It cannot be denied that the hotel industry of Thailand has grown so much in the past few years fueled by the high demand from arrivals of international tourists in the country. However, this could be a bad news because a high supply in the coming years could be a cause of moderate incomes for the economy. There are now many luxury hotels in the country such as Ad Lib Bangkok Hotel and they are thriving at the moment because of the high demand.
In a recent research that was conducted by CBRE regarding the hotel industry worldwide, demands for hotels all over the region of Asia-Pacific, Europe and United States have grown since the beginning of the middle of 2016. While other countries are suffering because of the weak and slow growth, these regions have experienced a strong industry and the occupancy rates are higher than before.
There are many factors that affect the demand for hotel and the main driving factors are the changes in preferences and the demographic of the consumers. Preferences refer to their desire to experience quality service compared to material goods. Older generations prefer to spend their money on activities while millennials are geared toward traveling thus hotel demand is growing.
Independent travelers are common these days because of technology which makes thing accessible such as booking a hotel, researching on things they can do on the foreign land and exploring without fear of getting lost.
Hotels are therefore challenged to up their game because independent travelers are expecting quality service along with good food and an ideal place to stay. Value for money is also important. It is now easier for travelers to look up a hotel online and read reviews from previous guests who could influence their decision to book or not.
Hotels in Bangkok such as Ad Lib Bangkok Hotel are also using third party sites in order to expand their reach. At the same time, they must improve their services because of the number of competitions such as the rise of Airbnb. The hotel industry of Thailand continues to grow and it is up to the operators and owners to adapt with the changes as the supply increases.