage associated with hosting the G20 summit increased awareness about the host city and country as a travel destination. As a result, we may see some of the major changes such as:
The main effect of G20 in the hotel sector is that it increased the number of national and international tourists. As after the G20 summit, people come to know about more new and interesting places to visit.
During the G20 summit, every participant required accommodations for the period of the event. This increasing demand can positively impact hotel occupancy rates and revenue.
Increasing the number of tourists will also increase the demand for food facilities. This is one of the main effects of G20 in the hotel sector.
Every tourist needs a traveling facility, so that they may explore the place more. And for a better experience they want some additional facilities or services such as laundry, Wi-Fi, personalized greetings, a working environment, pick-and-drop services, and so on.
To fulfill the requirements of G20, the host cities often invest in improving their infrastructure, including transportation, connectivity, and conference facilities. These developments may have long-term benefits for the local hotel industry, attracting more visitors and events in the future.
A wide range of international arrivals is to be expected in the future financial years. Which will help the financial and stock price hike for the hotel sectors.
As a result of the G20 in the hotel sectors, this year India ranked 22nd most visited country in the world whereas, in the year 2021 it was 54th.
Hosting such a huge international event can enhance the reputation in the hotel sector of the host city and country as a desirable destination for business, tourism, and events.
This positive perception may attract future parties, conferences, meetings, exhibitions, and high-profile events, leading to sustained growth in the hotel sector.
To provide the best hotel experience to visitors, there is a need to hire more staff.
The G20 creates curiosity in the mind of the global audience to experience and know more about the hosted city and country because there were some underrated tourist places in India that were lesser known by travelers.
But, after the G20 they came to be known as a wonderful place for accommodations and dining. And people are showing interest in visiting that place as well.
Also, this allows the hotel sector to increase the number of rooms and hotels at multiple locations as well.
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As per some investigations, it has been commented that the effect of G20 in the hotel sector increased the number of hotel deals in India by 140%.
This increasing number of visitors increased the demand for travel services, which also increased the opportunity for the travel industry.
Such as:
Don’t forget to check this to ensure travel risk management before traveling.
In this article, we discussed how G20 helps the hotel sector to grow. Since the main motive behind the G20 is to focus on the global economy, we may conclude that the role of G20 in supporting the hotel sector in India is limited. But still, it helps there in many ways.
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