Apocalypse and the Perception towards the Hospitality Industry during Covid 19
Journal of Contemporary Issues in Business and Government,
2021, Volume 27, Issue 3, Pages 2025-2029
AbstractThe most iconic hotels across the globe is crushing down in this pandemic. Decline in occupancy rates, liquidity crises, struggling to pay the employees, difficult to afford their commercial mortgages, low consumers because of the restrictions on the travel. Based on these factors big brands of hotel had to make tough choices either to close down or laying off the employees. WTTC reports “Hospitality industry create 40 millions jobs and together with tourism industry contributed USD 194 billion (13,681.1 billion) to country’s GDP which is 8% of employment, i.e, 1 out 10 jobs are created by the hospitality industry in 2019. The hospitality industry plays an important role contributed INR 2,130.5 billion (about USD 30.3 billion) to foreign exchange reserves of the country. This is approximately 5.6 per cent of India's total exports earnings in 2019. In 2019, 1.09 crore tourists visited India, which was 3.1 per cent higher than the figures of 2018. But the pandemic has shown a negative impact of the hospitality industry, slow growth and development. The present study tries to examine the downfall of hotel industry and how the economy of countries resonate with this change. The present study is divided into two parts, the first part tries to analyse the apocalypse of the hospitality industry and the second part of the study tries to examine the perception of the consumers towards hospitality industry. The present study hinge on the primary and secondary data.
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