Back On Hospitable Grounds, Hotels Set To Grow In FY24 Despite Uncertainties: CareEdge
The strong demand from leisure travel brought much-needed relief to the sector.
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CareEdge Research Report
The Indian hospitality industry has shown resilience, bouncing back from the steep decline in the Covid-hit years with sharper inclines thereafter. FY21 was a survival year, FY22 was a revival year, and FY23 has been a growth year for the sector.
The strong demand from leisure travel brought much-needed relief to the sector. Even weddings made a comeback with several hotels being completely sold out during the season. The demand outlook for the Indian hospitality industry for FY24 is positive.
Domestic leisure travel may not remain as strong as it was in FY23, but it will still be significant and important.
Foreign tourist arrivals for leisure and medical purposes are picking up, despite growing concerns about recession and global geopolitical issues.
Corporate travel is expected to rise year on year in FY24, but it may still be impacted by ongoing global economic uncertainty, as companies are tapering travel costs and using more technology solutions in place of in-person meetings.
In addition, the G20 presidency of India and events such as the ICC World Cup will increase demand for hotels.
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