Market Trends of Hospitality Industry In Maldives
The Growing Number of Tourists to the Maldives are Driving the Market
- The island nation, the Maldives, has been welcoming a growing number of visitors to the nation since 2010. The country welcomed more than 1.6 million international visitors in 2023, at a 13.9% year-on-year growth rate.
- According to the Ministry of Tourism, China constituted 6.3% of total international arrivals, followed by Germany, with 7.3% of the total share. Visitors from the United Kingdom, Italy, and India are on the rise, with 8.8%, 7.1%, and 11.9% year-on-year growth rates.
- Visitors from the European Union are on the rise and have been occupying the highest share since 2016. The decline in travelers from China made Asia lose its share. At the same time, the year-on-year increase in the number of visitors from Italy, Russia, and France citizens made European Union occupy first place.
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The Guesthouse Segment is Dominating the Overall Industry
- There are more than 1000 accommodation establishments in the Maldives as of the first half of 2022 that can be categorized into resorts or marinas, hotels, guest houses, and safari vessels. The guesthouse segment occupies a high share of the total hospitality industry segment, with around 500 properties.
- The safari vessels and resorts occupy an equal share with around 150 properties each. In comparison to luxury resorts, guesthouses provide a more economical lodging choice. This allows budget-conscious visitors to appreciate the Maldives' natural beauty without breaking their wallets.
- Staying at guesthouses on nearby islands allows for cultural immersion. Travelers may learn about Maldivian culture, customs, and traditions, connect with friendly locals, and experience traditional Maldivian food.
