By Joy Ghosh, National Head of Sales and Marketing, Citrus Hotels.
With India emerging as the second fastest growing tourism economy in the world, the hotel industry is predicted to do well this year.
Though the prospects for Indian hospitality industry were not very promising last year, according to recent data, the last financial year saw India adding 10,000 rooms. With the revival in the hospitality sector, India will add 58,000 more rooms.
The factors working in favour include a forecasted economic growth of 8.5% (Ministry of Finance, Economic Survey 2009-2010). The full service mid-market segment of hotels is largely untapped.
The concept of mid-market hotels is somewhat new to India. The definition of what constitutes mid-market still remains unclear.
There is still a gap between luxury hotels and quality budget hotels in the country and the mid-market segment fulfils that gap as both tourists and the corporate travellers are increasing in number. The mid-market segment has all the trappings of a luxury hotel but at an affordable price. They are an alternative to luxury hotels, but not a replacement to them.
A large proportion of corporate travellers in India is mid-level executives and a bulk of leisure travellers are from the middle class. The mid
segment hotels have grown rapidly to cater to this demand. They are the most important right now as everybody needs a budget hotel and not everybody wants a luxury hotel. They are in the middle and have most, if not all, amenities that a luxury hotel would provide.
The mid-market segment in India, though at a nascent stage now, will be the most demanding segment in the years to come. With corporates becoming cost-conscious and leisure travellers always looking at value for money options, it is emerging as the preferred choice. A growing middle class has created demand for affordable avenues for the domestic traveller. The need for affordable accommodation has leveraged the demand for mid-segment hotels.
Currently, mid-market hotels constitute 29% of the total hotel rooms in India. With economical pricing and reduced cost of construction, this segment of hotels is a win-win prospect for owners, operators and guests.
An ideal mid market hotel would offer an experience that is easy on sensibilities, by creating a fusion of comfort and style for the best of business and leisure travel. Whether one is seeking a restorative midweek vacation, a weekend getaway, planning a meeting or just out to seek an adventure, these hotels provide an unforgettable and rejuvenating experience.
Decoding the mid-market in India
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By Joy Ghosh, National Head of Sales and Marketing, Citrus Hotels.
With India emerging as the second fastest growing tourism economy in the world, the hotel industry is predicted to do well this year.
Though the prospects for Indian hospitality industry were not very promising last year, according to recent data, the last financial year saw India adding 10,000 rooms. With the revival in the hospitality sector, India will add 58,000 more rooms.
The factors working in favour include a forecasted economic growth of 8.5% (Ministry of Finance, Economic Survey 2009-2010). The full service mid-market segment of hotels is largely untapped.
The concept of mid-market hotels is somewhat new to India. The definition of what constitutes mid-market still remains unclear.
There is still a gap between luxury hotels and quality budget hotels in the country and the mid-market segment fulfils that gap as both tourists and the corporate travellers are increasing in number. The mid-market segment has all the trappings of a luxury hotel but at an affordable price. They are an alternative to luxury hotels, but not a replacement to them.
A large proportion of corporate travellers in India is mid-level executives and a bulk of leisure travellers are from the middle class. The mid
segment hotels have grown rapidly to cater to this demand. They are the most important right now as everybody needs a budget hotel and not everybody wants a luxury hotel. They are in the middle and have most, if not all, amenities that a luxury hotel would provide.
The mid-market segment in India, though at a nascent stage now, will be the most demanding segment in the years to come. With corporates becoming cost-conscious and leisure travellers always looking at value for money options, it is emerging as the preferred choice. A growing middle class has created demand for affordable avenues for the domestic traveller. The need for affordable accommodation has leveraged the demand for mid-segment hotels.
Currently, mid-market hotels constitute 29% of the total hotel rooms in India. With economical pricing and reduced cost of construction, this segment of hotels is a win-win prospect for owners, operators and guests.
An ideal mid market hotel would offer an experience that is easy on sensibilities, by creating a fusion of comfort and style for the best of business and leisure travel. Whether one is seeking a restorative midweek vacation, a weekend getaway, planning a meeting or just out to seek an adventure, these hotels provide an unforgettable and rejuvenating experience.
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