New Delhi [India], Dec 30 : Demonetisation and the consequent cash crunch seems to have some impact on New Year's Eve celebrations as bookings received by star-rated hotels in metros have registered a decline of about five to seven percent, noted a quick survey undertaken by ASSOCHAM Social Development Foundation.
"Besides, many hotels have not revised rates of New Year packages and have in fact lowered the rates by about two to three percent and are bundling various offers, promotions, deals and discounts on services in one package at a bargain price," according to the fortnight long survey carried out by ASSOCHAM Social Development Foundation.
The survey also highlighted that while many party-goers are hoping to get some good discounts at star properties, most others plan to celebrate the New Year's Eve at house parties with friends and family or at their home.
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 during the course of past midnight to ascertain how top hotels in metros are gearing up for annual New Year's Eve parties.
Simultaneously, the chamber representatives also interacted with about 250 youngsters to gauge how people in urban centers are planning to bid farewell to 2016 whereby most said they plan to usher in the New Year in a cost effective way by opting to party indoors.
"New Year's Eve is the perfect occasion for especially the youth to unwind and soak in the festivities with their friends and family, though with ever-growing per capita incomes people do not mind indulging in some extravagance but cash crunch in wake of demonetisation seems to an impact on their plans this time," said DS Rawat, secretary general of ASSOCHAM while releasing the findings of the chamber's survey.
"Star-rated hotels to seems to be reeling under some impact of the centre's bold move of demonetisation, more so as this is really the best season for hotel industry but are being forced to scale down their New Year's Eve activities as they are not able to draw many people," he said.
Many of the participants with moderate budget said they though New Year celebrations in star hotels has always been a expensive affair but demonetisation has certainly dented their plans in this regard.
Some even said they were shying away from splurging the much-needed cash on new outfits, food and drinks which used to be a sort of norm.
While those with bigger budgets said they were hoping to get some good deals/discounts as many hotels are likely to do away with usual price-hikes in entry fees and drinks costs.