The travel and leisure industry comprises of several industries that make up its network. These industries include art and attractions, exhibitions and dining, travel music and leisure activities, gambling, sports activities, lodging options and vacation destinations apart from companies that offer various forms of recreation and leisure. The travel and leisure industry is supported mainly because the general public places utmost importance upon taking annual vacations for the purposes of relaxation or education. Overall the travel and leisure industry can be summed up into four main sectors: entertainment, tourism, travel and recreation.
Entertainment consists of any activity that provides the general public with pleasure and relaxation during leisure time. Some of these activities include watching television, drama and stage performance, opera, attending theater, attending sports event and playing variety of board games or video games.
The Indian Travel, Hospitality and Leisure sector is expected to witness a compounded annual growth rate of 20% well up to 2020, making it one of the most exciting growth stories in the world of travel. With a whopping 740 million travellers, the domestic tourism market is growing at 20% per annum, while outbound travel is growing at an estimated 26 per cent per annum.
The leisure sector remained robust, with leisure destinations such as Goa, Coorg, Mussourie etc. continuing to see unprecedented growth. Growing purchasing power, improved connectivity and reduced seasonality have provided a boost to the resort segment with increased leisure and MICE business driving growth. Leisure markets continued to enjoy strong rates and improved occupancy levels across the country, with limited supply and strong potential for development in many leisure markets. Moving forward, hotels will need to continue to re-invent themselves and respond to the rapidly changing environment they operate in, in order to stay competitive. It is clear, however, that the industry is now on a steady recovery path. After strong resistance from a fluctuating demand environment and excess room inventory, the hotel industry is now well placed with the pace of room addition slowing down and domestic demand showing sure signs of stability and growth.