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Tourism, Hospitality & Leisure
Seeing the industry's current challenges as opportunities
Our Tourism, Hospitality & Leisure team like to see the industry's current challenges as opportunities. We are helping businesses use new products and services, emerging technologies and a renewed commitment to the customer to successfully compete in a tough market.
Challenge and Opportunity
At times like this it is easy to dwell on the challenges facing the Tourism, Hospitality & Leisure industry. While it would be foolish to downplay the impact of issues surrounding branding, operational excellence, asset ownership, emerging technologies and growth, we would like to remind you of some more positive points.
Tourism, Hospitality & Leisure is the largest industry in the world - accounting for almost 11 per cent of world GDP (source: World Travel and Tourism Council). Once consumer confidence has returned and the conflict in the Gulf and the SARS threat has been resolved, all signs point to this industry growing faster than almost any other. The industry will bounce back. But how can your company best survive and progress in these difficult times?
Some of the areas we are focusing on are:
Sophisticated customers. Creating customer loyalty amongst savvier consumers is difficult. Operators need to get to grips with issues including the aging population, youth's high disposable income and eco-tourism to redefine products and services.
Return to core competencies. As distribution channels waver, companies must focus on their core products and services.
Making mergers work. Businesses are re-inventing themselves, and looking to joint ventures and alliances to grow. Stock markets find it difficult to value travel, hotel and leisure companies that are not clearly focused. Mergers always give rise to integration issues and those that cross borders will offer further challenges.
An integrated customer experience. Both the business and leisure customers view the various segments of the industry as providing one single experience. But the customers of any one sector are typically customers of others. A focus on offering them integrated solutions will maximise customer loyalty.
For any questions about our services, please get in touch with one of our expert advisors.
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© 2019 Parker Russell International Ltd. All rights reserved. The Parker Russell network is not one international partnership and Parker Russell member firms are not otherwise legal partners with each other. Many of the member firms have legally registered names which contain "Parker Russell", however there is no ownership by PRIL. A member firm cannot act as agent of PRIL or any other member firm, cannot obligate PRIL or any other member firm, and is liable only for its own acts or omissions and not those of PRIL or any other member firm. Similarly, PRIL cannot act as an agent of any member firm, cannot obligate any member firm, and is liable only for its own acts or omissions. Please see www.parkerrussellinternational.com/structure for future details.
Parker Russell International Limited is a company limited by guarantee and incorporated in England and Wales. The company registration number is 4861541. The registered office is Level 30, The Leadenhall Building, 122 Leadenhall Street, City of London, London EC3V 4AB , United Kingdom. Parker Russell International Limited is subject to English Law.
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