It's Time to Relive the Glory Days
According to Technavio Research, the global hospitality real estate market size is estimated to grow at a CAGR of 10.25 percent from 2022 to 2027. In Asia, the Philippines is all set to relive its pre-pandemic glory days in the Hospitality sector. In fact, tourism is the strongest pillar of the Philippine economy. The hospitality sector plays a vital role in the country’s economic growth.
Following the pandemic, there has been a consistent rise in room demand, driven by both domestic and international tourists visiting for recreation and business purposes. According to Mordor Intelligence, The Philippines Tourism and Hotel Market size is estimated at $2.75 billion in 2024 and is expected to reach $3.37 billion by 2029, growing at a CAGR of 4.15 percent. Well, that’s not all; the global Smart Hospitality market, driven by the need to create unique hospitality experiences, is predicted to grow from $13.6 billion in 2022 to $49.9 billion by 2027 (report by ResearchAndMarkets. com) at a whopping CAGR of 29.8 percent.
It’s quite lucid that travelers worldwide are looking for well-being-oriented and immersive experiences. This drives a massive surge in leisure travel within the domestic market and the inbound international travel landscape. Even corporate travel and MICE are being extended to incorporate elements of leisure experiences. Lend your ears to Sunjae Sharma, Managing Director, India & Southwest Asia, Hyatt India Consultancy Pvt. Ltd.
He elucidates, “The human desire to reconnect with loved ones and experience the joy of traveling together to newer destinations has never been so intense. This is reflected in the growing demand for staycations, workcations, and weekend getaways.” It’s a great time to be in the hospitality industry.