From sun-kissed shores longer than your patience with slow Wi-Fi, to island escapes where the only "hustle" is the gentle swaying of palm trees, Bangladesh's resort scene is ready to steal your wanderlust heart!
The resort industry in Bangladesh has seen significant growth over the past decade. The natural beauty of the country and the increasing demand for leisure spaces have led to the development of a robust resort industry. The growing economy and the rising purchasing power of consumers have made the industry commercially viable.
Although it is still in its early phases, the resort business in Bangladesh offers a variety of possibilities to suit varied preferences. Attracting vacationers in search of rest, excitement, or cultural immersion, the resorts offer a wide range of amenities in beautiful settings.
The global resort industry, a key segment of the hospitality sector, has indeed shown resilience in the face of challenges. Here are some additional statistics to enrich your understanding:
The global resort planning market reported that the resort industry grew from $189.44 billion in 2022 to $203.28 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. Despite the COVID-19 pandemic, the hotel and resort industry's global market size demonstrated resilience. After experiencing disruptions, the industry regained momentum in 2022 and was forecasted to reach a substantial $1.21 trillion U.S. dollars by the end of 2023, published by Statista.
In the context of Bangladesh:
The total market size of the resort industry in Bangladesh is around Tk3,000 crore, published by an article of the The Business Standard news. The revenue in the Hotels market in Bangladesh is projected to reach US$1.17 billion by 2024. This recovery is driven by various factors, including the easing of travel restrictions, increased vaccination rates, and the pent-up demand for travel and leisure. The industry includes a variety of resort types, such as tourist resorts, casino resorts, small luxury resorts, villa resorts, and theme resorts. These resorts are in various settings, including seaside, forest, hot spring, water view, and mountain rock valley.
According to the Bangladesh Parjatan Corporation (BPC), around 200 resorts have been built across the country, especially in the surrounding areas of the capital like Gazipur, Narayanganj, and Narsingdi.
The resort industry in Bangladesh faces several challenges:
i. Inadequate Infrastructure and Backward Communication System: The lack of well-developed infrastructure and efficient communication systems can hinder the growth of the resort industry.
ii. Deficiency of Accommodation Facilities: There is a shortage of high-quality accommodation facilities that meet international standards.
iii. Lack of Safety and Security: Safety and security concerns can discourage both domestic and international tourists from visiting resorts.
iv. Scarcity of Professionalism: The industry suffers from a lack of trained professionals who can provide high-quality service.
v. Lengthy Visa Processing: The long visa processing time can deter international tourists from visiting the country.
vi. Political Instability: Political instability can negatively impact the tourism and resort industry.
vii. Weak Nation Branding: Weak nation branding is another factor that has hindered the development of the resort industry.
viii. Poor Customer Service: Disappointing customer service can deter tourists from visiting resort.
Despite the setbacks, the industry is also filled with opportunities:
i. Emerging Market: Bangladesh's resorts industry is in its early stages of development, with a limited number of established resorts, primarily concentrated in coastal areas like Cox's Bazar and Saint Martin.
ii. Growing Domestic Tourism: Rising disposable income and increasing interest in domestic travel are driving demand for resort experiences, particularly among the expanding middle class.
iii. Focus on Eco-Tourism: Sustainability and eco-friendly practices are gaining traction, with resorts emphasizing natural surroundings, local culture, and responsible operations.
iv. MICE Potential: The potential for hosting meetings, incentives, conferences, and exhibitions (MICE) at resorts catering to corporate retreats and events is emerging.
The resort industry in Bangladesh has grown significantly in the past decade and is expected to continue its growth in the coming years. The industry has not only boosted the country's economy but also provided a much-needed escape for city dwellers looking for a breath of fresh air. With the increasing number of domestic and foreign tourists, the future of the resort industry in Bangladesh looks promising.
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