Key regions: Vietnam, Indonesia, United Kingdom, Malaysia, Saudi Arabia
The Hotels market in United States has been experiencing significant growth and development in recent years.
Customer preferences: Customers in the United States have shown a strong preference for unique and personalized hotel experiences. They are increasingly seeking out boutique hotels, eco-friendly accommodations, and properties that offer authentic local experiences. In addition, there is a growing demand for technology integration in hotels, with guests expecting seamless digital check-in processes and high-speed internet access.
Trends in the market: One prominent trend in the United States hotel market is the rise of alternative accommodations, such as vacation rentals and home-sharing platforms. These options have gained popularity among travelers looking for more space, privacy, and a "home away from home" feel. Another trend is the focus on wellness and sustainability, with many hotels incorporating green practices and offering wellness amenities to attract environmentally conscious guests.
Local special circumstances: The United States hotel market is unique in its sheer size and diversity. From luxury resorts in Hawaii to budget motels in the Midwest, the country offers a wide range of accommodation options to cater to different preferences and budgets. Major cities like New York, Los Angeles, and Las Vegas are hotspots for both business and leisure travel, driving demand for a variety of hotel offerings.
Underlying macroeconomic factors: The growth of the Hotels market in the United States can be attributed to several macroeconomic factors. A strong economy and low unemployment rate have boosted consumer confidence and disposable income, leading to increased travel spending. Additionally, the rise of online booking platforms and digital marketing strategies has made it easier for hotels to reach a wider audience and attract more guests. Overall, the favorable economic conditions and evolving customer preferences are driving the development of the hotel market in the United States.
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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