New data from SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels, reveals a 70% rise in the average booking lead time for hotels in Vietnam, following a sharp rise in international arrivals in 2023. The rise – which saw travellers book their stays, on average, 32 days ahead of check-in compared to 19 days in the prior year – is the result of changing booking behaviours among travellers and far surpasses the 20% rise averaged in hotel markets globally.
The data was revealed by SiteMinder at the 7th Hospitality Vietnam Conference. The change in booking behaviour, SiteMinder noted, came despite a 19% rise in the average daily rate at Vietnamese properties, which reached an average of US$162 per night.
International travellers, who typically book their travel further in advance than domestic guests, grew from 74% of all hotel arrivals in 2022, to 88% in 2023. The growth supported Vietnam to reach its target of welcoming 12.5 million international guests during the year.
SiteMinder’s market vice president for the Asia Pacific, Bradley Haines, says the findings highlight the need for local hoteliers to be dynamic and cautions them against anticipating the return of known travel trends.
“SiteMinder’s data shows that while international travel continues to return sharply to Vietnam, the behaviours and preferences of guests have changed. The travellers checking into properties today are markedly different to those who checked in previously,” says Haines. “We know through our data that average booking lead time in Vietnam grew by over 13 days in 2023, for example – more than any country analysed. We also know that travellers have become more open to spending money on extras to elevate their stay, but that increased prices are forcing them to adapt by opting for package deals. It’s therefore vital that in the year ahead, hoteliers are able to react quickly to both shifting demand and changing traveller preferences, to ensure they keep pace with their evolving customers and understand how every customer touchpoint is a revenue opportunity.”
During the event, SiteMinder also unveiled the Top 12 hotel booking sources in Vietnam for the first time, based on the total gross revenue they generated via SiteMinder’s platform in 2023:
- Agoda
- Booking.com
- Expedia Group
- Hotel websites (direct bookings)
- Trip.com
- Hotelbeds
- Traveloka
- MG Bedbank
- HotelsCombined
- MyTour HMS
- Tiket.com
- WebBeds
Notable among the country’s list was the prominence of hotel booking sources based in Asia, which accounted for half of the total. Platforms such as Agoda, headquartered in Singapore, Trip.com from China, Traveloka, MG Bedbank and Tiket.com from Indonesia, along with Vietnam’s own MyTour HMS, were popular among travellers who booked stays in the country. Additionally, Agoda maintained its lead spot, a distinction unique to Vietnam among all other destinations SiteMinder analysed, where Booking.com ranked first.
SiteMinder’s data reveals that South Korea was the country’s biggest source market for Vietnamese hotels in 2023, followed by Australia, USA, UK and Germany.
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About SiteMinder
SiteMinder Limited (ASX:SDR) is the name behind SiteMinder, the only software platform that unlocks the full revenue potential of hotels, and Little Hotelier, an all-in-one hotel management software that makes the lives of small accommodation providers easier. The global company is headquartered in Sydney with offices in Bangalore, Bangkok, Barcelona, Berlin, Dallas, Galway, London and Manila. Through its technology and the largest partner ecosystem in the global hotel industry, SiteMinder generates more than 115 million reservations worth over US$45 billion in revenue for its hotel customers each year.