Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market is a dynamic and ever-evolving industry that is influenced by various factors such as customer preferences, trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in the Hotels market worldwide are increasingly seeking unique and personalized experiences during their travels. They are looking for accommodations that offer more than just a place to stay, but also provide memorable experiences and exceptional services. This trend has led to a rise in demand for boutique hotels, eco-friendly establishments, and themed accommodations.
Trends in the market: In Europe, the Hotels market is experiencing a trend towards sustainability and eco-conscious practices. Many hotels are implementing green initiatives to reduce their environmental impact and attract environmentally conscious travelers. Additionally, there is a growing popularity of wellness tourism, leading to an increase in wellness-focused hotels and resorts.
Local special circumstances: In Asia, the Hotels market is heavily influenced by the region's diverse cultures and traditions. Many hotels incorporate local elements into their design, cuisine, and overall guest experience to provide an authentic stay for travelers. This localization strategy helps hotels stand out in a competitive market and appeals to tourists seeking an immersive cultural experience.
Underlying macroeconomic factors: The Hotels market in North America is closely tied to the region's overall economic performance. As the economy grows, disposable income increases, leading to higher consumer spending on travel and accommodation. Additionally, factors such as exchange rates, inflation, and government policies can impact tourism flows and hotel occupancy rates in the region.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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