Luxury hotels has seen plummeting sales in retail current value terms in 2020, with a stronger negative impact than any other luxury goods category. Due to COVID-19, India was under complete lockdown from the end of March until the end of May, which included the closure of hotels.
With COVID-19 cases increasing in India, many people have taken to home seclusion, even if not enforced by the government. Even as hotels have reopened, they have been struggling for survival, as many people have not returned to travelling or staying at hotels due to fear of contracting the virus.
However, luxury hotels have been taking steps to address the difficult situation. For instance, as people have found themselves stuck at home due to the lockdown and social distancing, hotels are looking to leverage this to maintain their operations.
Luxury hotels is set to see a rebound in retail current value terms in 2021. As many Indian consumers will remain sceptical about visiting foreign countries due to the continued presence of COVID-19 in this year, and as other countries are likely to continue to implement measures such as quarantine for arrivals from India, this is likely to boost the concept of staycations.
India ranked amongst the top three countries globally in terms of number of COVID-19 cases and deaths at the end of 2020. Therefore, 2021 is likely to remain severely impacted in terms of the willingness of foreign travellers to visit the country.
However, there is light at the end of the tunnel, with vaccines starting to be rolled out in countries globally. Strong growth throughout the forecast period is expected to return sales to the pre-pandemic level by 2024.
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