CBRE South Asia, the actual property consulting agency, just lately introduced the findings of its newest report, which highlighted retail chains capitalising on the surge in religious tourism throughout 14 key cities in India. Retail manufacturers are strategically adapting their choices in each established mall clusters and excessive-road areas to cater to the rising vacationer inhabitants.
The ‘Decoding Real Estate through the Spiritual Tourism Lens’ report highlighted that as extra pilgrims and religious seekers go to holy cities in India, retail manufacturers throughout segments, together with trend & attire, meals & beverage, hypermarkets, homeware & shops and shopper electronics manufacturers, are increasing by tailoring the choices to the pilgrim’s wants.
This pattern underscores the symbiotic relationship between religious tourism and the retail trade, benefiting each sectors from the elevated foot visitors.
According to the report, this pattern displays a broader shift in vacationer preferences, with travellers looking for transformative experiences past conventional rituals.
Key Cities
The rise of city religious tourism is catering to this want, attracting guests to cities recognized for his or her deep spiritual and religious significance. The report recognized Amritsar, Ajmer, Varanasi, Katra, Somnath, Shirdi, Ayodhya, Puri, Tirupati, Mathura, Dwarka, Bodh Gaya, Guruvayur, and Madurai as key cities witnessing this retail increase.
Factors of Growth
The surge in religious tourism will be attributed to enhanced infrastructure, together with effectively-related roads, airports, and public transportation, in addition to the event of varied lodging choices reminiscent of accommodations, guesthouses, and wellness centres.
To meet the rising demand for religious journey, native governments and companies are becoming a member of forces to create distinctive retail experiences. This contains integrating native practices into the design and choices of outlets, eating places, and accommodations. Cities like Amritsar, Varanasi, Madurai, Puri, Guruvayur, and so on. are leveraging their distinctive culinary traditions and native trend experience to additional appeal to and have interaction guests.
These enhancements guarantee a cushty and handy keep for pilgrims, religious seekers, and travellers visiting these cities, the report added.
Boon for Hospitality Sector
Spiritual tourism stays a pretty income stream for India’s hospitality sector. Across varied segments, reminiscent of economic system, midscale, upscale and luxurious, the lodge trade exhibits potential.
Major lodge chains are adapting to the evolving preferences of religious vacationers, providing clear, hygienic, and household-pleasant lodging that command premium pricing. Several cities have a powerful pipeline of latest lodge tasks, with effectively-recognized manufacturers like Marriott, Taj, and Hyatt displaying eager curiosity in getting into this market.
Branded accommodations are rising as key gamers, providing a mix of consolation and conventional hospitality tailor-made for religious seekers. Boutique and experiential accommodations present personalised providers, curated religious actions, and genuine native experiences.
Health & Wellness
In India, a partnership has developed between wellness centres and hospitality manufacturers to serve the wants of religious tourism.
Wellness centres provide providers like yoga and Ayurveda to reinforce bodily, psychological, and religious well being. Meanwhile, hospitality manufacturers create serene environments, customised wellness applications and supply entry to sacred websites and temples for immersive religious experiences. This collaboration meets the wants of a rising variety of travellers looking for a deep reference to India’s religious traditions, thus supporting the flourishing religious tourism sector.
Anshuman Magazine, chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, mentioned, “The rapid expansion of spiritual tourism in India is driving the growth of the country’s faith-based tourism market. Government initiatives to promote tourism and improve connectivity between pilgrimage sites are further boosting this growth. The rise of online retail platforms offering easy access to faith-based products and services is also a key factor.”
Ram Chandnani, MD, advisory & transaction providers, CBRE India, mentioned, “Driven by the growing popularity of spiritual tourism, investors are flocking to capitalise on the market’s potential. Guided by a commitment to cater to the unique needs of spiritual travellers, these investments aim to deliver high-quality accommodations, bolster infrastructure, safeguard heritage sites, and ultimately drive regional economic growth. This trend has created opportunities for the hospitality and retail sectors to thrive in these destinations.”
Modern travellers’ quest for transformative experiences has propelled city religious tourism. Enhanced infrastructure, together with improved highways, upgraded railway stations, and new airports in cities like Varanasi, Ayodhya, Amritsar, and so on. makes these religious hubs extra accessible.
Additionally, streamlined journey providers reminiscent of on-line reserving methods, vacationer data centres, and heightened safety measures improve the general journey expertise. This shift in direction of experiential journey is basically pushed by youthful generations looking for cultural immersion and religious progress. Tour corporations are responding to this demand by providing personalised pilgrimages and wellness applications that embody actions like meditation, yoga, and Ayurveda.
Outlook:
The evolving panorama of actual property demand
Hospitality: Hotels, guesthouses, homestays, ashrams, and so on., witness a surge in occupancy charges, triggering a wave of latest development and renovation tasks in response to the rising demand.
Retail: Restaurants, memento outlets, and varied different companies catering to vacationers expertise notable progress, making a ripple impact of elevated demand for retail areas.
Residential: Residents who profit from elevated financial exercise might search for improved housing choices, probably resulting in residential growth.
Growth in specialised choices
Specialised properties catering to religious vacationers, reminiscent of yoga retreats, meditation centres, and wellness services, might current new funding and growth alternatives in the actual property market.
Preservation of heritage websites
Developers/buyers might collaborate with authorities to revive and repurpose heritage buildings, reworking them into vacationer lodging or cultural centres.
Economic & infrastructure progress
Increased actual property funding in religious tourism locations fuels job creation in development, hospitality, retail, and associated sectors, contributing to the area’s general financial growth.
Improved infrastructure, reminiscent of transportation, sanitation, and waste administration, enhances accessibility and customer expertise, attracting extra vacationers and additional boosting the native economic system.
Revitalisation of surrounding areas
An inflow of religious vacationers stimulates native companies, eating places, and providers, fostering a vibrant and thriving group that may result in the revitalisation of surrounding neighbourhoods and cities.
