India’s business travel spending is estimated to fully recover its pre-covid by 2025 & exceed pre-covid levels by 20% in 2027 with ~70% respondent saying they would travel at least 2-3 times for business.
In the Hotel Industry 75% of room addition is coming up in Tier II & III cities, means only 25% room addition in Tier I metro cities.
As per IHCL, out of 2900 branded keys added in Q1 only ~20% were added in Top 8 cities (i.e. Delhi, Mumbai, Bangalore, Kolkata, Hyderabad, Pune, Chennai, Ahmedabad). Also, while Demand is projected to grow at around 9% in top 8 cities, supply is lagging at 0.6% net addition in Q1.
Src: Thomas Cook PPT, Aug 2024 & IHCL PPT July 2024
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