Adapting to Change: The Future of Tourism
The travel industry is constantly evolving, driven by changing consumer behaviors and preferences. According to a study conducted by VNREA, the Vietnam Real Estate Association, and Booking, a leading global booking application, there are seven common trends that will shape the future of travel by 2024. These trends all revolve around the concept of personalized experiences.
Personalization: A Key Factor in Travel
The study revealed that travelers are increasingly seeking unique and personalized experiences. This includes exploring local cuisines, combining relaxation with wellness, embracing sustainable tourism, and respecting nature. Any project or investor that can cater to these demands has the potential to lead the market.
Optimizing Budgets and Luxury Travel
Another prominent trend in the coming years is the optimization of budgets and the rise of luxury travel, known as “A La Carte Affluencers.” The study found that 66% of Vietnamese tourists are willing to purchase day passes to enjoy the amenities of a 5-star hotel, rather than staying overnight. This suggests that luxury is not exclusive to the high-end segment; every market segment has growth potential as long as it effectively addresses its target audience’s needs.
Embracing New Destinations: The Case of Nha Trang
Nha Trang, a popular tourist destination in Vietnam, is expected to experience rapid recovery and sustainable growth in the coming years. Several positive signs point to this trend. Major airlines, such as Air Seoul, Vietjet Air, Eastar Jet, Vietnam Airlines, China Southern Airlines, and HK Express, have been increasing direct flights to Khanh Hoa province, where Nha Trang is located. In 2023, Cam Ranh International Airport served approximately 16,000 international flights with nearly 2.4 million passengers.
According to Nguyen Van Dinh, Deputy Chairman of the Vietnam Real Estate Association, Nha Trang is emerging as a leading tourism hub, surpassing destinations like Phu Quoc and Da Nang. This growth opens up new opportunities for the real estate market in the area.
Rapid Adaptation by Resort Businesses
Mauro Gasparotti, Director of Savills Hotels Asia-Pacific, suggests that the resort real estate industry needs to adapt quickly to changes in consumer behavior following the pandemic. To enhance competitiveness globally and retain potential domestic customers, Vietnam must develop diverse products that meet the needs of different customer segments, ranging from tourist experiences to profitable investments.
Gasparotti emphasizes that now is a crucial time for enterprises and investors to innovate and deliver products that meet customers’ real needs. It is essential to proactively respond to the upcoming wave of recovery in the tourism and resort real estate market.
A New Era for Nha Trang: The Libera Nha Trang Project
In anticipation of the market’s recovery, international real estate developer Masterise Homes and KDI Holdings have partnered to develop the “Libera Nha Trang” project. Masterise Homes will provide high-end consulting services for the project’s development, while KDI Holdings will collaborate with world-leading partners in construction management, quality control, and utility investment to deliver the best experiences and services to customers.
With their expertise and dedication, the collaboration between these two brands will not only elevate Nha Trang’s status as a global tourism destination but also stimulate the resort real estate market in Vietnam, taking advantage of the emerging market recovery.
Future Outlook
Experts predict that the Nha Trang tourism market, as well as the overall tourism market in Vietnam, will experience a rapid recovery in 2024. Those enterprises that are prepared and proactive will gain a competitive edge and be at the forefront of the market.
As the travel industry adapts to changing customer preferences, personalized experiences and luxury travel are becoming increasingly important. By embracing new destinations and continuously innovating, businesses in the resort real estate market can ensure sustainable growth and success in the years to come.
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