Maldives Saw Resort Revenue Drop in 2023

The Maldives Association of Tourism Industry reported that the Maldivian tourism sector experienced a notable downturn in revenue last year. The figures reveal a decline in resort revenue by $529 million. In 2023, total resort revenue plunged to $3.9 billion from 2022’s $4.4 billion, contributing to an overall $406 million decline in tourism industry revenue. Total tourism revenue was down to $5 billion from $5.4 billion in 2022. The organization said there were 1.7 million visitors last year but the Maldives saw a shift in tourist preferences with an inclination towards guesthouses over traditional resorts. They believe the change is reflecting of evolving travel patterns and consumer choices, potentially impacting the long-established dominance of resorts in the Maldivian tourism market. The Maldivian government said they remain positive on the future of the tourism sector and are targeting 2 million tourists this year. Interestingly, there was no reference to the boycott by India consumers in their reports.

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