An estimated market value of USD 1 trillion in 2022 and expected to jump to a whopping USD 8.4 trillion by 2032, millions of travelers are losing interest in resort tourism and favor smaller, eco-friendly establishments.
"Buy experiences, not things" might sound like just another inspirational social media quote. However, it's the mantra that summarizes one of the tremendous paradigm shifts in consumer demand, which has been making waves in the global markets since the 1990s.
First inhabited by the Aboriginal locals some 50,000 years ago, Sydney was one of the most significant cities in the Western world by the 19th century. Currently home to over 5 million Sydneysiders, it remains Australia's most populous city and commercial center.
As some parts of the world are beginning to recover from the pandemic and outlining new roadmaps, hotel managers might be asking: What should hotels do before they re-open after COVID-19?
As the world is getting closer, travel firmly established itself as one of the largest industries in the world, contributing almost USD 8 trillion to the global economy. It employs over 300 million people, which means about one in 10 working persons is in travel.
There are about 700,000 hotels worldwide, accepting guests in over 16.4 million rooms. As the travel and hospitality industries are rapidly growing, millions of customers are checking in and out of hotels every day. The interactions between a guest and a hotel are much more than just a business transaction.
The sharing economy has shifted society's mind-set from ownership to access, disrupting every possible industry imaginable. And no more is this disruption evident than in the short-term accommodations sector. In 2018 alone, Airbnb had more than 5 million listings in 191 countries and 400 million cumulative guest arrivals.
In the hospitality industry, access management is crucial for commercial success. It contributes to guest satisfaction and a solid reputation for those in the hospitality business. Effective access management can greatly benefit hotels. For one, electronic locks and mobile access technology provide seamless room entry and enhanced security for guests.
Every year the congress center in Altbach becomes the interdisciplinary meeting spot for 5,000 Europeans from science, business, politics, and culture.