The emergence of the pandemic in 2020 and the global response to it in the form of various restrictions and border closures resulted in lodging recording a significant drop in value sales due to the dramatic loss of international tourists in addition to local consumers remaining cautious about venturing outside of their homes during the social distancing periods of April and July-October 2020. As a result, a high number of hotels, resorts and even short-term rentals such as Airbnb were closed temporarily or even permanently.
Prior to the emergence of the pandemic in Vietnam, most hotels tended to focus on cooperating with online intermediaries such as Agoda and Booking.com instead of directly investing in digital marketing since consumers were increasingly purchasing their lodging requirements through third parties, resulting in internet transactions through intermediaries lodging continuing to outperform offline sales in value growth terms.
Over the forecast period, lodging companies are predicted to further lower their prices and offer various attractive products in a bid to stimulate demand from both local and international tourists, while online sales will continue to improve as tech-savvy consumers prefer the convenience of searching for information about lodging offers – amenities, average daily rates and special offers – in the locations they want to visit and enjoy reading feedback before deciding whether to make a booking.
The pandemic has also had a significant impact on demand for short-term rentals, resulting in double-digit declines for current value sales and number of listings due to the dramatic downturn in international tourists and various social distancing measures periods introduced by the Vietnamese government in 2020. However, short-term rentals still experienced less of an impact compared to other lodging types such as hotels and campsites, as tourists are increasingly attracted by accommodation which is fully equipped while offering a more relaxing experience akin to being at home whilst traveling.
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Understand the latest market trends and future growth opportunities for the Lodging industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Lodging research and analysis database.
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