Over the past few years, India’s hospitality industry has expanded at a fair clip, and there are many opportunities for it to grow even more in the years to come.
Many tourists worldwide have been attracted to the nation because of its varied and gorgeous culture. Both local and international travelers now recognize India as a place to go on a mystical holiday. India’s ranking in the World Economic Forum’s travel and tourism competitiveness index has amplified gradually, from 65th in 2013 to 34th in 2019. The following are the reasons for the rising demand for the luxury hospitality market in India:
An Increase in International Visitors
Every year, India has witnessed a rising number of international tourists. Along with several other components, the country’s cultural details, traditions, and food alternatives play a role in its heritage-rich standing. For the first time, India received more than 10 million international tourists in 2017, a surge of 14% from the previous year and almost twice as many as in 2009 and 2010.
The Indian government is once more emphasizing the growth of the tourist sector, which is projected to contribute US$250 billion to the nation’s GDP by 2030. The government expects to convey the National Tourism Policy shortly to encourage the evolution of inclusive and sustainable national tourism. As the Indian tourism industry picks up steam, the hotel industry should adopt plans to seize the short- and long-term benefits that are appearing.
Major Drivers of Rise in the Luxury Hospitality Market
The major driver of the rise in Luxury Hotel market earnings is the expanding travel and tourist industry, supported by increased disposable income, rising living standards, and a growing demand for leisure travel.
The number of hotel reservations has increased due to the numerous sports athletes and spectators who travel for the competition. Leading businesses are investing heavily in infrastructure and modernizing their properties to enhance the aesthetics and level of comfort they provide customers.
Due to its tremendous potential and the fact that there is currently a partial supply, the luxury hotel industry, which currently makes up around 11% of all quality hotels in India, has attracted creator interest again in recent years. Native hotel chains like IHCL, Oberoi, and ITC typically ruled the nation’s luxury market. However, several international hotel chains, including Marriott, Accor, Hilton, and Hyatt, have recently entered India’s luxury and ultra-luxury hotel categories, increasing competition in the market.
Changing Client Preferences
Before now, the luxury market primarily served wealthy locals and foreign tourists. Due to the country’s changing market dynamics and client preferences, this pattern has changed in recent years. An increasing number of ambitious, wealthy, and sophisticated Indians are now willing to spend extra on hotel stays throughout their vacations in their quest for unique and remarkable experiences. They can use the ChoiceCentral portal.
Since luxury travel has recovered more quickly than the other classes in the wake of the coronavirus pandemic, the wealthy have chosen local leisure travel instead of international travel, which is particularly noticeable.
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