By 2030, multiple changes will occur and will influence the hospitality industry due to globalisation, one of them being a shift of market power. In the third thesis of the Lausanne Report, EHL - in cooperation with hospitality experts - discuss this trend that will disrupt the industry depending on the economic stages of a market and its geographical position.
The “human factor” is the principal and decisive element for the development of the hospitality industry. People will be hosts and guests, investors, owners and clients. Concepts such as crowd funding, peer-to-peer and sharing hospitality have their origins in the relationship between individuals and/or communities. Human beings need to believe and to belong – and the hospitality business has to be able to meet and integrate the demands of individuals and communities alike.
Communities lose influence and individuals decide to act on their own: possible scenario driven by three factors:
Here are some key rationales regarding individuals:
Guest want to be able to control and choose who is tracking their data and be on their own all while using hotels’ facilities and services.
Technology gives individuals, guests, the power of choosing and commanding the way their experience should be customised. In fact, customers want to be able to select and combine all the services that they need and want as part of their guest experience
People change and are unpredictable. Some individuals might have reached a new stage in life and not want to share values and ideas with other people, which will give a new to reason to the hospitality industry to focus on customised guest experiences
Online accommodation rental platforms are considered a threat by most hoteliers although they should be seen as an opportunity as they are expanding the hospitality market
When it comes to what hospitality will look like in the future in a world where individuals are gaining power and want to be considered as independents, it is still quite blurry. On the other hand, communities keep on becoming more significant. The hospitality industry will thus have to accept the situation and serve both segments equally. In fact, the power could be held by both communities and individuals alike by creating hybrid models in order to share hospitality. That type of model would include hybrid forms of accommodations, combining important elements from both hotels and the sharing economy.