As per ICRA, Indian hotel industry is expected to witness a 7-9 per cent revenue growth by the year 2025. The domestic leisure travel, demand from meetings, incentives, conferences, and exhibitions (M!CE), including weddings and business travel are likely to drive demand for occupancy.
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The Indian hotel industry anticipates a robust fiscal year in 2024, with double-digit revenue growth, according to ICRA. The growth will be attributed to a combination of domestic and international factors, especially in the latter half of the fiscal year. Premium hotels in India are forecasted to achieve occupancy rates of around 70–72%, marking a significant recovery. Average room rates for these hotels are projected to be in the range of Rs. 6,000–6,200, maintaining a 20–25% discount relative to the FY2008 peak. Despite healthy occupancy, slight margin dips are anticipated in FY2024 due to extensive renovation and maintenance activities undertaken by hotels, surpassing pre-COVID levels. Mr. Prakash Bedi, Vice President of Clarks Safari shares key insights on 2024 hospitality trends., He believes the key metro cities will again lead to an increase in tourism due to MICE, business travellers, etc. The majority of the revenue in the tourism sector will flow from domestic travellers, but international travel will also pick up. At the same time, experiential travel and tier-2 cities will also witness a tourist surge due to infrastructural development. Technology will play a bigger role, and even boutique hotels will strengthen their IT infrastructure, to generate more footfalls. He further adds, “Tourists are becoming more aware of their preferences and choices, adventure tourism will witness a surge. The existing national parks infrastructure will be improved and a few new parks might open up. Wildlife tourism will attract more domestic and international tourists. With the opening of Ram Mandir in Ayodhya, spiritual tourism will see a boost. Also, sustainability will no longer remain a PR activity. The way climate concerns are being raised, and sustainable efforts are taken by the …
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