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However, the Lunar New Year market this year is predicted to hold few surprises. Independent travelers booking services will still outnumber those taking package tours.
Tour prices have increased.
Mr. Nguyen Minh Man, from TST Tourist, said that there will be no cheap prices this year. The reason: ticket prices for all modes of transportation tend to increase due to overwhelming demand, and even peak season services cannot offer discounts.
Even after adjustments, tour prices are likely to increase by at least 15% compared to the same period last year. Many tourists have gradually realized this, so they no longer expect to find cheap tours but are proactively seeking opportunities to reserve spots on quality tours.
Ms. Tran Phuong Linh, Director of Marketing and Information Technology at Benthanh Tourist, also stated that with this year's Tet holiday tourism market, the company's Tet tour prices have increased by 5-10% compared to normal prices.
However, if we add in the incentives that businesses are trying to offer to stimulate demand, the tour prices will not differ much from the same period last year.
"We have actively worked with airlines and service providers to help stabilize tour prices, reducing the pressure from rising airfares and service fees at the end of the year. Combined with promotional discounts, the Tet holiday tourism market has therefore been less susceptible to inflated prices," Ms. Linh said.
According to Ms. Tran Thi Bao Thu, representative of Vietlux Tour, Tet holiday tour prices maintain an increase of about 5-15% compared to normal prices, depending on the route. Domestic tours during Tet are unlikely to offer competitive discounts compared to international tours due to increased domestic travel demand. Meanwhile, transportation costs account for a large percentage of the price of domestic tours.
Competing to get customers to book tours early.
Since September 2023, the demand for information and bookings for tours to the 2024 New Year and the Lunar New Year (Year of the Dragon) has begun. Although tour products and prices for this period are still being updated in anticipation of peak season adjustments, the trend of booking tours early, up to three months in advance, is becoming increasingly evident.
Major travel companies such as Saigontourist, Vietravel, Benthanh Tourist, TST Tourist, etc., are offering incentives for customers who book package tours and pay in full before February 2024. Ms. Huynh Phan Phuong Hoang, Deputy General Director of Vietravel, said that the company expects to serve more than 150,000 customers during this Tet holiday.
To date, the number of customers purchasing spring tour packages has reached over 20,500. The company is still trying to stabilize tour prices compared to the same period last year. However, to boost sales, they are launching a promotion where customers who purchase and pay for tours will receive cashback of up to 1.5 million VND in November 2023.
"Besides our regular customers, this Tet holiday, we are expecting a large number of overseas Vietnamese returning home for the holidays and have dedicated a separate program specifically for this group," Ms. Hoang shared.
Ms. Tran Thi Bao Thu also stated that customers will benefit from the company's early booking and group booking programs if they book tours 2-3 months in advance.
Businesses are no longer keen on "going big".
Many tourism and travel businesses are adopting a cautious approach this Tet holiday season, avoiding overspending and excessive risk-taking. Credit and financial risks from the past year have led businesses to be less inclined to "go big" and hoard tickets in anticipation of the peak Tet season as they did in previous years.
Mr. Tran Thanh Vu, director of Vinagroup Travel, said that the past year has been quite turbulent, and many tourism businesses are still "stuck" with cash flow issues due to unexpected flight cancellations by airlines or many contracts with corporate clients that have not yet been settled even though tour programs and events were completed a long time ago.
"The tourism business is an upfront investment sector, so if customers delay payment for even a few months, it's considered a liquidity crisis. In a difficult economic climate, the more resources you invest, the higher the risk," Mr. Vu observed.
Concerns about cutting spending.
In fact, spending on tourism has been trending downwards since the beginning of the year; promotional events, thank-you gifts to partners, new product launches, etc., have all significantly decreased. Ms. Cao Thi Tuyet Lan (Viettours) said that even businesses trying to maintain activities for employees and partners have scaled down the size of these trips.
Ms. Tran Thi Bao Thu also stated that the tourism market during this year's Tet holiday is very unpredictable, and businesses must closely monitor the situation to adjust their sales plans to meet market demand.
High-quality tours, even those with high prices, still attract customers.
Overseas travel will continue to be a dominant trend during the 2024 Lunar New Year travel season. With a long holiday of up to 7 days, tourists will tend to choose longer tours and more distant destinations.
Tours to Northeast Asia, including Japan, South Korea, Taiwan, and China, are predicted to be the hottest overseas travel destinations. Following closely behind are tours to Europe and Southeast Asia, with destinations such as Thailand, Singapore, Bali (Indonesia), and Cambodia.
According to reports, the price of overseas Tet holiday tours offered by companies ranges from 4.5 million to over 140 million VND, with some tourists still willing to choose tours that are closer to the higher price point for a more luxurious experience.
