NOESIS, a prominent research firm, has recently unveiled its in-depth analysis of the Indian hospitality industry in its report titled “India Hospitality Overview 2022.” The report offers intriguing insights into the current state of the hotel and tourism sector in India.
The Bright Side of the Indian Hospitality Industry
As per the report, the Indian hospitality industry has shown positive growth in 2022 with a unique set of opportunities, surpassing the pre-pandemic levels of 2019 in most of its markets. In this regard, domestic businesses have seized the chance with 66% of hotel signings, whereas international brands accounted for 44% of the total keys resulting in the opening of 10,138 keys. The trend is expected to continue with an additional 7,163 keys being added from 2023 onwards.
Favourable Balance between Domestic and International Brands
While domestic companies dominate the Indian hospitality industry, the report states that international brands have also made a significant impact, with a fairly balanced number of keys being opened. Although only a quarter of hotels opened in India is associated with international brands, they are competing well in the industry.
Regional Insights
The report highlights that North India is expected to account for 38% of all hotel signings in 2022, with Himachal Pradesh and Rajasthan leading the way. On the other hand, Gujarat and Maharashtra, along with other states, are driving most of the Western region’s growth. Tier 2 cities account for 46% of hotel signings, with untapped destinations accounting for 33%, while Tier 1 and Tier 3 cities account for approximately 10% of hotel signings each.
The India Hospitality Overview 2022 report by NOESIS presents a positive outlook for the Indian hospitality industry. With the industry exceeding pre-pandemic levels and a promising pipeline of hotel signings in the upcoming years, the future looks bright for the hospitality industry in India. The report highlights the potential for growth in untapped destinations and tier 2 cities, which can open up new and exciting opportunities for the hospitality industry.
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