Latest News- Hotel Market in Vietnam: Tourist accommodation is expected to lead the Application segment during 2024-2028
The Hotel Market in Vietnam is being driven by Growing affordability and rising disposable income
The Hotel Market in Vietnam is expected to grow at a CAGR of 19.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4102.5 million. The hotel market in Vietnam is leveraging the power of social media to expand their reach and engage with a diverse range of travelers. With advanced technology, hotels can promote their facilities and services across multiple platforms, attracting both the youth and corporate business travelers, as well as social media influencers. Social media has emerged as a preferred information source for consumers in Vietnam, with over 55 million Facebook users and a significant number of travelers utilizing search engines before making ground travel purchase decisions. This digital trend presents a valuable opportunity for hotels to effectively market their offerings and connect with their audience in a dynamic and personalized manner.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Tourist accommodation, Official business) Type (Chain hotels, Independent hotels) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Hotel Market in Vietnam Research Report
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The Vietnam hotel market encompasses various sectors of the hospitality industry, including accommodation, security, conference and event facilities, restaurants, bars, sports tourism, travel, short-term rental homes, business travel, and more. Domestic and international travelers seek out a range of options from luxury hotels to budget accommodations, hostels, homestays, and touchless check-in services. Innovations like digital room keys, personalized concierge services, mobile apps, and AI chatbots enhance the guest experience. Sports events and tourism are significant drivers of demand, with touchless and contactless services becoming increasingly important in the current climate.
The hotel market, a significant segment of the global hospitality industry, encompasses businesses involved in accommodation, from luxury resorts to short-term rental homes. Key components include security services, conference and event facilities, restaurants, bars, and sports tourism. The industry's growth is driven by the expanding travel and tourism sector, with increasing numbers of business and leisure travelers from both emerging and developed economies. Technavio projects the global hotels, resorts, and cruise lines market size, which includes revenues from casinos and gaming, hotels, resorts, and cruise lines, leisure facilities, and restaurants, to experience steady expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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