Are you considering pursuing an MBA in Hospitality and Event Tourism Management? In today’s ever-evolving industry, staying ahead of the curve is vital. Four prominent trends are reshaping the landscape of hospitality and event tourism management. Understanding and capitalizing on these trends can give you a competitive edge as a professional, benefiting both your employers and your own career growth. From catering to the needs of millennials and embracing transformative technologies, to reimagining hospitality spaces, hospitality and event tourism professionals must be aware of these exciting developments.
Due to COVID-19 and related restrictions, the leisure and hospitality sector witnessed a significant decline in employment in 2020. While only about one in four lost jobs were recovered by 2021, the industry is now projected to experience fast growth from 2021 to 2031, with 7 out of the top 20 fastest-growing industries falling within leisure and hospitality. That projected growth owes a lot to the industry’s developing trends.
How Do Trends Evolve in the Hospitality Industry?
Hospitality trends represent shifts in behavior and generalized changes, encompassing aspects like customer behavior, innovative hospitality services and the adoption of new tools. Technology’s continuous advancement drives trends, such as integrating AI and machine learning into customer service and revolutionizing product promotion through virtual reality. Global events also significantly impact hospitality trends; the COVID-19 pandemic emphasized hygiene, safety and local markets; and climate change concerns fostered eco-friendly solutions.
The Arkansas State University (A-State) online MBA with a concentration in Hospitality and Event Tourism Management program equips graduates to anticipate and adapt to these dynamic trends, addressing new customer demands and navigating changing industry conditions effectively.
Appealing to the Desires of Millennials, Which Differ From Their Predecessors
For millennials, the pursuit of authentic and immersive experiences goes beyond the traditional concept of travel and tourism, according to Smart Meetings. They are driven by a genuine curiosity to engage with different cultures, traditions and lifestyles. They seek to break away from the typical touristy experiences and delve deeper into the essence of a destination. Unlike their predecessors, who might have been content with simply checking off popular landmarks from a travel list, millennials crave meaningful interactions and connections with locals. They aim to gain a more profound understanding of the world.
The influence of social media on this generation has heightened the demand for visually appealing and shareable moments, prompting hospitality businesses to create picture-worthy spaces and experiences. These businesses have cleverly taken note of this phenomenon and have started to invest significantly in creating aesthetically pleasing and photogenic spaces. From stunning lobbies and rooftop lounges with breathtaking views to art installations and unique design elements, every detail is carefully curated to be camera-friendly. The goal is to entice guests to capture and share their experiences, effectively turning them into brand ambassadors who promote the property to a wider audience.
Millennials also prioritize mental and physical health and wellness, making health-conscious amenities, activities and wellness-focused offerings increasingly essential for hospitality establishments to stay relevant and appealing to this demographic. Embracing these shifts and tailoring experiences to meet the unique desires of millennials has become paramount for industry players seeking to gain or maintain market share.
Embracing a Host of Quickly Developing Technologies in Every Area of the Business
The hospitality industry is experiencing a remarkable trend with the widespread adoption of transformative technologies, propelling it into an era of innovation and enhanced guest experiences. As SmartMeetings states, Artificial Intelligence (AI), Machine Learning (ML), virtual reality (VR) and smart mobile technologies are revolutionizing the way hotels and hospitality businesses operate and engage with their guests.
AI-powered chatbots streamline customer interactions, providing instant and personalized responses to inquiries. ML algorithms analyze vast amounts of data to optimize pricing strategies and anticipate guest preferences. VR transports guests to immersive virtual environments, enabling them to preview destinations and experiences before booking. Meanwhile, smart mobile technologies facilitate seamless check-ins, keyless room access and personalized in-room controls, redefining convenience and guest satisfaction. As the hospitality industry embraces these transformative technologies, it is poised to deliver unparalleled guest experiences and improved operational efficiency.
Reimagining Hospitality Spaces
The industry is undergoing a fascinating trend of reimagining its spaces, encompassing every square foot of cruise ships, hotel rooms and lobbies, restaurants and amusement parks. Gone are the days of standard designs; instead, the focus now lies on creating unique and memorable environments that evoke a sense of wonder and delight for guests.
Hotel rooms are no longer merely a place to rest. Now, they are act as experiential sanctuaries that reflect the destination’s essence, integrating local art, cultural motifs and sustainable materials. Lobbies have evolved into dynamic social hubs, blending workspaces, art installations and interactive technology to foster connectivity and community among guests. Restaurants now offer immersive dining experiences with cutting-edge designs, open kitchens and innovative culinary concepts. Even amusement parks have embraced innovative storytelling and state-of-the-art technology, captivating visitors with creative narratives and multisensory adventures.
Prepare to Become a Visionary Leader in the Field of Hospitality
A-State’s online MBA with a concentration in Hospitality & Event Tourism Management program is designed for emerging trend-aware leaders seeking upper-level roles in the growing fields of hospitality and tourism. The curriculum equips students with the sensibilities and skills to anticipate and profitably respond to developing trends, including technological innovations, the significance of authentic cultural experiences and reimagining hospitality spaces.
The program also addresses the impact of global events and emphasizes sustainability and social responsibility in the industry, enabling students to make strategic decisions that drive success in their organizations and propel their careers.