It’s fair to say that the hospitality and tourism industries were amongst the hardest hit in 2020. Between months of travel bans and national lockdowns, it’s a wonder the hospitality industry survived at all.
But survive it did. Things are looking up, with a vaccine on the horizon and lockdowns being lifted across the world. As a result, some investors see an imminent hospitality and tourism resurgence on the horizon.
Let’s take a closer look at the future of the hospitality industry post-2020 and why it might just be an emerging investment vehicle for Australians as we head into the new year.
Post-2020 Easing of coronavirus restrictions
As of 7th December, the New South Wales Government made sweeping changes to existing COVID-19 restrictions. This marked a significant lift to the hospitality industry. They replaced the existing 4-meter-rule with a reduced 2-meter rule. As a result of this, pubs, restaurants, and other hospitality venues can fit more people in their doors.
This effectively doubles the capacity of hospitality venues in NSW, and provides a significant lift to revenue. Due to this, any further lifting of restrictions in the future would undoubtedly provide an even greater boost to the hospitality market. This does paint a more hopeful picture of the year to come, with post-2020 conditions continuing to improve.
Governmental advertising campaigns 2021
The Australian Federal Government is making an effort to boost the struggling tourism and hospitality industries. They are aiming to achieve this by launching a new advertising campaign aimed at encouraging New Zealanders to head to Australia for work and travel.
Hospitality workers were the main focus of these campaigns. It hopes to lure Kiwis onto Aussie soil to help pick fruit, work in hospitality, and spend much-needed tourism dollars.
The campaign came at the right time as most states in New Zealand have opened their borders for quarantine-free travel. 2021 is looking better by the minute at this rate.
The post-2020 COVID boom
With a vaccine looking imminent, it may be that 2021 finally sees some changes for the better. We should start to see the end of more severe restrictions like border closures, lockdowns, and travel blocks.
As a seemingly direct result of all the months of self-isolating, many people may be itching to get away. The hospitality industry looks poised to benefit from any post-COVID boom in travel and hotel getaways.
Nonetheless, with consumers still (rightly) wary of taking risks, hygiene and health standards will likely continue to be very important in 2021. Fortunately, the hospitality industry has already adapted to these changing consumer expectations. Some of these ways involve new safety regulations, stricter housekeeping standards and digitized bookings.
If you’d like to hear more about investing in the hospitality and tourism industry, click here.