Why Luxury Brand Management is a best option post COVID-19 Pandemic?
While living our normal daily lives, we had never thought that something unexpected will happen which would bring a drastic change in everyone’s lifestyle. COVID-19 has shattered the World like never before. Lockdowns might have proved fruitful in curbing the spread of coronavirus, but it has badly impacted the Global economy. Even after unlock, people are not stepping out much and avoiding physical contact with people.
Though the impact of COVID-19 pandemic has not been so favorable for the industries, but hotel and event industries are among the hardest hit:
Impact of COVID – 19 on Hotel Industry
With the outbreak of COVID-19, most of the countries have banned flights coming over from certain countries. This has led to the cancellation of global meets, conferences and meetings. People are also showing less interest to make travel plans which has dropped the occupancy rates of hotels. According to a Statista report, the global revenue from the travel and tourism industry (which includes hospitality) was dropped from 711.94 Billion US Dollars in 2019 to 568.6 Billion US Dollars in 2020, which represents a decrease of over 20%.
The highest decline in revenue was seen in Europe from 211.97 Billion US Dollars in 2019 to 124 Billion US Dollars in 2020. This figure is estimated to increase this year due to the fear of new variant of Coronavirus. If we talk about India, the occupancy rate in hotels in 2020 was 34%. In 2021, the stay of foreign tourists is expected to remain low.
Impact of COVID-19 on Events Industry
Events industry which was thriving before the pandemic has also faced significant revenue losses Worldwide. 2020 has witnessed the cancellation of various festivals, exhibitions, concerts and sporting events to slowdown the spread of the virus. People are also postponing the beautiful event of their life – Marriage as they find no charm in celebrating this day without social gathering. People who are planning to organize wedding functions are restricted to invite a few members. This has led to fewer bookings of halls in banquets.
When the scenario was normal, gathering of 300 people was sure shot whether it’s a professional event or a wedding event. But due to pandemic the limit has been curtailed down to 50. It comes to 20 as well when the number of infected people starts rising. An International property fair held at Paris used to attract 20,000 delegates, but now it has been replaced with
1500 attendees and thousand others attended the event virtually.
Experts’ views on the future of Hotel and Events Industry
Professionals predict that it won’t be easy for Hotel and Events industries to rise back until 2 – 3 years. As these industries are connected with travel and tourism, hence they will be going through rough times. The prevailing curfews and lockdowns will keep a strict control over traveling. The job opportunities will be really less in these industries or in case a person gets through luckily, the chances of growth will be less.
In a survey conducted by the EventMB, 90% of event professionals had reported that some or most of their businesses were disappeared. By November 2020, around 52% of event professionals had lost their income. As per the insights of professionals, 53% of the total leading hotel operators have shut down more than 80% of their inventory.
In conversation with India Today, Delhi Hotels and Restaurants Owners Association (DHROA) Chairman Sandip Khandelwal had told that “The lockdown has not only killed our business, but it has also resulted in the loss of more than 35,000 jobs. The indirect unemployment is also high. Every month, the hospitality industry in Delhi alone suffers a loss of Rs 500 crore.”
So, the overall chances of making a great career in these fields are not really bright. One must make up his/her mind for Luxury Industry.
Why youth should shift their career aspirations towards Luxury Industry?
Despite the bad scenarios of market, the Luxury industry stood rock solid and fetched a lot of gains last year. Realty major Lodha Group had earned the highest-ever quarter bookings of over Rs. 2500 Crore from October to December 2020. Surprisingly, Lamborghini also achieved its highest ever annual profitability and recorded a turnover of €1.61 billion (around Rs 13,924 Crores), which represents the second-highest sales in Lamborghini’s history.
India’s luxury market is expected to spread its wings over the next years. The luxury market is expected to grow from $18.5 Billion to $50 Billion by 2020. By 2025, this market is expected to reach $180. With an increasing number of international brands entering and expanding their base in India, demand of luxury professionals will be there.
Build your career in Luxury Industry
If you are looking for a challenging yet fun job related to the luxuries of life, then, joining luxury industry is the best choice. The modern world is all about luxury. It is present everywhere, whether hotels, automobiles, retails fashion etc. Luxury is a fine blend of modernity, culture, traditions and future. A person can look forward to joining the Luxury Brand Management program which provides an expansive knowledge about managing a brand effectively and successfully.
Enroll yourself at Luxury Connect Business School
Here at LCBS, we offer thoughtfully designed management courses for students who have recently graduated or have an experience in Fashion or Retail.
- Executive Diploma in Luxury Management: This program is jointly designed by the luxury industry specialists from India and best luxury professors from Europe. It provides you an opportunity to be in touch with the key players of the luxury industry and gain hands-on knowledge related to luxury management.
- Post Graduate Diploma in Luxury Brand Management: It’s a twining process that includes training delivered by the Accademia Del Lusso (ADL) faculty in Milan for three months and the rest seven months are spent at LCBS in India. This course program strives to cover different aspects of luxury and its management.
So, what are you waiting for? Fill the Lead Form and get in touch with us today to enquire about Luxury Brand Management. Let the education impacts career for the better!