Besides leisure, meetings, and business travel, event tourism is becoming a significant source of demand for the hospitality industry.
Vietnam's efforts to attract international artists and organize large-scale music programs at tourist destinations create opportunities to increase the number of tourists staying overnight, leading to increased spending on food, shopping, transportation, and entertainment.
Experts believe that large-scale music events (concerts) can boost accommodation demand, increase tourism spending, and open up new demand for resort real estate. However, investment opportunities depend not only on occupancy rates but also on operational efficiency and the year-round appeal of the destination.
Concerts create additional demand for the hotel.
According to David Jackson, General Manager of Avison Young Vietnam and Cambodia, 3-4 star hotels within a 3km radius of the event venue often have an advantage in attracting more guests due to their convenient location. Meanwhile, high-end hotels can target international guests and sell higher-value service packages.
However, the potential benefits don't just depend on distance to the venue. Transportation links, travel options, security, and service quality also influence travelers' booking decisions.