A survey by ASSOCHAM social development foundation reveals that the bookings received by Star hotels witnessed a decline of 5-7% in the metro's for New Year Eve celebrations due to demonetization and the post cash crunch situation. Generally, New Year Eve is the season for many star hotels as they gear up to book profits, planning bigger events and lots of package deals.
This is the time when most of the star hotels seem to cash in the extravaganza as most youths do not mind spending extra to enjoy themselves. But due to demonetization, many have decided to celebrate indoors rather than in star hotels.
To draw the attention of people, many hotels have not revised rates for New Year packages and kept the rates same as that of the previous year. Some star hotels have even reduced the rates by about 2-3% and are rolling up new offers, Promotions, deals and discounts in on services in one package at a bargain price.
According to the survey, many party-goers are hoping of getting good discounts at star hotels and on the other hand, most other people preferred to stay indoors and celebrate with friends and family. As part of the survey, the ASSOCHAM social development foundation had interacted with about 50 star-rated hotels in Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Indore, Jaipur, Kolkata, Lucknow and Mumbai to how the star hotels in metros are planning new year eve celebrations.
Alternately the members of ASSOCHAM also interacted with 250 youngsters to know their plans for New Year celebrations. Most of them said, they planned to welcome new year in cost effective way by celebrating at home rather than in star hotels.
Mr. D.S. Rawat, secretary general of ASSOCHAM said that demonetization and cash crunch has had a tremendous impact on the plans of many youngsters who wish to celebrate in a grand way with family and friends in hotels but are forced to celebrate rather in cost effective manner at homes. Demonetization, on the other hand, had its impact on many star hotels which usually come up rather big events, are now forced to withdraw many activities as they failed to draw many people.
Some of the participants in the survey, even said that they are even avoiding spending cash on new outfits, food, and drinks to save the much-needed cash.
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