Lodge trade to develop by $2 bln by 2026: US market analysis agency
The Vietnamese hospitality market will develop by US$2.12 billion from 2021-2026, U.S. market analysis and advisory firm Technavio has forecast.
It attributed the probability to Vietnam’s constant financial development and the substantial enhance in per capita disposable earnings.
This 12 months it forecast the market to develop by 13.44% as Vietnam reopens to worldwide tourism after having lifted most Covid restrictions since March.
“Chain inns in Vietnam will considerably enhance their market share. The growth of this market can be fueled by the travel and tourism sector’s regular growth in addition to vital investments in 5- and 4-star inns as leisure travel to Vietnam rises in reputation.”
Nevertheless, local weather change and unexpected climate occurrences may pose obstacles to the expansion, it stated.
Vietnam’s rising reputation as a vacationer vacation spot has resulted in a increase within the hospitality trade in recent times, with quite a lot of world resort chains resembling Marriott Worldwide Inc. and InterContinental Inns Group coming into the nation.
In 2019, the 12 months earlier than the pandemic started, Vietnam obtained a report 18 million overseas vacationers.
This 12 months it targets 5 million.