India, Indonesia and Vietnam set for travel ‘bonanza’ as middle classes grow
Accor SA.
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“When there is good business, people get more wealthy, and then they consume and want to have fun, and that’s where we fit,” Jean-Jacques Morin said in an interview in Bangkok. “The way people consume has changed. Nowadays, people want services, not necessarily products. They want to have experiences, a trend that has been deeply accelerated by Covid.”
With almost 6,000 hotels around the world and more than 45 brands ranging from budget chains like Ibis to the luxury Raffles and Banyan Tree resorts, Accor is aiming to expand its portfolio by 3%-4% this year, Morin said. Asia will likely account for about half those openings, he added.
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Southeast Asia, and India in particular, carry significant growth opportunities, Morin said. The “big tigers” like Singapore, Thailand and Japan will continue to perform well, along with upcoming markets such as Vietnam and Indonesia — Southeast Asia’s most populous country and biggest economy.
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