As we move through 2023, the travel industry continues to experience significant shifts in consumer preferences and behavior. With a greater emphasis on wellness, sustainability, and immersive cultural experiences, the tourism industry is evolving to cater to these new demands. In this comparative analysis, we will explore the changes and differences in the inbound tourism trends in Vietnam between the past week and the previous seven days.
General Overview of Inbound Tourism in Vietnam
Based on data collected between Mar 29, 2023, and Apr 5, 2023, the average daily rate (ADR) in Vietnam was $177, with an average length of stay of nine days. The market insights show that the top markets by demand were Germany, Spain, and Japan, with Germany having the highest ADR at $315. The median hotel budget was $1,456, and the majority of travelers were 34 years old or younger.
Market Changes in Inbound Tourism Trends in Vietnam
In the past week, the average age of travelers from all markets decreased by one to four years, while the average hotel budget decreased by $14 to $113. The booking window remained stable, with an average of 81 to 101 days across all markets.
The UAE market experienced the most significant decrease in average budget, with a decrease of $113, while the Singaporean market had the highest decrease in average age, decreasing by four years. The Russian market had the highest decrease in both average age and average hotel budget, decreasing by two years and $53, respectively.
On the other hand, the French market had the smallest decrease in average budget, with a decrease of only $20, while the South Korean market had the smallest decrease in average age, decreasing by only two years.
Projections for Inbound Tourism Trends in Vietnam
Based on the market insights and changes observed in the past week, we can anticipate several trends emerging in Vietnam’s tourism industry in the near future.
- Emphasis on Budget-Friendly Travel
The decrease in average hotel budget across all markets suggests that travelers are becoming more budget-conscious. The tourism industry in Vietnam should adapt to this trend by offering more budget-friendly options and promotions to attract budget-conscious travelers.
- Increase in Short-Term Bookings
The stable booking window indicates that travelers are still planning their trips well in advance. However, with the decrease in average age, we can anticipate an increase in short-term bookings as younger travelers tend to book their trips closer to the travel date.
- Continued Growth of German Market
Despite the decrease in average budget, the German market remains the top market by demand with the highest ADR. The tourism industry in Vietnam should focus on maintaining this market by offering unique and luxurious experiences that cater to the demands of German travelers.
- Shift towards Younger Travelers
The decrease in average age across all markets suggests a shift towards younger travelers. As a result, the tourism industry in Vietnam should focus on offering more youth-oriented activities and experiences to cater to this demographic.
In conclusion, the travel industry in Vietnam is evolving rapidly, and it’s important to keep a close eye on the changes and trends. By adapting to these trends and anticipating future projections, the tourism industry in Vietnam can continue to thrive and provide unforgettable experiences for travelers.
|Past 7 days||Avg. age||Avg. budget||Avg. booking window|
|Week before||Avg. age||Avg. budget||Avg. booking window|