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Why Time Is the New Currency
Audrey Hall | April 12, 2024
By Audrey Hall “Time is money” is an often-repeated phrase attributed to Benjamin Franklin. When the aphorism was written, Franklin was pointing out that time spent not working was time not making money. Fast forward to today’s society and the value, or currency, no longer comes from the time spent working to achieve results, but on the time saved. When interacting with customers, the focus is no longer on spending more time working, but on being more efficient with time. In the context of the hospitality industry, by giving time back to guests, hotels not only extend value but increase loyalty with their customer base. The ...
To Refund or Not to Refund?
PolyU’s School of Hotel and Tourism Management | April 26, 2023
2020 saw unprecedented swathes of holiday cancellations. The year COVID-19 hit was a tough one for hospitality and tourism firms, who were forced to make swift decisions about changes to their refund policies. However, no one could clearly envisage how those crisis-induced changes would impact customer loyalty and trust. In the first study of its kind, Dr Daniel Leung and Ms Christine Seah of the School of Hotel and Tourism Management (SHTM) at The Hong Kong Polytechnic University looked at customer reactions to generous or self-serving refund policy changes, and whether these are shaped further by the magnitude of changes and the format in w...
